What is Ethika Insurance Broking?

Ethika Insurance Broking is a new age 100% bootstrapped insurance broking company started by a group of enthusiasts led by Mr. Susheel Agarwal, who made a transition from HR to CEO with Ethika Insurance Broking. Ethika Insurance aims to combine technology with Innovation to make employee health insurance simple and accessible. Ethika insurance has included the concept of Employee well-being and happiness in Employee health insurance, focussing on a well-ignored fact that happy employees perform better. Ethika Insurance Broking was conferred with a broker license to sell both life insurance and general insurance plans. Ethika Insurance Broker is recognised as the best insurance broker for corporate, small, midsize, and large businesses.

What are the services provided by Ethika?

Ethika Insurance Broking offers life insurance plans such as Term life insurance, Pension insurance, Group Life insurance, Investment insurance plans, etc. Ethika also offers non-life insurance plans such as Vehicle insurance, Engineering insurance, construction insurance, Health insurance, Liability insurance, Personal accident insurance, etc. Ethika Insurance Broking is well known for its Group plans, such as Group health insurance, Group Term insurance and Group personal accident insurance.

What are the value adds provided by Ethika?

Ethika Insurance Broking provides value additions to its customers in the form of tailor-made programs such as Employee wellness programs, Employee happiness programs, Employee assistance programs, Employee engagement programs, Group insurance software and Red carpet claims settlement services. Know about each of them in detail here.

Is Ethika Insurance a good choice for insurance needs?

Ethika Insurance Broking is not like any other insurance booking company in India as it tries to offer value-added services to its customers, such as the Employee Happiness Program, which is a unique and novel concept unheard of by the insurance industry in India. Ethika Insurance has a nearly 97% retention ratio, which is one of the highest in the insurance industry. This ratio means that most of the clients are willing to renew their insurance plans with Ethika Insurance, which in turn shows their trust in the company. In addition to these, Ethika Insurance offers all kinds of insurance plans so that customers can get all their insurance needs in one place. Ethika Insurance also makes the best use of technology with the group insurance software that can be linked to any company's HR portal, thereby semi-automating the addition and deletion of employees from the group insurance plans.

How is Ethika Insurance Broking different from other insurance brokers?

Ethika Insurance Broking’s main focus is to make the insurance process pleasant, as insurance has been considered a headache to go through for many people and firms in India for a long time. Ethika Insurance Broking revolutionized the insurance purchase and claim settlement process in India by focusing on adding the most important missing element in group health insurance: Employee happiness. Ethika’s main focus is to address the overall well-being of employees by conducting various activities in addition to insurance coverage. Ethika Insurance provides various value add-ons to clients which go beyond the traditional profit and loss view of an insurance broker.

Home Insurance Policy in India | Ethika Insurance Broking

Home Insurance instant quote

Home insurance covers the loss or damage to the structure and contents in the home due to any of the insured peril up to the sum insured mentioned under the plan in return for a nominal premium. Home insurance can either be taken for the structure or for the structure and content combined. To have a common product for home insurance requirements Insurance development and authority of India has launched Bharat Griha Raksha to cover the structure and contents of a home.

Home insurance can be taken for a short term i.e.1 year or for a long term up to 10 years which is to be decided by the customer. The structure would be covered under reinstatement basis whereas the content would be covered under market value basis. Reinstatement basis is the cost incurred to construct the house due to the loss or damage suffered from an insured peril. Market value is the cost of the product in the market less any depreciation accumulated for the policy period. Home insurance covers the loss or damage to the home due to natural perils as well as man made perils that are mentioned under the policy. There are certain exclusions under the policy which can be covered on payment of additional premium and there are few exclusions that are permanent in nature.

Here are the perils covered under the home insurance policy which includes both the structure as well as the content:

Features of Home Insurance Policy

Home insurance covers the below perils same as that of the standard fire and special perils policy

Fire including visible fire but the damage due to smoke without fire is not covered.
Lightning- Damage to the home due to lighting such as thunderstorms etc.
Explosion/Implosion- Any kind of explosion or implosion in the home causing damage to the property. Explosion or implosion could be due to bursting of cylinders, geysers, or other electronic apparatus.
Aircraft damage- Damage caused to the property due to the falling of objects from the aircraft.
The Riot Strike and the Malicious Damage that result from the human factor causing harm to property.
Storm. Typhoon, Tempest, Flood and inundation which is a god made peril resulting in damage to the property.

A collision caused by a road or rail vehicle, or other animal of a third party, causing destruction to property.
Subsidence \ Landslide including Rockslide which results in damage to the property. Landslide or rockslide is the movement of the earth under the property resulting in its damage.
Bursting or overflowing of water tanks, apparatus resulting in damage to the property due to the water or any other fluids.
Leakage from automatic sprinkler installation causing damage to the walls or the contents in the home.
Missile testing operations resulted in damage to the house. This could be due to the parts of the missile hitting the home and damaging it.
Bush fire which is a small fire originating due to the bushes and spreading around the house resulting in its damage.

Exclusions

The exclusions are as mentioned below:

Fire due to fermentation, natural heating, spontaneous combustion and it undergoing any heating or dying process.
Loss or damage caused due to Earthquake unless it is covered as an add-on.
Impact damage due to insured own vehicle or employee’s acting on behalf of the insured.
Normal cracking, bedding down or settlement of new structures.
Defects in construction of the sprinkler installations.
Forest fire.

Griha Raksha Policy

Bharat Griha Raksha cover is a policy introduced by the Insurance regulatory and development authority of India as a common policy across all the insurance companies with same features and pricing for all insurers. The coverage of the policy is as mentioned under:

Home Building Cover

This section covers the structure of the home only.

Home Contents Cover

This section covers the articles in the home. If home building cover is also taken then the general contents are covered automatically for up to 20% of the sum insured or a maximum of Rs.10 Lakh unless the insured opts for a higher sum insured for home contents under the policy.

Optional Cover

The below covers are available to the customer on payment of additional premium.

Cover for valuable contents on Agreed Value basis:
The valuable contents such as Jewellery, Works of art, silverware, paintings, etc, are covered under the policy on an agreed value basis in which the value of the valuables is mutually agreed between the insured and the insurer.

Personal Accident Cover:
If the insured peril acting at the time of damage results in death or disability of the insured or his/her spouse, then a compensation of Rs.5 Lakhs per person would be payable to the insured.

The major advantage of the Griha raksha policy is that it gives levy for underinsurance under the plan. The policy provides a 10% escalation benefit on the basic sum insured which could act as an insulation against the underinsurance at the time of claim settlement. There isn't any underinsurance that is applicable for the Bharat Griha raksha policy as of the time of settlement. Underinsurance occurs when the insured amount of the property is lower than the value actually for the home. Under insurance happens if the insured value of the property is less than the reinstatement value i.e. the cost of reinstating the property is higher than the original sum insured mentioned under the policy. Under insurance would considerably reduce the claim amount which is detrimental to the insured who is already suffering from loss.

Tax Benefits of Home Insurance

There are no tax benefits that can be availed towards the premium paid for the home insurance policy. But the proceedings or the claim amount received due to the damage to the house would be tax exempted as it would not come under capital gains under the income tax act. The claim proceedings are seen as a form of compensation for the loss suffered by the insured and there is no capital gain which exempts it from income tax.

Testimonials

Trigyn Technologies Testimonial - Insurance Broker Bengaluru

Thanks for kind service, I have booked appointment for Nutritionist. The process is very smooth, Renu helps me understand each step with this process. I had a booked for Teleconsultation with Nutritionist Sakshi, she has provided vital information, that helps my parents who are diabetic. She has provided a proper detailed diet plan. I am completely satisfied with process and overall services provided by MySwish solution. Thanks

- Abhijit Mane Patil

Gainsight Testimonial - Insurance Broker Bengaluru

Thanks for following up on schedule appointment with Ms. Sakshi Arora Madan. This was my first Nutritionist consulting session I had in my life. I get to know what I'm lacking in my day-to-day meal from Dr. and How can I improve it over the time. Dr. was very helpful on call and provided all the answers of my questions. Looking forward to the next consultation with many thanks

- Kalp Patel

Netcracker Testimonial - Insurance Broker Bengaluru

"Myswish team responds quickly and are really helpful."

- Prateek Maheshwari

I recommend their service. Got diet consultation and was happy with their recommendations.

- Alok Ranjan

CGS Testimonial - Insurance Broker Bengaluru

I've pretty recently availed expert guidance of a nutritionist through Myswish and I'd like to appreciate the dedication, follow up and concern of Renuka. She has been easy to communicate with and most importantly, knows whom to connect you with for all the assistance you require. She followed up with me over phone and message to know if the services I utilized were up to the mark. Also, the nutritionist assigned was very professional and understood my needs/goals well and provided a great diet plan. I wish Myswish and its partners all the very best for the future.

- Rahool Saxena

Nice service given by My Swish and much appreciated for the support given during covid times. Team is always approachable and doctor tele-consultation is very helpful and team arranged multiple follow ups with doctor on need basis. Thank you so much and special thanks to Renuka for being available 24*7 on what's app and phone calls

- Pavan Kumar Kintali

The Myswish Solutions team were very cordial, friendly and cooperative. The request were almost immediately accepted and well-coordinated, while ensuring all my questions were resolved. In all I highly recommend this brand or all your wellness solutions.

- Vaishnavi Parsekar

Mayfair We Care Testimonial - Insurance Broker Bengaluru

Thank you for arranging the Teleconsultation for my daughter. I really appreciate your service which you have given in a speedy manner. Thanks a lot! I really appreciate your service which you have provided to me in pandemic situation. The team is very response and active . Once again thanks a lot for your support and keep it up.

- Sobin George

Hi Renuka / MySwish Team – thank you so much J for your help and arranging the call with the doctor, it was lovely right from the follow-up and arranging the calls and thank you for the overall coordination and help. Good Service and support from Renuka from MySwish team for overall support and coordination with doctor consultation

- Saibal Ghosh

Rollick Testimonial - Insurance Broker Bengaluru

Great experience as a first timer. The Dr. Sarthak is friendly and helpful. And also, My Swish team member Renuka is helped me teleconsultation process.

- Bala Geesala

I feel much better now and almost recovered from my health issues – cold, cough, headache, sore throat. Thanks to Ethika/MySwish for the prompt response and arranging the consultation at the earliest as my condition was very bad at the time of appointment booking. Dr. Supreet Kaur is one of the best Ayurvedic doctors who kept following up with my daily health condition and advised me the right medicines. She identified the root cause of the disease/ailments before starting the treatment. Her treatment is very effective. Thank you, ma’am!!

- Sangeetha.C

It was a very good experience. Myswish team responds quickly and really helpful. Thank u

- Sharanya Karanth

More Reviews...

FAQ's

Can I buy a long term home insurance policy? ?

Yes, you can buy a long term home insurance policy such as Bharat Griha Raksha home insurance policy can be taken up to a maximum of 10 years. The policy can be extended further after the completion of 10 years subject to the underwriting approval.

Is it advisable to buy a long term policy?

Yes. It is advisable to buy a long term home insurance policy as the premiums are very cheap in case of long term policies. There would be no worries of yearly renewals in case of a long term home insurance policy.

What is the appropriate Sum Insured?

The appropriate sum insured under the long term home insurance policy should be decided by the applicant and not by the insurance company. The applicant can decide the sum insured based on the cost of re-construction of the home in case of damage in the future. The most important thing to consider is the cost of re-construction in the future as it would depend on many factors such as inflation, increase in wages, existing conditions and approvals required etc. The cost of re-construction would depend on the type of the construction required, area of construction and raw material prices. This cost should be estimated by taking into account the current cost of reconstruction and adding inflation to it. The inflation should be added as that of the policy period while calculating the sum insured under the policy.

Should I insure my home under construction?

No. It is not advisable to insure the home under construction with a home insurance policy. Under construction homes should be insured with Construction All Risk insurance policy as the cost of the house would not be known at the time of construction. There could be additions or deletions to the cost of the home and the final figure of the cost of re-construction would come only after the home is constructed completely.

If I rent my flat, who would buy the insurance?

If you rent a flat, the flat owner should purchase the Griha raksha home insurance cover for the structure. You can purchase Griha raksha cover for your contents in the home.

Long Term Home Insurance