Chennai: The private sector Karur Vysya Bank Limited and Bajaj Allianz General Insurance Company Limited have jointly launched a householder's insurance policy called KVB Suraksha.

The policy covers insurance for household belongings against fire, strike, malicious damage, burglary and natural disasters like lightning, storms, tempests, floods, etc. The insurance cover includes break down of home appliances (excluding air conditioners) due to electrical and mechanical faults. In case of personal accident, a part of the medical expenses is also covered under this policy.

The KVB Suraksha has three plans. Plan 1 offers a coverage for Rs3,75,000 (covering property, baggage, personal accident, medical expenses caused by accidents and break down of home appliances). The premium payable is Rs420 per annum.

Under Plan 2, the total sum assured is Rs7,05,000 at a premium of Rs705 per annum while the cover under Plan 3 is for Rs11,40,000 at an annual premium of Rs1,115.

On the launch of KVB Suraksha, P T Kuppuswamy, chairman, KVB, said, "We expect a good response to KVB Suraksha from our large customer base among the middle income group, which look for a comprehensive cover at an affordable cost. With the three plan options, the customers also get to choose what suits their needs the best."