Muthoot Finance has launched the Muthoot Gold Shield Insurance Scheme. Under this, the company will provide insurance to customers for gold jewelery. Muthoot Finance has partnered with Bajaj Allianz General Insurance to provide this insurance. Muthoot Finance will provide its customers with insurance schemes on gold jewelery at the time of closure of the gold loan and the redemption of the gold jewelery held by them. This coverage will be provided as a loyalty product.
George Alexander Muthoot, MD, Muthoot Finance, says that as part of our customer loyalty program and social commitment, we are providing this insurance cover to customers. Bajaj Allianz General Insurance MD and CEO Tapan Singhal said that gold jewelery is an integral part of our country’s culture and that’s why we brought this product.
Standalone gold jewelery insurance
The statement issued by Muthoot Finance said that it is a standalone gold jewelery insurance offering. That is, it will provide complete coverage on gold jewelery. Generally, companies provide gold jewelery insurance as a part of home insurance, which covers jewelery as well as other household items. Generally, the coverage of insurance coverage for gold jewelery by some insurance companies is limited to a maximum of 15 per cent of the total insured sum under the home insurance policy. For example, if a person wants jewelery insurance coverage of Rs 1.50 lakh from other insurance companies, then he will have to take a home insurance policy of around Rs 10 lakh.
Other benefits of Muthoot Gold Shield Insurance Scheme
- Muthoot Gold Shield insured covers burglary, theft, robbery, damage on the way and 13 other disasters (natural disasters) from the person’s house.
- Muthoot Gold Shield is available at a very low premium. Its premium is less than the industry average.
- Muthoot Gold Shield can be availed on Zero Documentation. This policy is generated in less than 2 minutes.