Bajaj Allianz Bharat Laghu Udyam Suraksha Policy

The Bajaj Allianz BLUS insurance policy offers a cover for any physical loss, damage, or destruction caused to the property insurance due to an untoward incident in the policy term. A cover is also offered for damage or destruction to the plant and machinery, building and structures, stock and any business-related assets.

When opting for the Bajaj Allianz Bharat Laghu Udyam Suraksha Policy you get to avail the listed below benefits:

Let us understand the importance of underinsurance with the below two instances:

You have taken Bajaj Allianz Bharat Laghu Udyam Suraksha Policy for a Sum Insured of Rs. 50 crores which was the value at risk at the insurance commencement date. The value at risk of insurable items at the time of loss is found as Rs. 57 crores. There is a loss of Rs. 10 crores. Underinsurance works out to 12.28%. Since it is less than 15%, we will consider the full claim of Rs. 10 crores for payment subject to deduction of excess and other adjustments as per the independent surveyor. Your claim value will be as per the terms and conditions of the Bajaj Allianz BLUS Policy.

Or

Your shop has Bajaj Allianz Bharat Laghu Udyam Suraksha Policy. You have insured the structure for Rs. 30 crores and stock for Rs. 10 crores. The actual value of the structure is Rs. 32 crores and of stock is Rs. 16 crores. The stock of Rs. 50 lakhs are burnt in a fire. The total insured property has underinsurance of 16.67% that we cannot waive. We could consider your claim for payment of Rs. 41.67 lakhs only (83.33% of Rs. 50 lakhs) subject to the deduction of excess and other adjustments as per the independent surveyor. Your claim value will be as per the terms and conditions of the policy..

*T&C apply

The Bajaj Allianz BLUS insurance policy can be bought by any individual who owns the below:

• Offices
• Shops
• Hotels
• Industrial/Manufacturing risks
• Utilities located outside the compound of industrial/ manufacturing risks
• Tank farms/gas holders outside the compounds of industrial/manufacturing risks
• Storage risks outside the compound of industrial/manufacturing risks

Let us now know the events covered under the Bajaj Allianz Bharat Laghu Udyam Suraksha Policy:

• Fire, including due to its own fermentation, spontaneous combustion, or natural heating
• Explosion or Implosion
• Lightning
• Earthquakes, volcanic eruption, or other convulsions of nature
• Storms, Typhoon, Tornado, Cyclone, Tsunami, Hurricane, Tempest and Inundation
• Subsidence of the land on which your premises stand, Landslide, Rockslide
• Forest fire, Bush fire, and Jungle fire
• Impact damage of any kind, that is damage caused by impact of, or collision caused by, any external physical object (vehicle, falling trees, aircraft, wall, etc.)
• Missile testing operations
• Strikes, Riot and Malicious Damages
• Acts of terrorism
• Bursting or overflowing of water tanks, apparatus and pipes
• Leakage from automatic sprinkler installations
• Theft within 7 days from the occurrence of, and proximately caused by, any of the above

*T&C apply

Note: For complete information, please refer to the policy wording carefully.

With the Bajaj Allianz BLUS insurance policy, you can include the below add-ons upon payment of additional premium payment:

• Floater Cover:

  Under one sum insured, avail covet for the stocks at multiple locations

• Declaration Policy for Stocks:

  As per the declaration basis, a cover is offered for the regular fluctuations in stock values and stocks.

 *T&C apply

When it comes to the Bajaj Allianz BLUS insurance premium amount, it is determined by the below aspects:

• Nature of the business
• Nature of the property insured whether building, stock, plant, etc.
• Sum insured chosen
• Risk profile

• The Bajaj Allianz Bharat Laghu Udyam Suraksha Policy offers comprehensive coverage against unforeseen events. A policy for every small, medium, and large business owner so that they remain worry-free in the long run.

  Note: ‘BLUS’ is the acronym for Bharat Sookshma Udyam Suraksha Policy.