Gold Jewellery holds a very emotional and financial value among Indian people because it is the only traditional thing that is still intact. Gold had, has and will serve as a hallmark for belongings, auspiciousness, gestures and love. May it be any occasion starting from buying gold during marriage to gifting gold on your daughter’s birthday. Gold serves as a multipurpose entity to bond. As Indians, we know how much we love gold and for us, it is good to buy gold any day starting from our sadness to happiness. So, it becomes very important to safeguard the precious things that hold great value into your life. Therefore, it becomes challenging but gold insurance has come for your rescue.
What is Gold Jewellery Insurance?
Gold Jewellery insurance policy covers losses that you might face in form of theft, damage, a burglary that helps you to get a cover from it. Sometimes insurance can cover the jewellery the person had worn during a mishap. Gold insurance can come under the life insurance policy also or as a standalone insurance gold policy also. It depends upon our choice that fully adds benefit solely to you. As gold is our Indians treasure.
Why do you need?
- Gold is your saviour in the time of crisis. Eg- Any time any mishap may occur and you might be in the dire need of money.
- Gold insurance retains you from opening a locker in the bank. Banks may be associated with or involved in some risks.
- In times of sudden occasion, you don’t have to run a marathon to the bank to take out your favourite gold jewellery. If your gold is insured you can keep your jewellery with you at home.
How to apply?
- Check the valuation of your gold before you apply for the insurance because you have to submit a list of items that will be covered along with the valuation. So, you have to entertain a Certificate of valuation that you will find from the jeweller from whom you purchased your jewellery or from any reputed jeweller. In case of the jewellery whose value is high.
- It is very important to the keep the copy of your gold insurance policy because in case of any misfortune such as theft you have to file a claim to your insurance company along with an FIR in the police station.
- While applying for gold jeweller insurance you have to keep in mind that your insurance provides 100% insurance for your jewellery because in various cases insurance company pays only a portion for your jewellery.
Gold Jewellery Insurance Policy doesn’t cover items such as
- Damage of any jewellery that occurs during a war, terrorist attack or riots.
- If an individual deliberately causes damage to the jewellery.
- The home that is vacant for 30 days or more. In such case, the act of theft or burglary will not be entertained by any insurance company.
- Gold Jewellery insurance is not applicable if it is done by one’s family member or servants.
Things to keep in mind-
One has to keep in mind that the gold insurance will cover the loss as long as the valuation of the item is on the insurance date. If the price of the gold rises in the market, the insurer is not obliged to pay price higher the valuation certificate that you have provided them.
On the other hand, if in any scenario the insurer has to make full payment of the insured item, the company will ultimately get proprietorship over it.
Companies that provide Gold Jewellery insurance-
- Axis Bank
- Bajaj Allianz General
- ICCI Lombard
- National Insurance
- New India Insurance
- Reliance Insurance.
Thus, compare the plans provided by all the insurance company. And choose the best plan that suits you and serves your interest. Your Gold is your amour so preserve it.