{"uin":"IRDAN113CP0002V01202324","name":"Parametric Insurance","url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324","insurer":{"slug":"bajaj-general-insurance","name":"Bajaj General Insurance Limited","url":"https://indiainsurances.com/insurer/bajaj-general-insurance"},"line":"general","category":"other-general","category_name":"Other general insurance","irdai_type":null,"kind":"product","status":"active","approved_on":null,"withdrawn_on":null,"summary":"Parametric Insurance pays when the observed index deviates enough to trigger the Strike or Exit during the policy or index period. Index parameters can include rainfall, temperature, humidity, fog, wind velocity, hailstorm, sunshine, snow and other measurable parameters.","analysis":{"state":"machine","analysed_at":"2026-10-20 02:53:48.203235+00","note":"First pass: one AI reading; every stated fact carries a verbatim quote found in the cited clause, but it has not been reviewed. Check the clause before relying on it."},"facts":[{"key":"plan_variants","label":"Plans and variants","section":"Overview","meaning":"The named plans inside this product (not cover types or payout options). Facts can differ between them.","status":"not-stated","value":null,"display":null,"note":"No named plan variants are printed in the wording.","quote":null,"sources":[],"law":[]},{"key":"policy_term","label":"Policy term","section":"Eligibility","meaning":"How long one policy runs before it ends or must be renewed.","status":"quote-verified","value":"Group Policy Period is one year. For an individual policy, the Policy Period runs from the risk inception date and time to the risk expiry date shown in the Policy Schedule or earlier termination or cancellation.","display":"Group Policy Period: one year; individual Policy Period: from risk inception to risk expiry shown in the Policy Schedule","note":"The individual policy term dates are not printed in the wording and are to be shown in the Policy Schedule.","quote":"Group Policy Period means period of one year as mentioned in the respective Group Policy Schedule during which Certificate of Insurance will be issued to Insured Beneficiary/ies. ... Policy Period means the period commencing from the Risk inception date and time as shown in the Policy Schedule and terminating at midnight on the Risk expiry date as shown in the Policy Schedule or on the termination of insurance as specified in “Validity of Policy/Group Policy” and/or the cancellation of insurance as per provisions specified in “Cancellation under Standard Terms and Conditions” of this Policy wordings.","sources":[{"clause":"13","heading":"Group Policy Period","page":2,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-13"},{"clause":"25","heading":"Policy Period","page":2,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-25"}],"law":[]},{"key":"claim_intimation","label":"Claim intimation deadline","section":"Claims","meaning":"How soon you must tell the insurer about a claim or hospitalisation.","status":"not-stated","value":null,"display":null,"note":"The wording describes claim settlement based on index data, but it does not state any deadline for the insured to intimate a claim.","quote":null,"sources":[],"law":[{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 20, 21","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_documents","label":"Claim documents","section":"Claims","meaning":"Documents the insurer asks for when you claim.","status":"quote-verified","value":["all reasonable information, assistance and proofs","such title deeds and other documents as may be required by the Company for verification of his/her Insurable Interest","all books of accounts, receipts, documents relating to or containing entries relating to the loss"],"display":"All reasonable information, assistance and proofs; title deeds and other documents for insurable interest; books of accounts, receipts and documents relating to the loss when required","note":null,"quote":"The Insured shall tender to the Company all reasonable information, assistance and proofs in connection with any claim hereunder. ... The Insured shall provide to the Company such title deeds and other documents as may be required by the Company for verification of his/her Insurable Interest over the property and / or agriculture/ non-agriculture economic activities and events. ... The Insured shall on being required so to do by the Company produce all books of accounts, receipts, documents relating to or containing entries relating to the loss or such circumstance in his possession","sources":[{"clause":"6","heading":"The Insured shall tender to the Company all reasonable information, assistance and proofs","page":5,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-6-2"},{"clause":"13","heading":"Insurable Interest","page":7,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-13-2"},{"clause":null,"heading":"1. Limitation Period","page":5,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-1-limitation-period"}],"law":[{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 17","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 23","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"claim_settlement_time","label":"Claim settlement time promised","section":"Claims","meaning":"How quickly the policy says a claim is decided or paid, and from when that is counted (intimation or last document).","status":"quote-verified","value":"On expiry of the Index Risk Period or Index Phase Period, the Company will settle any claim within sixty days, subject to receipt of necessary certified data from the Authorized Data Provider. Where deviation data is received, payment is not earlier than expiry of the Index Risk Period or Index Phase Period and not later than 30 days from the day data required for claim settlement is received, unless otherwise specifically agreed.","display":"Within sixty days after expiry subject to certified data; for deviation data, not later than 30 days from receipt of required claim-settlement data","note":"The same wording contains both timelines.","quote":"On expiry of Index Risk Period/ Index Phase Period, the Company will settle the claim, if any, within sixty days, subject to receipt of necessary certified data from the Authorized Data Provider. ... payment shall be made to the Insured, which is irrespective of the date on which the event shall have occurred, but not earlier than the expiry of the Index Risk Period/ Index Phase Period as specified in the Policy Schedule and not later than 30 days from the day data required for claim settlement is received (unless otherwise specifically agreed by Us).","sources":[{"clause":"4","heading":"On expiry of Index Risk Period/ Index Phase Period, the Company will settle the claim, if","page":5,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-4-2"},{"clause":"8","heading":"In event when there","page":5,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-8-2"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64UM(4) to (6)","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 10","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 15","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 16","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 22","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(i), V.3(ii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, V.3(iii)","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, V.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 23","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"The Motor Vehicles Act, 1988: Chapter XI, insurance of motor vehicles against third party risks","section":"Section 149","url":"https://indiainsurances.com/law/motor-vehicles-act-1988"}]},{"key":"exclusions_main","label":"Main exclusions","section":"Exclusions","meaning":"What the policy does not pay for, in the policy's own words.","status":"quote-verified","value":["Ionizing radiations or contaminations by radioactivity from any nuclear waste from the combustion of nuclear fuel","The radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof","Strike or Exit resulting out of act of god (AOG) perils such as Storm, Cyclone, Tempest, Typhoon, Hurricane, Tornado, Flood, Inundation, Earthquake, Tsunami, Hailstorm etc.","an occurrence or outbreak of a pandemic or any infectious or human contagious diseases","any event leading to diminished agricultural or non-agricultural output/yield, or increased operational costs, howsoever caused, other than on account of a deviation in Observed Index as stated in the Policy Schedule within a specific geographical location and specified time period","Riots, Strike, Malicious Damage, Acts of Terrorism","War, war-like operations, act of foreign enemy, invasion of Indian territory or any part thereof, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion, military or usurped power","In case of cover granted for agricultural activities, insurance is not valid, if the land is not cultivated during the Policy Period","Consequential losses of any kind, by the way of loss of profit, business interruption, market loss or otherwise and/or any other legal liability of any kind","in the event that the Observed Index is lower than the Strike and where Insured has opted for coverage for an Observed Index exceeding the Strike during the Policy Period","in the event that the Observed Index is greater than the Strike where Insured has opted for coverage for an Observed Index lower than the Strike, during the Policy Period."],"display":"Nuclear risks; AOG perils unless covered; pandemic or infectious diseases; output or cost losses not due to covered index deviation; RSMD/terrorism unless covered; war; uncultivated agricultural land; consequential losses; index moving opposite to the opted coverage trigger","note":"Some exclusions do not apply where the peril is specifically covered under the Policy/Group Policy and mentioned in the Term Sheet.","quote":"Ionizing radiations or contaminations by radioactivity from any nuclear waste from the combustion of nuclear fuel; or ... The radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof. ... Strike or Exit resulting out of act of god (AOG) perils such as Storm, Cyclone, Tempest, Typhoon, Hurricane, Tornado, Flood, Inundation, Earthquake, Tsunami, Hailstorm etc. (unless the AOG perils are specifically covered under the Policy/Group Policy and mentioned in the Term Sheet of this Policy/ Group Policy). ... an occurrence or outbreak of a pandemic or any infectious or human contagious diseases. ... any event leading to diminished agricultural or non-agricultural output/yield, or increased operational costs, howsoever caused, other than on account of a deviation in Observed Index as stated in the Policy Schedule within a specific geographical location and specified time period (Unless otherwise specifically covered under the Policy/Group Policy and mentioned in the Term Sheet of this Policy/ Group Policy). ... Riots, Strike, Malicious Damage, Acts of Terrorism (Unless otherwise specifically covered under the Policy/Group Policy and mentioned in the Term Sheet of this Policy/ Group Policy), ... War, war-like operations, act of foreign enemy, invasion of Indian territory or any part thereof, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, civil commotion, military or usurped power ... In case of cover granted for agricultural activities, insurance is not valid, if the land is not cultivated during the Policy Period (Unless otherwise specifically covered under the Policy/Group Policy and mentioned in the Term Sheet of this Policy/ Group Policy) ... Consequential losses of any kind, by the way of loss of profit, business interruption, market loss or otherwise and/or any other legal liability of any kind (Unless otherwise specifically covered under the Policy/Group Policy and mentioned in the Term Sheet of this Policy/ Group Policy). ... in the event that the Observed Index is lower than the Strike and where Insured has opted for coverage for an Observed Index exceeding the Strike during the Policy Period ... in the event that the Observed Index is greater than the Strike where Insured has opted for coverage for an Observed Index lower than the Strike, during the Policy Period.","sources":[{"clause":"C(a)","heading":null,"page":4,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-c-a"},{"clause":"C(b)","heading":null,"page":4,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-c-b"},{"clause":"C(b)(i)","heading":null,"page":4,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-c-b-i"},{"clause":"C(b)(ii)","heading":null,"page":4,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-c-b-ii"}],"law":[{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 11","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 16","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"grievance","label":"Grievance route","section":"Claims","meaning":"Who to complain to first, as stated in the policy, before going to the Insurance Ombudsman.","status":"quote-verified","value":"First contact the Customer Experience Team. If not satisfied, write to the Grievance Redressal Officer at ggro@bajajgeneral.com before escalation to the Insurance Ombudsman.","display":"Level 1: Customer Experience Team; Level 2: Grievance Redressal Officer at ggro@bajajgeneral.com; then Ombudsman if still unresolved","note":null,"quote":"Level 1 In case You have any concern, You may please reach out to our Customer Experience Team through any of the following options: ... Level 2 In case You are not satisfied with the response given to You by our team, You may write to our Grievance Redressal Officer at ggro@bajajgeneral.com ... If the issue still remains unresolved, You may, subject to vested jurisdiction, approach Insurance Ombudsman for the redressal of the grievance.","sources":[{"clause":null,"heading":"Grievance Redressal Procedure","page":9,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-grievance-redressal-procedure"}],"law":[{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 3","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 4","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"Consumer Protection (Jurisdiction of the District Commission, the State Commission and the National Commission) Rules, 2021","section":"Rule 5","url":"https://indiainsurances.com/law/consumer-jurisdiction-rules-2021"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(11)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 2(42)","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 34","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Consumer Protection Act, 2019","section":"Section 69","url":"https://indiainsurances.com/law/consumer-protection-act-2019"},{"title":"The Insurance Act, 1938","section":"Section 38","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 12","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 19","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 20","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 13","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 2","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(5), 5(6)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 5(9)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 25","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.1","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, VI.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Para 26","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"IRDAI (Insurance Products) Regulations, 2024","section":"Schedule III, Para 11","url":"https://indiainsurances.com/law/irdai-products-regs-2024"},{"title":"Review of revision in premium rates under health insurance policies for senior citizens, 2025","section":"Para 3","url":"https://indiainsurances.com/law/irdai-senior-premium-2025"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 13","url":"https://indiainsurances.com/law/ombudsman-rules-2017"},{"title":"Insurance Ombudsman Rules, 2017","section":"Rule 14","url":"https://indiainsurances.com/law/ombudsman-rules-2017"}]},{"key":"perils","label":"What is covered","section":"Cover","meaning":"The events or risks covered.","status":"quote-verified","value":["occurrence of Strike or Exit resulting from deviation of Observed Index","Rainfall (Deficit /Excess/Dry Spells)","Temperature (High/Low)","Humidity","Fog","Wind Velocity","Hailstorm","Sunshine","Snow","Any other parameter that are measurable"],"display":"Strike or Exit from deviation of Observed Index; parameters include rainfall, temperature, humidity, fog, wind velocity, hailstorm, sunshine, snow and other measurable parameters","note":"The specific covered parameter and deviation must be as stated in the Term Sheet or Policy Schedule.","quote":"The Company hereby agrees, subject to the terms, conditions and Exclusions herein contained, or otherwise expressed herein, to make such payment as stated in the Policy Schedule to the Insured, in the event of occurrence of Strike or Exit resulting from deviation of Observed Index within the Policy Period/ Index Risk Period/ Index Phase Period (as applicable) if such deviation is as stated in Term Sheet/ Policy Schedule. ... Index would be constructed with any one or a combination of parameters (this will be specified under section “Coverage Details” in Policy Schedule ):\n• Rainfall (Deficit /Excess/Dry Spells)\n• Temperature (High/Low)\n• Humidity\n• Fog\n• Wind Velocity\n• Hailstorm\n• Sunshine\n• Snow\n• Any other parameter that are measurable","sources":[{"clause":"B","heading":"SCOPE OF COVER","page":3,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-b"},{"clause":"15","heading":"Index","page":2,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-15"}],"law":[]},{"key":"deductible","label":"Deductible or excess","section":"Limits and co-pay","meaning":"Amount of each claim you bear.","status":"not-stated","value":null,"display":null,"note":"The wording defines the deductible as a fixed amount or percentage to be specified in the Policy Schedule, but no deductible amount or percentage is printed in the wording.","quote":null,"sources":[],"law":[]},{"key":"cancellation_refund","label":"Cancellation by you","section":"Renewal and rights","meaning":"What you get back if you cancel during the year.","status":"quote-verified","value":"For an individual Policy, the insured may cancel at any time by giving at least 15 days written notice, provided no claim has been made, and the Company will refund seventy five percent (75%) premium for cover for which the risks are yet to commence, unless otherwise agreed and specified in the Policy Schedule. For group policies, the Group Policy Holder may cancel the Group Policy or Certificate of Insurance with at least 15 days written notice and similar 75% refund terms; cancellation by the Insured Beneficiary is not permitted.","display":"Individual: at least 15 days written notice, no claim, 75% premium refund for risks yet to commence; Group Policy Holder: similar; Insured Beneficiary cannot cancel","note":"No cancellation is allowed for covers already expired or already in force on the cancellation request date.","quote":"This Policy may be cancelled by the Insured at any time by giving at least 15 days written notice to the Company provided there has been no Claim made under the Policy, the Company will refund seventy five percent (75%) (unless otherwise specifically agreed and specified in Policy Schedule) Premium in respect of the cover of the Policy for which the risk are yet to commence. ... During the Group Policy Period of the Group Policy, the Group Policy Holder may cancel the Group Policy/Certificate of Insurance at any time by giving at least 15 days written notice to the Company and also intimating the same to the Insured Beneficiary. ... Certificate of Insurance may be cancelled by the Group Manager /Master Policy Holder in which case the Company will refund seventy five percent (75%) Premium in respect of the cover/s of the Group Policy for which the risk are yet to commence. ... Cancellation of Certificate of Insurance by Insured Beneficiary shall not be permitted.","sources":[{"clause":"14(II)","heading":null,"page":7,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-14-ii"},{"clause":"14(III)","heading":null,"page":8,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-14-iii"},{"clause":"14(IV)","heading":null,"page":8,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-14-iv"}],"law":[{"title":"The Insurance Act, 1938","section":"Section 64VB","url":"https://indiainsurances.com/law/insurance-act-1938"},{"title":"Master Circular on General Insurance Business, 2024","section":"Ch I, Para 8","url":"https://indiainsurances.com/law/irdai-general-mc-2024"},{"title":"Master Circular on Health Insurance Business, 2024","section":"Ch I Para 6","url":"https://indiainsurances.com/law/irdai-health-mc-2024"},{"title":"Master Circular on Life Insurance Products, 2024","section":"Chapter 1, Para 5","url":"https://indiainsurances.com/law/irdai-life-products-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 17","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024","section":"Reg 20(3) to 20(5)","url":"https://indiainsurances.com/law/irdai-ppi-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part A, III.2","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part B, IV.4","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"},{"title":"Master Circular on Protection of Policyholders' Interests, 2024","section":"Sec 1, Part C, IV.3","url":"https://indiainsurances.com/law/irdai-ppi-mc-2024"}]},{"key":"territory","label":"Where it covers","section":"Overview","meaning":"Geographic area of cover: India only, worldwide, or listed countries. 'As stated in the schedule' is not an answer.","status":"not-stated","value":null,"display":null,"note":"The wording says the Geographic Area is in the Term Sheet/Policy Schedule, but it does not state the actual geographic area of cover.","quote":null,"sources":[],"law":[]},{"key":"subject_covered","label":"What is insured","section":"Cover","meaning":"The thing or risk this policy covers.","status":"quote-verified","value":"The policy covers a parametric payout when Strike or Exit occurs from deviation of the Observed Index during the applicable policy or index period. The insured must have insurable interest in the property and/or agriculture or non-agriculture economic activities and events.","display":"Parametric Strike or Exit from deviation of Observed Index, linked to property and/or agriculture or non-agriculture economic activities and events","note":"The exact Index, Strike, Exit, Payout, Geographic Area and Sum Insured are specified in the Term Sheet or Policy Schedule.","quote":"The Company hereby agrees, subject to the terms, conditions and Exclusions herein contained, or otherwise expressed herein, to make such payment as stated in the Policy Schedule to the Insured, in the event of occurrence of Strike or Exit resulting from deviation of Observed Index within the Policy Period/ Index Risk Period/ Index Phase Period (as applicable) if such deviation is as stated in Term Sheet/ Policy Schedule. ... During the Policy Period, the Insured shall possess Insurable Interest with regard to the property and / or agriculture/ non-agriculture economic activities and events.","sources":[{"clause":"B","heading":"SCOPE OF COVER","page":3,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-b"},{"clause":"13","heading":"Insurable Interest","page":7,"url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349#c-13-2"}],"law":[]}],"documents":[{"kind":"wording","label":"Parametric Insurance Policy Wordings","pages":13,"fetched_at":"2026-10-17 19:47:55+00","source_url":"https://www.bajajgeneralinsurance.com/download-documents/commercial-insurance/Parametric-Insurance/Policy-Wordings.pdf","url":"https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324/document/3349"}],"versions":[],"where_to_buy":[{"purpose":"buy","kind":"insurer","name":"Bajaj General Insurance official website","url":"https://www.bajajgeneralinsurance.com/","note":"Buy directly from the insurer."},{"purpose":"buy","kind":"ours","name":"Get free help from IndiaInsurances","url":"/help","note":"Free. We do not sell insurance and earn no commission; your request is not passed to anyone."}],"claims_and_complaints":[{"purpose":"claim","kind":"insurer","name":"Claims","url":"https://www.bajajgeneralinsurance.com/general-insurance-claims.html","note":null},{"purpose":"claim","kind":"ours","name":"Get free help from IndiaInsurances","url":"/help","note":"Free. We do not sell insurance and earn no commission; your request is not passed to anyone."},{"purpose":"grievance","kind":"insurer","name":"Online grievance form","url":"https://www.bajajgeneralinsurance.com/forms/form-online-grievance.html","note":null},{"purpose":"grievance","kind":"official","name":"Bima Bharosa (IRDAI grievance portal)","url":"https://bimabharosa.irdai.gov.in/","note":"Register and track a complaint against any insurer with IRDAI. Complain to the insurer first; escalate here if the reply is late or unsatisfactory."},{"purpose":"grievance","kind":"official","name":"e-Daakhil (consumer commission e-filing)","url":"https://edaakhil.nic.in/","note":"Not reachable from our crawler on 2026-10-19; use e-Jagriti if this link does not open."},{"purpose":"grievance","kind":"official","name":"e-Jagriti (consumer commission filing)","url":"https://e-jagriti.gov.in/","note":"Ministry of Consumer Affairs platform for consumer commission cases, a route for insurance disputes that the Ombudsman does not settle."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Ahmedabad","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Gujarat, Dadra & Nagar Haveli, Daman and Diu. Email: oio.ahmedabad@cioins.co.in. Phone: 079 - 25501201/02. Address: Office of the Insurance Ombudsman, Jeevan Prakash Building, 6th floor, Tilak Marg, Relief Road, AHMEDABAD – 380 001."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Bengaluru","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Karnataka. Email: oio.bengaluru@cioins.co.in. Phone: 080 - 26652048 / 26652049. Address: Office of the Insurance Ombudsman, Jeevan Soudha Building,PID No. 57-27-N-19 Ground Floor, 19/19, 24th Main Road, JP Nagar, Ist Phase, Bengaluru – 560 078."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Bhopal","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Madhya Pradesh, Chhattisgarh. Email: oio.bhopal@cioins.co.in. Phone: 0755 - 2769201 / 2769202 / 2769203. Address: Office of the Insurance Ombudsman, 1st floor,\"Jeevan Shikha\", 60-B,Hoshangabad Road, Opp. Gayatri Mandir,Arera Hills Bhopal – 462 011."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Bhubaneswar","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Odisha. Email: oio.bhubaneswar@cioins.co.in. Phone: 0674 - 2596461 /2596455/2596429/2596003. Address: Office of the Insurance Ombudsman, 62, Forest park, Bhubaneswar – 751 009."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Chandigarh","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Punjab, Haryana (excluding Gurugram, Faridabad, Sonepat and Bahadurgarh), Himachal Pradesh, Union Territories of Jammu & Kashmir,Ladakh & Chandigarh. Email: oio.chandigarh@cioins.co.in. Phone: 0172-2706468. Address: Office Of The Insurance Ombudsman, Jeevan Deep Building SCO 20-27, Ground Floor Sector- 17 A, Chandigarh – 160 017."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Chennai","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Tamil Nadu, PuducherryTown and Karaikal (which are part of Puducherry). Email: oio.chennai@cioins.co.in. Phone: 044 - 24333668 / 24333678. Address: Office of the Insurance Ombudsman, Fatima Akhtar Court, 4th Floor, 453, Anna Salai, Teynampet, CHENNAI – 600 018."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Delhi","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Delhi & following Districts of Haryana - Gurugram, Faridabad, Sonepat & Bahadurgarh. Email: oio.delhi@cioins.co.in. Phone: 011 - 46013992/23213504/23232481. Address: Office of the Insurance Ombudsman, 2/2 A, Universal Insurance Building, Asaf Ali Road, New Delhi – 110 002."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Guwahati","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura. Email: oio.guwahati@cioins.co.in. Phone: 0361 - 2632204 / 2602205 / 2631307. Address: Office of the Insurance Ombudsman, Jeevan Nivesh, 5th Floor, Near Pan Bazar , S.S. Road, Guwahati – 781001(ASSAM)."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Hyderabad","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Andhra Pradesh, Telangana, Yanam and part of Union Territory of Puducherry. Email: oio.hyderabad@cioins.co.in. Phone: 040 - 23312122 / 23376991 / 23376599 / 23328709 / 23325325. Address: Office of the Insurance Ombudsman, 6-2-46, 1st floor, \"Moin Court\", Lane Opp.Hyundai Showroom , A. C. Guards, Lakdi-Ka-Pool, Hyderabad - 500 004."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Jaipur","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Rajasthan. Email: oio.jaipur@cioins.co.in. Phone: 0141- 2740363. Address: Office of the Insurance Ombudsman, Jeevan Nidhi – II Bldg., Gr. Floor, Bhawani Singh Marg, Jaipur - 302 005."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Kochi","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Kerala, Lakshadweep, Mahe-a part of Union Territory of Puducherry. Email: oio.ernakulam@cioins.co.in. Phone: 0484 - 2358759. Address: Office of the Insurance Ombudsman, 10th Floor, Jeevan Prakash,LIC Building, Opp to Maharaja's College Ground,M.G.Road, Kochi - 682 011."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Kolkata","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: West Bengal, Sikkim, Andaman & Nicobar Islands. Email: oio.kolkata@cioins.co.in. Phone: 033 - 22124339 / 22124341. Address: Office of the Insurance Ombudsman, Hindustan Bldg. Annexe, 7th Floor, 4, C.R. Avenue, KOLKATA - 700 072."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Lucknow","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Districts of Uttar Pradesh : Lalitpur, Jhansi, Mahoba, Hamirpur, Banda, Chitrakoot, Allahabad, Mirzapur, Sonbhabdra, Fatehpur, Pratapgarh, Jaunpur,Varanasi, Gazipur, Jalaun, Kanpur, Lucknow, Unnao, Sitapur, Lakhimpur, Bahraich, Barabanki, Raebareli, Sravasti, Gonda, Faizabad, Amethi, Kaushambi, Balrampur, Basti, Ambedkarnagar, Sultanpur, Maharajgang, Santkabirnagar, Azamgarh, Kushinagar, Gorkhpur, Deoria, Mau, Ghazipur, Chandauli, Ballia, Sidharathnagar. Email: oio.lucknow@cioins.co.in. Phone: 0522 - 4002082 / 3500613. Address: Office of the Insurance Ombudsman, 6th Floor, Jeevan Bhawan, Phase-II, Nawal Kishore Road, Hazratganj, Lucknow - 226 001."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Mumbai","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: List of wards under Mumbai Metropolitan Region excluding wards in Mumbai – i.e M/E, M/W, N , S and T covered under Office of Insurance Ombudsman Thane and excluding areas of Navi Mumbai. Email: oio.mumbai@cioins.co.in. Phone: 022 - 69038800/27/29/31/32/33. Address: Office of the Insurance Ombudsman, 3rd Floor, Jeevan Seva Annexe, S. V. Road, Santacruz (W), Mumbai - 400 054."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Noida","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: State of Uttarakhand and the following Districts of Uttar Pradesh: Agra, Aligarh, Bagpat, Bareilly, Bijnor, Budaun, Bulandshehar, Etah, Kannauj, Mainpuri, Mathura, Meerut, Moradabad, Muzaffarnagar, Oraiyya, Pilibhit, Etawah, Farrukhabad, Firozbad, Gautam Buddh nagar, Ghaziabad, Hardoi, Shahjahanpur, Hapur, Shamli, Rampur, Kashganj, Sambhal, Amroha, Hathras, Kanshiramnagar, Saharanpur. Email: oio.noida@cioins.co.in. Phone: 0120-4027589. Address: Office of the Insurance Ombudsman, Bhagwan Sahai Palace 4th Floor, Main Road, Naya Bans, Sector 15, Distt: Gautam Buddh Nagar, U.P-201301."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman: offices and jurisdiction","url":"https://www.cioins.co.in/Ombudsman","note":"Addresses, phone numbers, e-mail and the states or districts each Ombudsman office covers."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Patna","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Bihar, Jharkhand. Email: oio.patna@cioins.co.in. Phone: 0612-2547068. Address: Office of the Insurance Ombudsman, 2nd Floor, Lalit Bhawan, Bailey Road, Patna 800 001."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Pune","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: State of Goa and State of Maharashtra excluding areas of Navi Mumbai, Thane district,Palghar District, Raigad district & Mumbai Metropolitan Region. Email: oio.pune@cioins.co.in. Phone: 020-24471175. Address: Office of the Insurance Ombudsman, Jeevan Darshan Bldg., 3rd Floor, C.T.S. No.s. 195 to 198, N.C. Kelkar Road, Narayan Peth, Pune – 411 030."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman: register a complaint online","url":"https://cioins.co.in/Complaint/Online","note":"Council for Insurance Ombudsmen. Free. For disputes with an insurer after its own grievance process; the office is chosen by where you live (see the offices list)."},{"purpose":"grievance","kind":"official","name":"Insurance Ombudsman, Thane","url":"https://www.cioins.co.in/Ombudsman","note":"Covers: Area of Navi Mumbai, Thane District, Raigad District, Palghar District and wards of Mumbai , M/East, M/West, N, S and T. Email: oio.thane@cioins.co.in. Phone: 022-20812868/69. Address: Office of the Insurance Ombudsman, Jeevan Chintamani Building, 2nd Floor,Near New RTO Office, Louis Wadi,Vasantrao Naik Mahamarg, Thane (West)- 400604."},{"purpose":"grievance","kind":"official","name":"National Consumer Helpline","url":"https://consumerhelpline.gov.in/public/","note":"Government consumer helpline; can take up a complaint before you go to a consumer commission."},{"purpose":"port","kind":"ours","name":"Get free help from IndiaInsurances","url":"/help","note":"Free. We do not sell insurance and earn no commission; your request is not passed to anyone."}],"notice":"Information, not advice. IndiaInsurances is not an insurer or an insurance intermediary, does not sell insurance and earns no commission. Policy terms change and your own policy schedule can differ: always confirm with the policy document and the insurer before you buy or claim.","cite_as":"Parametric Insurance (UIN IRDAN113CP0002V01202324), IndiaInsurances, https://indiainsurances.com/policy/bajaj-general-insurance/parametric-insurance-irdan113cp0002v01202324"}