All You Need To Know About Gold Insurance

By | July 19, 2017

All You Need To Know About Gold Insurance

From property to hard cash, valuable assets need to be secured against theft, burglary, natural calamities etc. There are special Insurances to cover for losses of each of these items. While insurances for house, car etc are quite common, did you know that gold items could be insured too?

There are some exclusive insurance products to protect gold assets from various types of risk. If you thought keeping gold in the bank locker was safe, then you must know that banks are not 100% liable for your assets, as the deposits in the locker are not declared to the bank.

Why Protect Gold Jewellery

Be it your wedding gifts or the gold purchased during auspicious occasions, the yellow metal is considered a safe haven during any financial crunch.  Gold Insurance assures security for your jewellery. An insurance can help you recover the financial loss due to a mishap at home or at the bank.

About Gold insurance

You can either insure gold through standalone jewellery insurance or avail the cover under Home Insurance policy. The insurance provides protection against accidental loss, burglary, theft, damage or loss of the jewellery deposited in the bank locker. There are a few insurance companies that also provide cover if you are robbed of gold jewelry while wearing it. However, it is subject to conditions such as filing FIR, submitting valid proof of theft, etc.

Most Indian gold insurance companies provide a limited settlement claim amount. However, if you want full cover, you can go for a customised product by paying a higher premium. What doesn’t get covered by insurance includes losses or damage due to war, riot, terrorism etc.

Insurance companies do not take responsibility for recovering losses if damage is caused by the owner or a family member or maid/caretaker. Insurance companies are also not liable for paying any settlement claim if theft takes place in a house that has been left vacant for more than a month (30 days).

Things To Keep In Mind And Premium

You must keep all relevant documents in place as some insurance companies ask for purchase receipts of the lost or damaged gold jewellery to pay for settlement. In some cases, the insurance companies appraise the value of gold through their surveyor to decide the premium. While in other cases, companies offer coverage upon a declared insured value. However, the premium is high in such cases.

The premium on gold insurance depends on the amount of gold you insure with the insurer. Other determining factors include the prevalent market value of gold at the time of insurance purchase, condition of the jewellery and plans of the company.

(The writer is CEO,

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
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About Adhil Shetty

Adhil Shetty is the Founder and serves as the Chief Executive Officer of Adhil has a Master’s degree in International Relations with a specialization in International Finance and Business from Columbia University in the City of New York, and a Bachelor’s degree in Engineering from the College of Engineering Guindy, Anna University. Adhil is an expert in Personal Finance (Car loan/Home loan and personal loan) and he majorly consults on investment and spends rationalization for the Indian loan borrowers. His guidance is number based with real time interest rate calculations and hence useful for consumer’s real time query.

2 thoughts on “All You Need To Know About Gold Insurance

  1. Himalaya bharti

    which companies are best for getting a gold insurnace

    1. Team BankBazaar

      Hi Himalaya bharti,

      We would love to help you but we are natural finance marketplace and cannot recommend specific products. We suggest getting in touch with a financial planner for help with this.

      Team BankBazaar


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