Acko General Insurance Limited Acko Asset Protect Insurance Plan

Terms & Conditions

This is a summary of the key terms under the Acko Asset Protect Insurance Plan (“Policy”) offered by Acko General Insurance Limited (“Acko”) to Dreamplug Technologies Private Limited (“CRED”) subject to the receipt of premium in full in respect of the Insured Persons and the terms, conditions and exclusions of underlying Policy. The covers available under the Policy can be availed only by registered members of CRED. The insurance coverage period under this policy is valid as mentioned in the Certificate of Insurance.

1. Key Benefits

Key benefits available to the Insured person is as follows:

Product Details:

Benefit Name	Annual Sum Insured	Special Conditions
Theft, Burglary and Robbery	Up to ₹ 1,00,000	Covers theft, burglary & robbery of electronic appliances from the insured's residential premises. The maximum payable amount for each equipment will be ₹ 10,000. Depreciation grid will be applicable as specified below. Invoice and FIR is mandatory to claim under the benefit.
Damage (Comprehensive Accidental Damage)	Up to ₹ 10,000	Covers cost of repair and repairing components of electronic appliances. There is a co-pay of 30% on claim payable amount. Image of the Damaged Device & Invoice of Repair is mandatory to claim under the benefit from the authorised service centres. Non repairable & wear and tear damages are not covered under the policy.

2. Special Conditions:

• There is an initial waiting period of 15 days
• List of appliances that are covered under the policy: Air Conditioner, Dishwasher, Microwave Oven, Refrigerator, TV (with Panel), TV (Without Panel), Washing Machine, Water purifier (except for candle replacement and general servicing) and Geyser.
• Events are covered only when happened on the insured's residential premises.
• Portable electronic equipment (for example - cell phones, smart wristwatch, vacuum cleaner, laptops) are not covered under the policy.
• Equipment exceeding the age of 5 years are not covered under the policy
• Image of damaged product before repair is mandatory for accidental damage claim.
• Any equipment repair bill should be accompanied with a valid GST number.
• Coverage is provided only for the appliances owned by the insured or his/her immediate relative(s).
• Co-pay increases to 50% in case of damage when the age of the equipment exceeds 3 years
• No co-pay is applicable in case of Theft, Burglary and Robbery
• Covered for a maximum of 2 number of repairs per type of appliances. For example - 2 repairs are allowed for refrigerators
• There is no minimum period of stay requirement for the customer for the residential premises.
• Depreciation grid for Theft, Burglary and Robbery is as follow:

Age of Equipment	Depreciation % (on Invoice Value)
Up to 3 months	30%
Between 3 months to 6 months	30%
Between 6 months to 9 months	40%
Between 9 months to 12 months	40%
Between 12 months to 24 months	50%
Between 24 months to 36 months	60%
Between 36 months to 48 months	70%
Between 48 months to 60 months	80%
More than 60 months	80%

3. General Conditions

• We should be given immediate written notice of any event that may give rise to a claim under the Policy, in accordance with the claims procedure under the Policy;
• All claims made under the Policy will be subject to the applicable deductible, any sub-limits and availability of the Sum Insured.
• The Policy does not cover any contractual and consequential liability, except as covered in the Policy or the Certificate of Insurance issued to the customer.

4. Insuring Clauses

The Schedule/Certificate will specify which Insuring Clauses are in force for the Insured Equipment under the Policy.

Claims made in respect of an Insured Equipment for any of the Insuring Clauses applicable to the Insured Equipment shall be subject to the availability of the Sum Insured against such Insuring Clause or corresponding Section, and applicable Sub-limits, Co-payment, Depreciation, Salvage, Deductibles/Excess and other conditions specified in the Schedule/Certificate against the Insuring Clause(s) claimed under, and subject always to the terms, conditions and exclusions of this Policy.

All claims and payments made under any Insuring Clauses hereunder shall be in accordance with the ‘Claims Procedure’ and ‘Basis of Settlement & Assessment of Claims’ Sections as set out in this Policy.

Section A - Theft, Burglary and Robbery

i. Theft and Burglary

In the event of any Theft and Burglary of an Insured Equipment occurring during the Coverage Period, then We will pay the Insured as per the applicable settlement option specified in Section 3, up to the Sum Insured or fixed benefit specified in the Schedule/Certificate.

This Insuring Clause will be payable provided that the Insured provides Us with a certified copy of the police report filed, and an Invoice for proof of ownership, or care, custody and control of the Insured Equipment.

ii. Robbery

In the event of any Robbery of an Insured Equipment occurring during the Coverage Period, then We will pay the Insured as per the applicable settlement option specified in Section 3, up to the Sum Insured or fixed benefit specified in the Schedule/Certificate.

This Insuring Clause will be payable provided that the Insured provides Us with a certified copy of the police report filed, and an Invoice for proof of ownership, or care, custody and control of the Insured Equipment.

Section B - Damage

iii. Comprehensive Accidental Damage

In the event of any Physical Damage or Liquid Damage to an Insured Equipment due solely and directly to any external, involuntary and unforeseeable cause arising during the Coverage Period, then We will pay the Insured as per the applicable settlement option specified in Section 3, up to the Sum Insured or fixed benefit specified in the Schedule/Certificate.

Specific Exclusions applicable to Benefits of Section A and Section B:

We shall not be liable to make any payment for any claim under all Insuring Clauses under Section A and Section B of this Policy in respect of an Insured Equipment, directly or indirectly for, caused by, arising from or in any way attributable to any of the following:

1. Any loss or damage caused by any defects existing at the time of commencement of the cover of the Insured Equipment under the Policy within the knowledge of the Insured, or his representatives.
2. Any loss of data stored in the Insured Equipment, or costs related to re-creation of such stored data.
3. Any loss or damage as a direct consequence of wear and tear or of gradual deterioration due to atmospheric conditions.
4. Any service provider charges incurred or any other consequential damage or financial loss incurred from the use of the Insured Equipment following a Theft, Robbery or Burglary.
5. Any loss or damage to any consumable items, attachments or accessories related to the Insured Equipment, such as any SIM card, memory card, software (including programs, data and user settings), modem, scanner, printer, earphones, adapter or charger.
6. Any unexplained or mysterious disappearance of the Insured Equipment, where the details of the incident are not available or specified as Theft, Burglary or Robbery.
7. Any loss or damage to any Insured Equipment put up for rental or hire purposes, unless expressly covered in the Schedule/Certificate.
8. Any loss or damage to the Insured Equipment covered under this Policy and falling under the terms of any maintenance agreement or warranty provided by the OEM or seller.
9. Any loss or damage for which the manufacturer or seller of the Insured Equipment or any other third party is responsible either by law or under contract.
10. Wilful act or wilful negligence of the Insured or his/her representative.
11. Aesthetic defects, including but not limited to dents, scratches on painted, polished or enamelled surfaces, and broken plastic on ports and antennae.

5. General Exclusions of the Policy

We shall not be liable to make any payment for any claim under the Policy in respect of an Insured Equipment, directly or indirectly for, caused by, arising from or in any way attributable to any of the following, except where provided to the contrary under any Insuring Clause in the Policy or specified as such in the Schedule/Certificate:

1. Any liability covered under any other underlying insurance policy which is primary in nature.
2. Any actual or alleged loss caused by any civil or foreign war, invasion, strike, riot, rebellion, civil commotion, or arising from detention, confiscation or distribution by customs, police or other public authorities.
3. Any actual or alleged loss caused by nuclear, biological or chemical exposure.
4. Any Insured committing or attempting to commit a breach of law with criminal intent.
5. Participation in any naval, military or air force operations, engaging in manual labour, mining, tunnelling or any work involving electrical installation with high tension supply, engaging in any Hazardous Activities, testing of any kind, or anything attributable to aerial photography, ammunition, explosives, firearms or flight duty, except as a fare-paying passenger.
6. Any loss or damage caused due to any consequential loss of any kind.
7. Any loss of or damage caused by or due to action of any lawfully constituted authority or Public Authority.
8. Any liability assured voluntarily by the Insured under a contractual obligation or warranty/guarantee made by the Insured.
9. Any loss or damage to any Insured Equipment put up for rental or hire purposes.
10. Any change in ownership of the Insured Equipment, or use for any purpose not intended.
11. Any repairs performed outside India.
12. Any loss or damage arising out of or caused, directly or indirectly, by contamination and ionising radiations, whether nuclear or otherwise, wars, civil or military disturbances, sabotage, epidemics, riots, acts of civil or military authority, or governmental actions.

In any action, suit or other proceedings where We allege that by reason of the provisions of the above exclusions any loss, destruction, damage or liability is not covered by this Policy, the burden of proving that such loss, destruction, damage or liability is covered shall be upon the Insured.

Basis of Settlement & Assessment of Claims

Insofar as it relates to the (i) Beyond Economic Repair, or loss due to Theft, Burglary or Robbery or (ii) any other damage or Breakdown to the Insured Equipment with regard to which an Insured or claimant shall make a claim under this Policy, the basis upon which We shall pay the Insured and settle any claim made under the Policy shall be as per any one or a combination of the following settlement options, and specified as such in Schedule/Certificate:

1. In case of Beyond Economic Repair, or loss due to Theft, Burglary or Robbery of the Insured Equipment, the following options for claim settlement shall be available to the Insured, as opted for in the Schedule:
   1. Provision of a Replacement New Equipment
   2. Provision of a Replacement Refurbished Equipment
   3. Fixed amount as per the details specified in the Schedule/Certificate
2. In case of any other damage or breakdown, not resulting in Beyond Economic Repair of the Insured Equipment, the following options for claim settlement shall be available to the Insured, as opted for in the Schedule:
   1. Cashless repair of the Insured Equipment by Us or any Service Centres authorised by Us.
   2. Reimbursement of the reasonable costs necessarily incurred in repairing the damaged Insured Equipment to its condition at any Service Centre as existing immediately prior to such damage
   3. Fixed amount as per the details specified in the Schedule/Certificate
   4. Provision of a Replacement New Equipment
   5. Provision of a Replacement Refurbished Equipment

All of the settlement options above shall be subject always to the availability of the Sum Insured against such Insuring Clause or corresponding Section, and applicable Sub-limits, Co-payment, Salvage, Deductibles/Excess and any other limit specified in the Schedule/Certificate against the Insuring Clause(s) claimed under.

Further, all settlements made under the Policy shall be subject to the following specific conditions, where applicable to the settlement options opted for:

1. Ownership of Salvage: In all cases where a repair or replacement of Insured Equipment is necessitated, the original Insured Equipment and/or its components thereof which are replaced, or any resulting Salvage shall become Our property, and We shall not be liable to return such Insured Equipment to the Insured.
2. Right against Repair or Replacement: If the cost of repair or replacement of the Insured Equipment exceeds the Market Value of the lost or damaged Insured Equipment immediately prior to the occurrence of the insured event, then We will pay the Insured such Market Value to the extent of the Sum Insured.
3. Obsolescence: If a necessary part or component is no longer manufactured, has become obsolete or is not available for the repair of the damaged Insured Equipment, we will reimburse a reasonable cost of repair for such part or component and return such Insured Equipment. In such cases, we may also replace the Insured Equipment instead, in Our sole and absolute discretion.
4. Records: For any Insuring Clauses pertaining to the Insured Equipment covered under this Policy (or categories of such Insured Equipment) and specified as such in the Schedule/Certificate, it is a Condition Precedent to Our liability that the Insured shall record the full particulars of each Insured Equipment.
5. Improvements/alterations: We shall not make any payment for the cost of any enhancements, alterations, additions and/or improvements made during the course of any replacement or repair.
6. Sum Insured: Under no circumstances will Our liability to make payment exceed the Sum Insured under any applicable Insuring Clause, as specified in the Schedule/Certificate to the Policy.

7. Claim & Documents:

Any claim made by the executive will be validated with CRED or its service partner to confirm the incidence.

The Insured needs to submit following documents in case of a claim:

Name of Benefit	Claim Documents
Theft and Burglary or Robbery	Duly filled and signed Claim Form (attested by an Acko official wherever necessary) Original Policy (Wherever applicable) Invoice of the Equipment/Proof of ownership, care or custody (Wherever applicable) FIR or Police Complaint Report
Comprehensive Accidental Damage	Duly filled and signed Claim Form (attested by an Acko official wherever necessary) Original Policy (Wherever applicable) Invoice of the Equipment/Proof of ownership, care or custody (Wherever applicable) Repair Invoice Image of Damaged Appliance/Device clearly showing the damage

How To Claim

On the CRED App:

• Go to the “pay” tab and scroll to click on “rent payment”
• Scroll to the bottom and click on the Insurance card
• On the policy management page , scroll to the bottom and click on “make a claim”
• After confirming you have all the necessary documents, click on “Proceed now”
• Under the policy details section, click on “Initiate Claim”
• Follow the next few steps on the screen to register your claim with Acko

*Any other details (if required) which is not mentioned here might be asked by Acko.

8. Grievance Redressal:

For resolution of any query or grievance, insured may write an e- mail at grievance@acko.com. In case the insured is not satisfied with the response of the office, insured may contact the Grievance Officer of the Company at the following address:

In case Insured Person is not satisfied with the resolution, the Insured Person may write to Acko’s Grievance Redressal Officer at the following address:

Grievance Redressal Officer
Grievance Redressal Officer
36/5, Hustlehub One East, Somasandrapalya,
27th Main Rd, Sector 2, HSR Layout,
Bengaluru, Karnataka 560102
grievance@acko.com

In the event of unsatisfactory response from the Grievance Officer, he/she may, register a complaint in the Integrated Grievance Management System (IGMS) of the IRDAI.

Where the grievance is not resolved, the insured may, subject to vested jurisdiction, approach the Insurance Ombudsman for the redressal of grievance.

Please note that this is only a basic description of the key terms of the Policy and the full list of policy conditions and exclusions are available at https://www.acko.com/download/.

Once you have taken the cover, you will receive a Certificate of Insurance from Acko which will contain complete details of your cover under the Policy, and the applicable conditions and exclusions.