Terms and Conditions

Complimentary Non-Life Insurance for Educational Institutions and Housing societies 

The following are the broad terms and conditions of the captioned cover on Institutional accounts for Educational Institutions and Housing Societies.  

• All the accounts opened effective 1^st July’24 will be eligible for complimentary insurance cover for 5 lacs Sum Insured.  
• The policy will be valid only for 1 year from the account opening date. 
• To cancel the insurance policy, the account holder can provide a declaration for discontinuance of the policy signed as per mode of operation in the account at the nearest branch.  
• If the account holder chooses not to avail the complimentary insurance benefit during the account opening process, the entity can provide the declaration stating that no insurance policy will be issued.  

Claim Procedure:  

Claims will be processed only for live accounts. For any claims, please submit the claim form (click here) at the nearest branch.  

In the event of any of the loss to the property ( Educational institutions and Housing Societies ) due to any Fire, Explosion/Implosion, Lighting, Earthquake, Volcanic eruption, or other convulsion of nature, Strom, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation, Subsidence, Rockslide, Landslide, Bush Fire, Forest Fire, Jungle Fire, Impact Damage of any kind excluding caused by insured own vehicle, Missile testing operation, Riot, Strike, Malicious Damage, Bursting or overflowing of water tanks, apparatus and pipes, Leakage from automatic sprinkler, Theft within 7 days from the occurrence of and proximately cause by any of the above insured event, entity to approach the nearest branch and submit the claim form at branch.  

For Educational Institution 

Loss to the covered property due to any of the below perils is covered under the policy: 

• Fire 
• Explosion/Implosion 
• Lighting 
• Earthquake, Volcanic eruption, or other convulsion of nature 
• Strom, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation 
• Subsidence, Rockslide, Landslide 
• Bush Fire, Forest Fire, Jungle Fire 
• Impact Damage of any kind excluding caused by insured own vehicle 
• Missile testing operation 
• Riot, Strike, Malicious Damage 
• Bursting or overflowing of water tanks, apparatus and pipes 
• Leakage from automatic sprinkler 
• Theft within 7 days from the occurrence of and proximately cause by any of the above insured event 

Exclusion: 

We do not cover losses or expenses, or any loss, damage to, or destruction of the Insured Property, directly or indirectly as a result of or if caused by or arising from events, stated below:  

1. i. Excess of ₹ 5,000 (Rupees Five Thousand) for each claim. This means that We will deduct ₹ 5000 for each and every loss suffered by You under the terms of this policy.  

ii. For terrorism risk the Excess shall be as per the Clause attached to this policy.  

2. Your deliberate, willful or intentional act or omission, or of anyone on Your behalf, or with Your connivance.  

3. Loss, damage or destruction to any electrical/electronic machine, apparatus, fixture, or fitting by over-running, excessive pressure, short circuiting, arcing, self-heating or leakage of electricity from whatever cause (lightning included). This exclusion applies only to the particular machine so lost, damaged or destroyed. However, any ensuing loss or damage to other insured property due to operation of an insured peril is covered.  

4. Loss, destruction or damage to the stocks in cold storage premises caused by change of temperature.  

5. Loss, or damage by spoilage resulting from the retardation or interruption or cessation of any process or operation caused by operation of any of the Insured Events.  

6. Your Premises or any Insured Building remaining continuously unoccupied for a period of more than 30 days, unless You have obtained prior written approval from Us and such approval is recorded as an endorsement on the Policy.  

7. War, invasion, act of foreign enemy hostilities or war-like operations (whether war is declared or not), civil war, mutiny, civil commotion amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.  

8. Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from combustion of nuclear fuel, or the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component that is part of it.  

9. Pollution or contamination, unless  

i. the pollution or contamination itself has resulted from an Insured Event, in which case only physical damage to the Insured Property is covered, or  

ii. an Insured Event itself results from pollution or contamination.  

10. Loss, destruction or damage to bullion or unset precious stones, any curios or works of art unless such amount is declared separately and recorded in the Policy Schedule.  

11. Loss of any Insured Property which is missing or has been mislaid, or its disappearance cannot be linked to any single identifiable Insured Event.  

12. Loss or damage to any Insured Property removed from Your Premises to any other place, except  

i. Machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period not exceeding 60 days  

ii. Stock covered under -‘Temporary removal of stocks’  

13. Any reduction in market value of any Insured Property after its repair or reinstatement.  

14. Loss or damage to any Insured Property or any claim which is covered by a marine policy in force at the time of loss or damage, except in excess of the limits of that policy.  

15. Any consequential or indirect loss or damage of any description, i.e. losses or extra costs (financial or non-financial) that follow or are a consequence of an Insured Event, like, loss by delay, loss of income or wages or earnings, or of market, or of time, medical expenses, or any costs not covered by this Policy.  

16. Costs, fees or expenses for preparing any claims.  

​​​​​​​Geography: 

In Uttarakhand only Dehradun, Haridwar and Udham Singh Nagar locations are covered rest all other locations are excluded.  Additionally, Meghalaya and Tripura are also excluded. Rest all india is covered.

For Housing Society 

Loss to the covered property due to any of the below perils is covered under the policy: 

• Fire 
• Explosion/Implosion 
• Lighting 
• Earthquake, Volcanic eruption, or other convulsion of nature 
• Strom, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation 
• Subsidence, Rockslide, Landslide 
• Bush Fire, Forest Fire, Jungle Fire 
• Impact Damage of any kind  
• Missile testing operation 
• Riot, Strike, Malicious Damage 
• Bursting or overflowing of water tanks, apparatus and pipes 
• Leakage from automatic sprinkler 
• Theft within 7 days from the occurrence of and proximately cause by any of the above insured event 

Exclusion: 

We do not cover losses and expenses for any loss or damage or destruction of the Insured Property that is directly or indirectly as a result of or is caused by or arising from events, stated below:  
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1. Your deliberate, wilful or intentional act or omission, or of anyone on Your behalf, or with Your connivance.  

2. War, invasion, act of foreign enemy hostilities or war-like operations (whether war is declared or not), civil war, mutiny, civil commotion amounting to a popular rising, military rising, rebellion, revolution, insurrection or military or usurped power.  

3. Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from combustion of nuclear fuel, or the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component that is part of it.  

4. Pollution or contamination, unless  

i. the pollution or contamination itself has resulted from an Insured Event, or  

ii. an Insured Event itself results from pollution or contamination.  

5. Loss, damage or destruction to any electrical/electronic machine, apparatus, fixture, or fitting by over-running, excessive pressure, short circuiting, arcing, self-heating or leakage of electricity from whatever cause (lightning included). This exclusion applies only to the particular machine so lost, damaged or destroyed.  

6. Loss or damage to bullion or unset precious stones, manuscripts, plans, drawings, securities, obligations or documents of any kind, coins or paper money, cheques, vehicles, and explosive substances unless otherwise expressly stated in the policy.  

7. Loss of any Insured Property which is missing or has been mislaid, or its disappearance cannot be linked to any single identifiable event.  

8. Loss or damage to any Insured Property removed from Your Home to any other place.  

9. Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever.  

10. Any reduction in market value of any Insured Property after its repair or reinstatement.  

11. Any addition, extension, or alteration to any structure of Your Home Building that increases its Carpet Area by more than 10% of the Carpet Area existing at the Commencement Date or on the date of renewal of this Policy, unless You have paid additional premium and such addition, extension or alteration is added by Endorsement.  

12. Costs, fees or expenses for preparing any claim. 

​​​​​​​Geography: 
In Uttarakhand only Dehradun, Haridwar and Udham Singh Nagar locations are covered rest all other locations are excluded.  Additionally, Meghalaya and Tripura are also excluded. Rest all india is covered.
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Disclaimer :  

On the account being closed for whatever reason, the benefit of such insurance cover shall automatically cease to be available from such date of closure of account. 

The insurer reserves the right to process or reject the Insurance Cover claim or require further / additional information in respect of the same from customer and shall not hold HDFC Bank responsible or liable in any manner whatsoever. 
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 HDFC Bank to pass on the interest of availing the Insurance Cover including the details furnished by customer at the time of account opening to the insurers. Customer will intimate HDFC Bank in case of any claims to be availed under the Insurance Cover and agree to submit such details as may be required by HDFC Bank and the insurer(s). HDFC Bank will pass on Bank account details held with HDFC Bank to the insurer(s)for settlement of any claim amount.  

Click here for Claim Form