Bank Locker Policy

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100% Claim Settlement






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Total Cover

100% Claim Settlement





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Client Testimonials​

Prakhar Srivastava
3 months ago
They guided me through the intricacies of various insurance options, ensuring I fully understood each policy's coverage and benefits. Their transparency and willingness to address all my concerns instilled a sense of trust and confidence in their services.
punitchibber chibber
2 months ago
Good service whenever we call to them they give positive response i have a claim they support and my claim got settled
Agam Kansal
2 months ago
Brilliant place for all types of insurance. Always connected with every claim settlement.. Hassle free.. Kudos to beemawala..
rahul goyal
8 months ago
Beemawala and team is a best Company for take any type of insurance. They support and take care of your claim . Thanks a lot for your support of my claims many times .
Devyani Kharbanda
2 years ago
Shantanu is professional and very prompt in responding to my questions. I’m a repeated client and he’s been supportive throughout. I highly recommend his services. I wish him and his team good luck for future.

What is Bank Locker Policy ?

A Bank Locker Policy is an insurance policy that provides coverage for the contents of a bank locker against risks like theft, fire, natural disasters, and more. It ensures financial protection for valuable items, documents, and assets stored in the locker. In the event of covered incidents, the policyholder receives compensation for the loss or damage to the stored items. Bank Locker Insurance offers peace of mind and a safeguard against unexpected events that could jeopardize the security of valuable belongings stored in a bank’s safe deposit box.

Coverages of Bank Locker Policy

Legal Costs

Theft or Burglary

Coverage for loss or damage to the contents of your bank locker due to theft or burglary

Fire and Natural Calamities

Protection against damage or loss caused by fire, earthquakes, floods, storms, or other natural disasters


Coverage for losses resulting from acts of terrorism, which may include damage or destruction of your locker’s contents

Riot and Strike

 Compensation for damage or loss during riots, strikes, or civil unrest situations.

Loss of Valuables

Reimbursement for the loss of valuable items such as jewelry, documents, cash, and other assets stored in the locker.

Legal Action

Legal Liability

Coverage for any legal liabilities arising from loss or damage to the contents of your locker.

Optional Add-Ons

Additional coverage options might include coverage for loss of documents, electronic data, or items of high value.

Additional Add-ons of Bank Locker Policy

Cash Cover

Provides additional coverage specifically for cash stored in your locker, especially if it exceeds the standard policy limit.

Document Protection

Extends coverage to important documents stored in the locker, such as property deeds, wills, or financial records.

Specialized Jewelry Coverage

Offers higher coverage limits or better terms for valuable jewelry items.

Specific Item Coverage

Allows you to specify and insure individual high-value items separately, ensuring comprehensive protection for these items.

Factors Determining the Premium of Bank Locker Insurance Policy

Coverage Limit

The higher the coverage limit you choose, the more you’ll pay in premiums. It’s essential to select a coverage limit that adequately reflects the total value of the items stored in your locker.


The location of the bank where your locker is situated can affect the premium. Locker facilities in areas prone to theft or natural disasters may have higher premiums.

Security Measures

The level of security provided by the bank can impact your premium. Banks with advanced security systems and surveillance may offer lower premiums.

Claim History

Your past claims history can impact the premium. Frequent claims may result in higher costs.

Policy Term

The duration of your policy term also plays a role. Longer-term policies may have lower annual premiums.

Major Differences Between Bank Locker Insurance policy and Home Insurance policy

Aspect Bank Locker Insurance Policy Home Insurance Policy
Covers valuables stored in a bank locker.
Covers the structure of your home and its contents.
Limited to the insured bank locker.
Provides coverage for your home, regardless of its location.
Insured Items
Valuables and assets stored in the locker.
Building structure, personal belongings, and liability coverage.
Premium Factors
Based on locker size, value of stored items, and location.
Based on property value, location, construction type, and coverage type.
Access Control
Focuses on security measures related to bank lockers.
Addresses home security, including alarms, locks, and surveillance.
Add-Ons and Riders
May offer add-ons for extended coverage of valuable items.
Offers various riders like personal property, earthquake, or flood insurance.
Usually low or zero deductible.
Varies based on policy and insurer, often with options to adjust.
Claim Types
Primarily theft or damage to items in the locker.
Covers a wide range of perils, including theft, fire, natural disasters, and more.
Policy Duration
Typically annual policies.
Can be annual or multi-year policies.
Policy Customization
Tailored to specific locker contents.
Offers customization options based on property and personal belongings.
Liability Coverage
Not applicable; focuses on asset protection.
Includes personal liability coverage for accidents or damage to others.
Property Location
Applies specifically to the bank locker.
Covers property at its designated location (e.g., your home).
Premium Cost
Generally lower due to limited scope.
Can be higher due to broader coverage and property valuation.
Coverage Scope in Emergencies
Protects valuable assets in the event of theft or damage at the bank.
Provides a comprehensive safety net for homeowners in various emergencies.

How to Settle Bank locker Insurance Policy



As soon as you discover the loss or damage to the insured items in your bank locker, notify the insurance company immediately. Most insurers have a dedicated claims hotline or an online portal for claim intimation.

Claim Form

Complete the claim form provided by the insurance company. Ensure accuracy and honesty in all details provided.

Supporting Documents

Gather all the supporting documents required by the insurer. These may include a copy of the FIR (First Information Report) filed with the police, the bank’s report confirming the incident, your policy documents, photographs of the damaged items, and any other documents requested by the insurer.


The insurance company will assess the claim based on the information and documents provided. They may also send a claims adjuster or surveyor to evaluate the loss.


The insurer may verify the details with the bank where the locker is located to corroborate the incident.

Settlement Offer

Once the assessment is complete, the insurer will make a settlement offer based on the terms and conditions of your policy and the assessed value of the loss. You have the option to accept or negotiate the offer.


If you accept the offer, the insurer will initiate the settlement process. This may involve compensation in the form of a monetary payout or replacement of items, depending on your policy terms.

Dispute Resolution

Dispute Resolution

In case of disputes or disagreements regarding the claim settlement, you can follow the insurer’s complaint resolution process or seek assistance from the insurance ombudsman if necessary.

Claim Settlement

Upon agreement, the insurer will release the settlement amount or provide replacements as per the policy terms.

Claim Closure

Once the settlement is complete, the claim is considered closed.

Exclusions of Bank Locker Insurance Policy

Loss Due to War or Terrorism

Policies typically exclude losses caused by war, civil war, or acts of terrorism. Damage or theft of items from your bank locker due to such events will not be covered.

Unexplained Disappearances

If items in your bank locker disappear without any evidence of theft or damage, they may not be covered. Most policies require proof of theft or damage.

Nuclear Contamination

 Loss or damage caused by nuclear contamination, radiation, or radioactive material is usually excluded.

Illegal Activities

If the loss or damage occurs as a result of illegal activities, such as storing stolen goods in your locker, it won’t be covered.

wear and tear

Wear and Tear

Bank Locker Insurance typically doesn’t cover wear and tear, depreciation, or gradual deterioration of items.

Inadequate Security Measures

If you fail to take reasonable security measures as specified in your policy, like not following the bank’s locker access procedures, it might lead to claim denial.

Items Not Declared

Any items not declared to the insurance company during the policy issuance or additions made later may not be covered.

Policy Violations

Violating policy terms, such as not paying premiums on time, can result in a loss of coverage.

Loss Outside Policy Territory

Some policies may not cover losses that occur outside the geographical territory specified in the policy.

Unauthorized Access

Loss or damage caused by someone who had unauthorized access to your locker, like a bank employee without proper authorization, may not be covered.

Items in Circulation

Items that are currency notes, coins, and negotiable instruments in circulation may be excluded.

Documents Required for Claim Settlement under Bank Locker Insurance Policy

Claim Form

You must fill out a claim form provided by the insurance company. This form will require you to provide essential details about the claim, including the incident’s date, description, and the items lost or damaged.

FIR (First Information Report)

In case of theft or burglary, you’ll need to file an FIR with the local police station and provide a copy of the FIR to the insurer as proof of the incident.

Bank Locker Agreement

Submit a copy of the bank locker agreement or rental receipt, which proves that you had a valid locker with the bank.

Inventory List

Prepare an inventory list of the items stored in the locker. Include details such as item descriptions, values, purchase receipts, and photographs if available.

Valuation Certificates

Provide valuation certificates or appraisals for high-value items or jewelry, as these documents help in determining the items’ worth.

Bank Confirmation

The bank might need to confirm the details of the incident and the condition of the locker. The insurance company may require an official letter from the bank.

Identity Proof

Your identity proof, such as a copy of your Aadhar card, PAN card, or passport, may be needed for verification.

Address Proof

A proof of address, like a utility bill or a rental agreement, may be required for correspondence and verification.



If possible, provide photographs of the damaged items or the condition of the locker after the incident.

Bank Statemen

A bank statement showing the locker rental charges and deductions (if any) can support your claim.

Any Other Relevant Documents

Depending on the circumstances, the insurer may request additional documents for claim assessment.

Contact Information for Claim Settlement: Under Construction Building Insurance Policy

If Policy Obtained through Agent/Broker

Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.

If Policy Obtained Directly from Insurance Company

Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.

Claim Contact Information for Policy from

If you have taken the policy from, please use the following contact details to register your claim.

  • Phone: +91-9654259715
  • Email:

Frequently Asked Questions: (FAQs) on Bank Locker Insurance Policy

Bank Locker Insurance is a specialized policy that provides coverage for the contents stored in a bank locker. It safeguards your valuable belongings in case of theft, damage, or loss.
Bank lockers are generally safe, but unforeseen events like theft, natural disasters, or accidents can still pose a risk to your stored items. Bank Locker Insurance offers financial protection in such situations.
It typically covers loss or damage to items in your bank locker due to theft, fire, natural disasters, or other insured perils. The specific coverage can vary depending on the policy.
Not all banks provide this insurance, but many offer it as an option. You can purchase it separately from your bank or through insurance companies.
The premium is based on the value of items you want to insure and the coverage amount. The insurance provider will provide you with a premium quote.
It’s not mandatory but highly recommended. Banks often recommend it to safeguard your valuables.
Several insurance companies in India offer Bank Locker Insurance, including SBI, HDFC, Tata AIG, and others.
Yes, many banks offer this insurance. You can inquire about it at your bank branch.
Usually, there is a short waiting period, often 15 to 30 days, before the coverage begins. This helps prevent fraudulent claims.
Typically, Bank Locker Insurance is associated with the bank and locker. If you switch banks, you may need to purchase a new policy with the new bank.
Contact your insurance provider or bank to understand the cancellation process. Refunds may be provided based on the policy terms.
You will need to provide a list of items along with their declared values when purchasing the policy. Maintain an inventory of the items in your locker.
If you miss premium payments, your coverage may lapse. It’s crucial to pay premiums on time to ensure continuous protection.
Policies usually have annual tenures, but you can renew them annually.
Yes, it’s essential to declare the items and their values when buying the policy.
Yes, you can make claims for multiple incidents, provided they are covered by the policy. Each claim is subject to policy terms and deductibles.

Contact your insurance provider immediately after the incident. Provide necessary documents like the FIR in case of theft or relevant evidence for other claims.

Claim processing times can vary but usually take a few weeks to a couple of months, depending on the complexity of the claim.
Yes, policies may have exclusions. It’s vital to understand these exclusions, such as unexplained loss or wear and tear, before purchasing a policy.
Depending on the policy and the insurance provider, you may be able to add specific riders or endorsements for extra coverage. Check with your provider for options.

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