You can now get your expensive glasses, spectacles and lenses insured too

You can now get your eyewear insured for as low as Rs 100. Universal Sompo General Insurance Company has launched a new insurance product for eyewear, such as spectacles, sunglasses, blue filter glasses, and contact lenses, which offers protection against damage from burglary, theft, fire, cyclones, floods, riots, strikes, etc. Damage by a vehicle or an animal by direct contact and other accidents are also covered. The policy covers eyewear from Rs 500 to Rs 50,000. 

" Customers have the flexibility to customize coverage based on preferences or invoice value, ensuring a cost-effective plan featuring unique elements such as differential excess and claim settlement types. Whether your eyewear's value is up to Rs.50,000 or falls within Rs. 500 to Rs. 50,000, our premiums are structured to provide affordable protection," the company said in a release. 

For eyewear valued up to Rs 10,000, one can get a comprehensive coverage with a minimal premium of just Rs 100. The policy period is for up to one year.

The insured can select either one or all the covers as mentioned below:

1. Fire and allied perils
2. Fire
3. Lightning
4. Explosion / Implosion
5. Aircraft damage
6. Riot, Strike and Malicious Damage
7. Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation
8. Impact damage by any Rail/ Road vehicle or animal by direct contact not belonging to or owned by insured
9. Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
10. Subsidence and Landslide including Rock slide
11. Missile Testing operations
12. Leakage from Automatic Sprinkler Installations
13. Bush Fire
14. Accidental Damage
15. Burglary including theft

Key Features:

1.  Worldwide Coverage with Theft Protection: Unique worldwide coverage, including theft protection—an aspect often excluded by competitors.
2. Flexible Differential Excess and Claim Settlement: Differentiating itself with flexibility in differential excess and claim settlement types.
3. Versatile Group and Individual Options: Available as a group platform and individual sachet product, catering to diverse needs.

Exclusions
1. Eyewear older than a year unless agreed by the insurer

2. Damage due to mishandling or carelessness on the user’s part

3. Any defects for which the manufacturer or supplier is liable

4. A claim resulting from improper handling, dismantling, fitting, adjustment, repair, alteration, or

replacement carried out by anyone other than manufactures and/or the agents (retail franchisee) of

manufactures

5. Overheating or due to chemical reactions.

6. Replacement of the Spectacles/lens due to a change in your prescription

7. Any damage caused by placing or using the insured items in a location or environment that is not in

accordance with the manufacturer’s instructions.

8. Sport glasses, accessories & any embedded valuable/jewellery along with eyewear shall not be

covered unless agreed by the insurer

9. Any losses within the scope of manufacturer’s warranty is excluded from the scope of cover.

10. Transferring of interest in this Policy to anyone else is not allowed.

11. Loss registered due to normal wear and tear from normal usage

12. Aesthetic damages which do not affect the functioning of the item, including but not limited to dents

scratches on painted, polished, or enamelled surfaces, and broken plastic on ports and antennae

13. Any unexplained or mysterious disappearance of the Insured item

14. Infidelity of employees, servants, or household staff of the Insured

15. Damage due to moths, vermin, mildew or inherent defect, wear and tear, gradually operating cause

16. Loss due to theft from any unattended vehicle

17. Loss due to theft in connivance with You or Your family

18. Loss directly or indirectly occasioned by or happening through or in consequence of war, Invasion act

of foreign enemy, hostilities (whether war be declared or not), Civil war, rebellion, revolution,

insurrection, Military or usurped power, Confiscation, nationalisation, or any such action

19. Loss or damage due to any action from Public Authority

20. Nuclear and nuclear group of perils

21. Any type of Cosmetic repairs, scratching, discoloration, wear and tear or gradual deterioration of the

eyewear, from whatever cause. Any claim arising from willful act

22. Consequential loss of any nature

23. Terrorism cover is excluded from scope of cover unless agreed by the Insurer

This insurance accommodates both individuals and groups, offering tailored options for both Employer-Employee and Non-Employer-Employee relationships, with a policy duration of up to one year. One has the flexibility to customise coverage based on preferences or invoice value, ensuring a cost-effective plan featuring unique elements such as differential excess and claim settlement types.

The insured may opt for an excess on claim in which the discount will be as follows: