Several renowned jewellers, including Senco Gold and Diamonds, Malabar Gold and Diamonds, Kalyan Jewellers, and Candere, offer free insurance coverage on select jewellery for the first year.
Customers can inquire about the specific coverage details for their purchased jewelry and renew the policy directly with the insurance company after the initial complimentary period.
The insurance typically covers various mishaps, including fire, natural calamities, theft, robbery, burglary, accidents, terrorism, and transit-related losses within India.
Details: When you indulge in jewellery shopping during festive occasions or any special moments, it’s worth checking with the jeweller about the accompanying insurance coverage. Many jewelers extend a valuable benefit to their customers by providing complimentary insurance coverage for the first year on specific jewelry pieces.
Participating Jewelers and Coverage:
Senco Gold and Diamonds: Offers insurance on their diamond jewellery range for the first year.
Malabar Gold and Diamonds:
Insures jewellery purchased for Rs 20,000 or more for 365 days, applicable nationwide.
Kalyan Jewellers: Provides free insurance coverage on gold and stone-studded jewellery and articles.
Candere: Coverage may exclude loose solitaires, gift cards, and products below Rs 10,000.
Types of Mishaps Covered: Loss due to fire, natural calamities (earthquake, floods), riots, strikes, snatching, robbery, dacoity, burglary, accidents, terrorism, and transit-related losses within India.
Renewal Option: While jewellers cover the insurance premium for the first year, customers have the option to renew the policy directly with the insurance company for subsequent years.
Exclusions: Certain scenarios, such as wilful neglect leading to loss or disappearance of jewellery, confiscation by government authorities, or simply forgetting the jewellery at a place, may not be covered.
Claim Process: To initiate a claim, customers need to file a police complaint and provide supporting documents such as the invoice, along with any available evidence like CCTV footage or eyewitness accounts.
Claim Amount: Insurance policies typically cover 95 percent of the jewellery’s value, excluding making charges and taxes. Customers might not receive the entire price of the jewellery in case of a claim.
The jeweler may offer an app or provide details of a consultancy service for filing claims.
If the information is not provided, customers can request the name of the insurance firm and the master policy number to approach the insurer directly.
Conclusion: Whether you are purchasing jewellery for a festival like Lohri, Sankranti, or Uttarayan, or receiving it as a gift for special occasions, knowing about the insurance coverage adds an extra layer of security. Don’t hesitate to ask the jeweller for details about the insurance, including coverage specifics and claim procedures, to ensure your cherished pieces are protected.