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Home Safe + Insurance

What is Home Safe + Insurance?

  • Home Safe + is designed to cover various risks and contingencies faced by householders, under a single policy. It is an exclusive coverage offered for ICICI Bank Home Loan customers.

Why choose Home Safe + Insurance?

  • Home Safe+ provides the traditional structure and contents cover. In addition, it pays you the sum insured opted at the time of availing the policy, in case of inability to pay the Equated Monthly Installments (EMI) due to death, critical illnesses or loss of employment.

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)

Policy coverage

Home Safe+ covers you for the home loan liability, home structure 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:

  • Cancer
  • Bypass Surgery
  • Myocardial Infarction (Heart Attack)
  • Kidney Failure (End Stage Renal Failure)
  • Major Organ Transplant
  • Stroke
  • Paralysis
  • Heart Valve Replacement Surgery
  • Multiple Sclerosis

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.


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 beginning of the policy. The premium is calculated on the basis of applicant's age, loan amount, loan tenure, sum insured and the applicant's occupation.

Key Benefits

  • A comprehensive plan covering home loan liability along with traditional home cover Serves as a value-addition on ICICI Bank Home Loans which protects you and your dependents from any unexpected contingency
  • Single premium long term insurance plan
  • No medical checkup required
  • Multiple applicants can be covered under the same loan
  • Premium paid for the Critical Illness cover is eligible for tax benefits u/s 80D of the Income Tax Act.

Sum Insured

The Home Safe + coverage is based on sum insured opted for at the time of availing of the policy.


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.


The insured needs to be between 20-50 years of age Exclusive cover for ICICI Bank Home Loan customers The loan tenure has to be of atleast 36 months Satisfactory completion of health declaration form is required


Click here


to view our Policy Exclusions.

Claims Process

Know all about making a claim


Claim Process


Home Safe + Product Code: Misc 65, 13