Muthoot Finance, Bajaj Allianz General Insurance tie up to provide insurance on gold jewellery

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KOLKATA: Gold loan NBFC Muthoot Finance has tied up with Bajaj Allianz General Insurance to provide insurance on gold jewellery as part of their new initiative.

The scheme named as “Muthoot Gold Shield” is backed by Group Affinity All Risk policy of Bajaj Allianz General Insurance.

The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.

George Alexander Muthoot, managing director, Muthoot Finance said, “Going by the initial overwhelming response received for this insurance policy, it has been widely accepted by the customers of the company. As part of our ongoing customer loyalty programme and social commitment, we are providing customers insurance coverage with an objective to build confidence and help move ahead in life without any fear.”

Speaking on the occasion, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “Gold jewellery is an integral part of our country’s culture and hence we have curated this product specifically for financially shielding customers of Muthoot Finance in case of any unforeseen events, thus making them worry-free about their jewellery.”

Policy covers burglary, robbery, theft from insured person’s home, loss-in-transit and 13 other disasters (natural calamities)

This is a standalone gold jewellery insurance offering.

Companies typically provide gold jewellery insurance as part of home insurance along with insurance of other articles at home. Normally, the percentage of insurance coverage for gold jewellery is restricted by some insurance companies to a maximum of 15% of the total home insurance policy home insurance policy sum insured. For instance, if an individual wants to take a jewellery insurance coverage of 1.50 Lakhs from other insurance companies, he/ she will have to take a home insurance policy of about Rs. 10 Lakhs.

Muthoot Gold Shield is provided at a nominal premium, which is lower than industry average, said a release issued by Muthoot Finance.

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