Air conditioners give you respite from the scorching heat. However, it’s an expensive appliance and if it stops working, the costs of repairing, maintaining or replacing it can add to your financial burden. To help you avoid these out-of-pocket expenses, Bajaj Finserv offers Air Conditioner Insurance, a policy that helps you safeguard your air conditioner against multiple risks. This policy covers ACs in your home or office against loss, theft, burglary, fire and other accidental damages.
With Air Conditioner Insurance, you can beat the heat without worrying about the safety and security of your air conditioner.
This personal all-risk policy offers coverage of up to Rs. 50,000 at a minimal premium of Rs. 399 a year.
AC Insurance covers repair or replacement costs due to loss or accidental damage, theft, burglary and fire.
You can pay the premium via multiple online modes, including net banking, mobile wallets, UPI and debit/credit card.
Here’s what is covered in this policy.
The plan covers your air conditioner against accidental damages or those caused by unintentional events.
Bajaj Finserv’s AC insurance policy covers the repair and replacement costs for an air conditioner damaged in a fire.
The insurer covers losses resulting from the theft and burglary of your air conditioner. You will receive financial compensation in case of a robbery.
In the circumstances mentioned above, the compensation amount will be the invoice value or up to the maximum sum insured, whichever is lower.
Air conditioners more than a year older than the purchase date stated on the invoice are not covered. You will have to get your AC insured under this policy within 365 days of its purchase.
Faults or defects that already exist when the policy commences are not covered.
Any loss or damage caused to your air conditioner during restoration, servicing, cleaning, dyeing and bleaching, or during repair, renovation, or preventative maintenance, is not covered.
The policy doesn’t offer protection against damage or deterioration resulting from regular wear and tear, pest infestations, moss or mildew growth and other types of gradually occurring damages.
Electrical or mechanical failure and derangement of the components or the entire unit are not covered unless accidentally caused by external means or conditions that are clearly specified in the policy.
The first 10% of the claim amount must be paid as an excess towards each claim raised.
Loss or damages caused to the AC due to an act committed by the insured or any condition they suffer from that increases the risks that the appliance is insured against are excluded from the policy.
This plan does not cover loss or damage because of carelessness, lack of maintenance, misuse or reckless handling of the air conditioner.
The insurance policy doesn’t offer coverage for legal liabilities or consequential loss.
To apply for an AC Insurance policy from Bajaj Finserv, visit our official website and fill the online application form with the required details. Pay the premium through your preferred online payment mode.
While lodging a claim under your AC Insurance policy you are required to submit the following documents:
Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?