India's IRDAI-mandated standard home insurance — mandatory for all general insurers from April 1, 2021. Reinstatement value basis, Waiver of Underinsurance, automatic 20% contents cover, earthquake + flood + terrorism in-built, and up to 10-year policy term. Your biggest asset deserves the best protection.
Home & Property Insurance· IRDAI Mandated
The Bharat Griha Raksha Policy (BGRP) is India's IRDAI-mandated standardised home insurance product — introduced January 4, 2021, mandatory for all general insurers from April 1, 2021. It replaces the old Standard Fire and Special Perils (SFSP) Policy for residential properties with a superior, consumer-friendly product. Probitas Insurance Brokers Pvt. Ltd. (IRDAI Lic. No. 528) is your licensed broker.
Same product name. Same core coverage. Same consumer protections. Available through Probitas (IRDAI Lic. No. 528) — your trusted broker for Probitas Insurance Brokers's BGRP.
SI = cost to REBUILD at today's rates — not the depreciated market value of your old home
Not Market ValueIf SI is less than actual value, claim is NOT reduced proportionally — full claim paid up to SI
Unique Consumer Protection20% of Building SI (up to ₹10L) for general household items — without declaring individual articles
No Individual DeclarationBuilding SI automatically increases 10% per year — keeping pace with construction cost inflation
Inflation ProtectedTerrorism damage is a mandatory in-built peril via GIC Re Terrorism Pool — not an add-on
GIC Terrorism PoolSingle premium for up to 10 years — no annual renewal hassle, ideal for home loan tenure alignment
Long-Term CoverBharat Griha Raksha Policy replaced the older Standard Fire and Special Perils (SFSP) Policy for residential homes from April 1, 2021. If you have an old SFSP policy, your insurer should have offered to upgrade you to BGRP at renewal. Contact Probitas on 022 4302 0000 to verify if your existing home insurance has been upgraded to BGRP standards — you may be missing the Waiver of Underinsurance and auto-escalation benefits of BGRP.
All 19 In-Built Covered Perils
All 19 listed perils are IN-BUILT and mandatory — they CANNOT be removed or excluded from the policy. This is a standardised product: no insurer can strip out earthquake, flood, or terrorism coverage from BGRP.
BGRP does NOT cover standalone burglary (theft without a preceding insured event). Theft IS covered when it occurs within 7 days of one of the 18 insured events listed above — e.g. opportunistic burglary after an earthquake makes your home temporarily uninhabitable; or theft of contents after a flood forces you to evacuate. For standalone burglary / theft cover, you need a separate Burglary Insurance Policy.
Under older fire / SFSP policies, terrorism was an optional add-on. Under BGRP, terrorism damage to your home building and contents is a MANDATORY IN-BUILT covered peril — coverage provided through the GIC Re Terrorism Pool, managed by the Government of India (GIC Re). It cannot be excluded from the policy.
How Sum Insured is Calculated
BGRP is the ONLY home insurance product in India that insures on reinstatement value basis — the cost to rebuild, not the market value. Market value basis is NOT permitted under BGRP. Use the interactive calculator below to estimate your building SI.
Most homeowners assume home insurance = market value of their property. BGRP insures at REINSTATEMENT VALUE — the actual cost to rebuild your home from scratch at today's construction rates.
A 20-year-old house in Mumbai:
→ Market value: ₹1.2 Crore (land + structure)
→ Land component: ₹90 lakh (land is NOT insurable under home insurance)
→ Structure reinstatement: ₹35 lakh
→ BGRP covers: ₹35 lakh (cost to rebuild the structure)
NOT the market value. NOT the land. Just the cost to rebuild the structure at today's rates.
Most fire and home insurance policies apply the "Average Clause" — if your SI is less than the actual reinstatement value, your claim is reduced proportionally. BGRP completely waives this clause:
Home rebuild cost: ₹80,00,000
SI taken: ₹60,00,000
Claim amount: ₹20,00,000
Claim paid = ₹20L × (60/80) = ₹15,00,000
You get only ₹15L for a ₹20L loss because you were underinsured.
Home rebuild cost: ₹80,00,000
SI taken: ₹60,00,000
Claim amount: ₹20,00,000
Claim paid = ₹20,00,000 (FULL)
BGRP's Waiver of Underinsurance ensures you receive the complete claim — no proportional deduction.
For multi-year BGRP policies, the building SI automatically escalates at 10% per annum compounded — keeping pace with construction cost inflation without any action needed from the insured:
| Property Type | Carpet Area | Construction Rate | Building SI | Auto-Contents (20%) |
|---|---|---|---|---|
| 1BHK Apartment — Tier 2 City | 450 sq. ft. | ₹2,000/sq.ft. | ₹ 9,00,000 | ₹ 1,80,000 |
| 2BHK Apartment — Metro City | 700 sq. ft. | ₹3,000/sq.ft. | ₹ 21,00,000 | ₹ 4,20,000 |
| 3BHK Apartment — Metro City | 1,000 sq. ft. | ₹3,000/sq.ft. | ₹ 30,00,000 | ₹ 6,00,000 |
| 3BHK Apartment — Premium Metro | 1,200 sq. ft. | ₹3,500/sq.ft. | ₹ 42,00,000 | ₹ 8,40,000 |
| Independent House — Tier 2 City | 1,500 sq. ft. | ₹2,000/sq.ft. | ₹ 30,00,000 | ₹ 6,00,000 |
| Bungalow — Metro (2,000 sq.ft.+) | 2,500 sq. ft. | ₹3,500/sq.ft. | ₹ 87,50,000 | ₹ 10,00,000 (cap) |
Automatic Benefits — No Additional Premium
These 7 benefits are automatically in-built in every BGRP policy — no additional premium, no separate declaration needed for most of them.
If the home becomes uninhabitable after an insured event and the property is let out — the policy pays the building owner's lost rent.
If the owner-occupier has to move out during repair — actual rent for alternative accommodation is covered during the repair period.
The cost of removing debris and rubble after an insured event — a significant but often overlooked cost in major home claims (fire, earthquake, flood).
Professional fees for assessing damage, preparing repair estimates, and supervising reinstatement — automatically covered within the building SI.
When Plan C (Building + Contents) is opted — general household items are automatically covered for 20% of Building SI without declaring individual articles.
If rebuilding after an insured event requires compliance with new municipal building regulations (updated building codes), these additional compliance costs are covered.
Building SI automatically escalates at 10% per annum compounded for multi-year policies — maintaining alignment with construction cost inflation. No action needed from the insured.
Add-On Covers — Additional Premium
Two optional covers are available under BGRP at additional premium — for high-value possessions and personal accident protection when the home is damaged.
High-value items NOT covered under the automatic 20% contents cover can be separately insured on an Agreed Value basis:
If an insured peril causing damage to your Home Building and/or Contents also results in the death of the insured or their spouse — this cover pays a lump sum compensation.
The Personal Accident cover under BGRP is NOT a standalone PA policy. It is triggered ONLY when: (1) an insured peril causes damage to the home building and/or contents, AND (2) the same insured event ALSO causes the death of the insured or their spouse. Example: an earthquake collapses part of the home and the owner dies in the collapse — both the building claim AND the ₹5L PA claim are payable. An accident elsewhere (road accident, workplace) is NOT covered under this optional cover — you need a separate Personal Accident Insurance policy for that.
Who Can Buy BGRP
BGRP can be bought by homeowners, building owners (renting out), and tenants. The plan you choose depends on your relationship with the property.
You own the home and live in it. Building AND contents protection recommended.
Plan C — Building + ContentsYou own the property but tenant lives in it. Protect the building structure; tenant covers their contents.
Plan A — Building OnlyYou don't own the building but your furniture, electronics, and belongings are yours to protect.
Plan B — Contents OnlyBanks require property insurance. BGRP meets this requirement. 10-year policy aligns with loan tenure.
Plan C + Long-Term (up to 10 yrs)Pradhan Mantri Awas Yojana (PMAY) and most bank home loans require property insurance as a condition of the loan sanction. The Bharat Griha Raksha Policy from the insurer through Probitas (IRDAI Lic. No. 528) is the standard, IRDAI-mandated solution. A 10-year BGRP policy aligns with typical home loan tenures — one premium covers the entire loan period. Call 022 4302 0000 to arrange BGRP for your home loan property.
How to File a Claim
BGRP settles on REINSTATEMENT VALUE — cost to repair or rebuild at today's rates. Do NOT demolish or repair before the surveyor inspects. Call 022 4302 0000 immediately after any insured event.
Unlike older home insurance policies that paid depreciated value, BGRP settles claims at the cost to repair or rebuild the property at today's construction rates. A wall damaged in a flood is repaired with new materials at current labour rates — not depreciated for age. The Waiver of Underinsurance ensures no proportional reduction even if the SI is slightly below actual value.
For structural damage claims (earthquake, fire, flood), do NOT demolish damaged portions or undertake permanent repairs before the insurer's appointed surveyor inspects the damage. Temporary safety measures (shoring up dangerous walls, covering exposed roofs with tarpaulin) are permitted — maintain bills and photographs of these. Call Probitas 022 4302 0000 immediately for large claims.
Call Probitas on 022 4302 0000 immediately after any insured event. For fire/theft: lodge Police FIR. For natural calamities (flood, earthquake, cyclone): Revenue Dept. / tehsildar certificate may be required. Notify within 7 days (24 hours for large losses).
Photograph all damage to building structure AND contents immediately — before any cleanup. Do NOT demolish or carry out permanent repairs before surveyor inspection. Temporary safety measures are permitted — keep all bills and photograph these too.
Insurer appoints a licensed surveyor for claims above ₹75,000 (per IRDAI regulations). Surveyor inspects damage and prepares loss assessment on reinstatement basis — cost to repair / rebuild at today's rates. Cooperate fully and provide access.
Claim Form, Policy document, Photographs of damage, Surveyor report, Repair estimate / contractor invoice, Police FIR (fire/theft), Revenue Dept. certificate (flood/calamity), Building ownership proof / completion certificate, Bank details (NEFT).
BGRP pays reinstatement cost (not depreciated value). IRDAI TAT: 30 days from complete documents. Large claims: up to 90 days with intermediate payments possible. Payment by NEFT directly to your bank account.
Illustrative Claim Scenarios
| Parameter | Scenario 1 — Apartment Fire (Mumbai) | Scenario 2 — Flood (Andhra Pradesh) | Scenario 3 — Earthquake + Death (Kerala) |
|---|---|---|---|
| Insured | Ramesh Sharma, 3BHK apartment, Thane, Maharashtra | Kavitha Reddy, independent house, Rajahmundry, Andhra Pradesh | Priya Nair, house owner, Kozhikode, Kerala (Seismic Zone III) |
| Plan | Plan C — Building + Contents | Plan C — Building + Contents | Plan C + Optional PA Cover |
| Building SI | ₹60,00,000 (900 sq. ft. × ₹2,000 approx.) | ₹35,00,000 (actual rebuild cost: ₹40L — but Waiver of Underinsurance applies) | ₹45,00,000 |
| Auto-Contents SI | ₹10,00,000 (20% capped at max) | ₹7,00,000 (20% of ₹35L) | ₹9,00,000 (20% of ₹45L) |
| Optional PA Cover | No | No | Yes — ₹5L self + ₹5L spouse |
| Event | Kitchen fire spreads to living room; partial damage to walls, ceiling, flooring; furniture and appliances damaged | Flood inundation — ground floor flooded; walls damaged; electrical fittings; 20 items furniture damaged. SI < actual value but Waiver applies | Earthquake — partial building collapse. Husband trapped; dies in collapsed portion. Building severely damaged. |
| Building Damage | ₹12,00,000 | ₹8,00,000 | ₹25,00,000 |
| Contents Damage | ₹3,50,000 (within ₹10L auto) | ₹2,20,000 (within ₹7L auto) | ₹3,50,000 |
| Alternate Accommodation | ₹1,05,000 (₹35,000/mo × 3 months) | NIL (moved to family) | ₹1,50,000 (₹50,000/mo × 3 months) |
| PA Death Benefit | NIL | NIL | ₹5,00,000 (husband — spouse cover) |
| Waiver of Underinsurance | Not applicable (fully insured) | Applied — full ₹10.2L paid (would have been ₹8.9L without waiver) | Not applicable (fully insured) |
| Total Claim Paid | ₹16,55,000 | ₹10,20,000 | ₹35,00,000 |
* Illustrative only. Actual settlement depends on policy terms, surveyor assessment, and documentation. Alternate accommodation benefit applies only when property becomes uninhabitable. PA benefit requires death to result from an insured event that also causes home damage.
Common Questions
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