NRI Insurance | ICICI Non Resident Indians Insurance & Investments

How to Apply
The customer needs to submit a letter of intent during the home loan application stage. At the loan disbursement stage, he needs to submit the proposal form. Both the documents, along with the Home Loan application documents (at the home loan application and the home loan disbursement stage) needs to be sent at:

NRI Mortgage Desk
ICICI Bank Limited,
B Wing, 1st Floor, Unit No. 4,
Laxmi Towers, opp. NABARD,
Bandra Kurla Complex,
Bandra East, Mumbai - 400051.

At the home loan application stage:

Download the Letter of Intent and take a print-out

Fill up the form, sign it and send it along with the relevant Home loan application documents at the above mentioned address

At the home loan disbursement stage:

Fill the online Proposal Form and click on submit

Print the application form which will be generated in triplicate

Sign all the copies and send across the ICICI Lombard copy and the ICICI Bank copy, along with the Home Loan application documents to the above mentioned address.

Home Safe+ covers you for the home loan liability, home struture and home contents. (Note – The policy period is of 5 years.)

1. Home Loan Liability Cover

The policy pays you the sum insured opted at the time of availing the policy, in case of inability to pay the outstanding home loan amount subject to the following factors:

Critical Illnesses

Home Safe + Insurance shall cover (subsequent to 90 days from the policy start date) the following major medical illnesses and procedures:

1. Cancer
2. Bypass Surgery
3. Myocardial Infarction (Heart Attack)
4. Kidney Failure (End Stage Renal Failure)
5. Major Organ Transplant
6. Stroke
7. Paralysis
8. Heart Valve Replacement Surgery
9. Multiple Sclerosis

Click here to view details of illnesses covered.

Accidental Death

In case of the insured's death due to an accident within the policy period, the sum insured opted for at the time of the policy is paid off.

Permanent Total Disablement (PTD)

Home Safe+ pays the sum insured at the time of availing of the policy, in case of permanent and total loss of limbs, sight etc., due to an accident. It is to be noted that the compensation is payable only if the disablement results in an inability to remain gainfully employed.

Click here for Permanent Total Disablement Benefits.

Loss of employment

Loss of employment on account of retrenchment or layoffs on account of:

Employer rules and regulations (Example, closure of a division or a department on account of poor financial health); or

Action of any Public Authority leading to closure of the employer firm; or

Termination from employment due to illness.

(For salaried employees only and Maximum Liability of the Company - 3 EMI)

2. Structure and Contents Cover

You can choose to buy insurance for only the building (structure) of your home, or only the contents (belongings) or both.

The policy covers the losses to the structure and contents of your home due to any natural and man made calamities.

The calamities covered are:
- Fire
- Riot, strike & malicious damage
- Explosion & implosion
- Earthquake
- Lightning
- Storm, cyclone, tempest, tornado, hurricane, flood & inundation
- Damage due to impact by vehicles
- Missile testing operation
- Subsidence, landslides and rockslides
- Leakage from automatic Sprinkler installations
- Aircraft damage
- Bursting and/or overflowing of water tanks, apparatus and pipes

Burglary cover (only for contents):
Your Home contents are covered up to 40% of the sum insured.
The contents of your home are also covered against loss due to burglary or an attempted burglary. It also covers loss of jewellery, silver articles and precious stones kept under lock and key, up to 25% of the total content sum insured or Rs. 1 Lac, whichever is lower.

The insured needs to pay only one single premium at the begining of the policy. The pemium is calculated on the basis of applicant's age, loan amount, loan tenure, sum insured and the applicant's occupation.

Click here to view the Premium Table

Click here to view our Policy Exclusions.

The Home Safe + coverage is based on sum insured opted for at the time of availing of the policy.
Click here to view the Sum Insured table.

How to calculate the sum insured for:

Home Structure:
The home insurance policy insures the structure of your home for its reinstatement value (and not for market value). Reinstatement value is defined as the cost incurred to rebuild your home with a similar new construction. On the other hand market value is a combination of cost of land, demand & supply scenario, etc.

Sum insured is calculated by multiplying the built up area of your home with the construction rate per sq. feet, e.g. if your built up area of your home is 1000 sq. feet and the construction rate is Rs. 800 per sq. feet, the sum insured for your home structure is Rs. 8,00,000.

However, this value can be revised appropriately if expensive material - like marble flooring, etc. – has been used in construction. If your home has lawn / garden surrounded by a perimeter wall, the construction rate can be revised to include the cost of construction of this wall in home structure sum insured.

Home Contents:
Your Home contents are covered up to 40% of the sum insured
The contents of your home - furniture, durables, clothes, utensils, jewelry, etc. - are to be valued on market value basis i.e. the current market value of similar items after depreciation. Depreciation does not apply for jewellery.