O-LOCKER FAQs

O-Locker or www.olocker.in is an initiative by Positivity Businesses Private Limited, a private limited company incorporated at Mumbai, India. As subscription to O-Locker brings a lots of benefits to the jewellery buyers like jewellery insurance, digital repository, will creation tool, documents locker and many more.
Your certificate of insurance is the document which completely details out what all risks your jewellery is covered against and what are the major exclusions. The Certificate also lists out an Ornament id by which your jewellery is identified.
Your retailer is a very progressive and customer oriented retailer. O-Locker subscription is a bundle of very useful and innovative services available to the jewellery buyers. Your retailer is of view that benefits like insurance and digital repository are need of time and its only through O-Locker subscription is the only way to reach these benefits to the jewellery buyer.
O-Locker trusts that jewellery is one of the largest financial assets for an average Indian household and the jewellery owner should treat the same like he treats his any financial assets. O-Locker subscription makes it possible through:
  • Digital repository- a full fledged record keeping tool for your jewellery assets. You can not only digitised your jewellery assets but also keep a tab on its current value in view of changing gold prices. By adding your uninsured jewellery too, you can create a portfolio of jewellery which you own.
  • Jewellery insurance- Most important feature of your O-Locker subscription is the insurance on your jewellery by largest general insurance company of India. It was an irony that one could insure his mobile phone but couldn't get any relief if jewellery was stolen or snatched. But now with power of O-Locker subscription you can use your jewellery in much more relaxed fashion.
  • Track real time value of your jewellery- O-Locker benchmarks your jewellery portfolio to daily changing gold prices to keep you aware about how much your jewellery is worth. O-Locker uses the gold prices published by Indian Bullion and Jewellers Association or IBJA, Mumbai to do so.
  • Additionally, O-Locker subscription gives its subscriber 2 very critical tools:-

  • Create Will tool- Given the uncertainty associated with life, its important to create and keep a document detailing all your assets and liabilities so that your loved ones do not have to struggle in case of any mishaps or untoward incident taking place with you. While it's a general view that will creation is a prerogative of old aged people, we trust keeping your family abreast of your financial position is your responsibility irrespective of your age. We solve this through our very easy to use CREATE WILL tool for our olocker subscribers.
  • Document locker- Document locker allows you to store O-Locker subscriber almost any type of record digitally and handy for access anytime. Following are few such documents which one needs regularly or would love to refer to in future:
    • your identity documents, medical records, tax papers, employment related papers
    • Property documents , bank documents
    • Document like your child's marksheet or drawings
    Basically every document which you could think of.
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You can access your O-Locker by logging into the website. Your mobile number becomes your user id and logging in has been made easy through use of one time password (OTP). The OTP so issued remains valid for the day of issuance.
  • O-locker is fully secured and its features can be accessed by using One time password issued only and only to your registered mobile.
  • The data you store in WILL and DOCUMENT LOCKER is completely in the encrypted format making it difficult to access your data in an unauthorised manner.
  • Olocker.in and its current or future associates don't access or share your or your jewellery information with anyone without your explicit permission.
  • You are advised to go through privacy policy for detailed information in this regard.
Your O-Locker subscription is renewable on yearly basis. O-Locker reminds the subscribers for renewal few days before the expiry through SMS, Calls and emails.

Not renewing your O-Locker subscription will result into following benefits getting annulled:

  • Your insured jewellery is no more covered with an insurance cover and which will make your vulnerable to all sort of losses.
  • The features like creation of jewellery portfolio and its constant benchmarking with gold prices will not be available
  • You would not be able to edit the will which you may have created using will create tool.
  • You would not be able to add documents to document locker, neither use the features like insta-email.

DIGITAL REPOSITORY

Digital repository is a tool created by O-Locker to help you digitise your jewellery assets and keep a track of-

  • its movement like the occasion of buying, purchase value, vital details like metal purity, stone weight, certificate details and image of jewellery.
  • maintain a track record under various heads like jewellery given to friend/relative, sent for repair or exchanged etc.
  • It also allows you to record its current location- home, bank locker or any other location.
Digitisation of assets like investments, shares, bonds etc is a common practice these days. Jewellery is not only an asset which is emotionally important but also holds a lot of potential in terms of one's financial well being. Once its digitised a lot of things are possible, few examples-
  • In case of financial emergency instead of depending upon costly borrowing option, one can look at availing gold loans against the jewellery assets provided you have idea about its current value.
  • If you are aware that there are few pieces of jewellery in your bank locker which are outdated and not be worn again, you can exchange them for the latest jewellery pieces, provided you are aware about what all you have and what value that holds.
  • Having a properly detailed jewellery portfolio can make the succession planning very easy. Given jewellery is one of the most prevalent asset when it comes to Indian household.
  • Jewellery is used by family members and friends also, its imperative to keep a track record of its movement. Using O-Locker will enable all of the above.

When any of your jewellery is insured through O-Locker subscription, it automatically starts reflecting in your repository under INSURED JEWELLERY section. You can use ADD UNINSRED JEWELLERY to digitise your uninsured jewellery too. You can define all the parameters like purity, weight, stone name, stone details, stone weight, name of the jeweller, invoice details etc using this feature for your uninsured item and add images also.


Both your INUSRED and UNINSURED jewellery forms part of your jewellery portfolio and used by O-Locker to give you estimated current valuation of your overall jewellery assets.

JEWELLERY PORTFOLIO & EST CURRENT VALUE

We at O-Locker are of firm view that jewellery is not only a powerful emotional assets but also a very powerful financial assets and should be seen very much like any other investment like your equity shares and property assets.

  • In last few years gold prices have seen vertical upmove and expected to continue the same path in years to come and therefore the importance of jewellery as an asset class is going up. Why stay ignorant?
  • With increased awareness about the financial products like loans against gold jewellery, your jewellery portfolio can really come handy in the times of urgent financial needs as one doesn't have to wait for lot of procedures and days like in the case of traditional banking products.
  • Many a times, jewellery is bought and kept in bank locker for years at a go. Designs become obsolete and unusable. If you have a tab on its value, you can look to exchange it for a design which is latest and which you would most likely use. Combination of digital repository and current valuation makes that possible.
  • A knowledge of current estimated value which is based upon most widely followed industry benchmark may help you get right value for your jewellery in case you look to sell or exchange it.
  • As jewellery is a big asset, while doing succession planning, it becomes a crucial element and bone of contention too if not given proper treatment. Maintaining a portfolio and tab on current value combined with O-Locker CREATE WILL tool solves these issues too.
  • What's more, many accounting and tax professionals have now started asking their clients to show their jewellery assets as part of their overall asset profile and in balance sheet. A portfolio benchmarked to current gold prices is ready for use by them also.

O-Locker benchmarks the gold element and gold purity inherent in your jewellery to the gold prices published daily by IBJA. Indian Bullion and Jewellery Association or IBJA is a flagship pan Indian association of jewellery industry participants and their prices are used by a wider section of society including finance ministry of India also.

Once you have added your jewellery to O-Locker, you have an option to declare different component of your jewellery value like diamond value, labour charges or any other inclusion. Once you have edited your values, O-Locker builds these values in the calculations and give you the most current value of your jewellery.

JEWELLERY INSURANCE

Once you have added your jewellery to O-Locker, you have an option to declare different component of your jewellery value like diamond value, labour charges or any other inclusion. Once you have edited your values, O-Locker builds these values in the calculations and give you the most current value of your jewellery.

No, as of now the insurance for jewellery is available only as part of O-Locker subscription. However, there is another way whereby if you insure your home through home insurance and also the inner components you can insure your jewellery in a limited manner but at a very high cost. That makes O-Locker subscription only available choice if you were to insure your jewellery.

The insurance covers you from loss or damage from a host of specific risk like:

  • Theft, Burglary/ housebreaking, Robbery , Dacoity
  • Fire, Lightening, Hurricane, Flood & Earthquake
  • Terrorism
  • Loss during transit while accompanied by insured.

Kindly refer the accompanied terms & condition documents and 'Terms of use' available on website for complete coverage.

The cover excludes loss/damage from perils like :

  • Falling of jewellery, diamonds getting dropped from the jewellery
  • Any losses sustained during repairing/ restoring
  • Any losses due to mysterious circumstances / unexplained reasons
  • Loss due to gradual depreciation, wear & tear
  • Losses to jewellery left in unattended vehicles of any description
  • Losses due to negligence of the client
  • Kindly refer the accompanied terms & condition documents and 'Terms of use' available on website for complete coverage.

The jewellery will be insured as per the value of the invoice supplemented.

Claims shall be payable as per following calculations:

  • For gold, silver and platinum content of the jewellery, the invoices price and market price at the time of settlement shall be compared and the claim will be settled at lower of these two prices.
  • The value of diamond, colour stones etc will be settled on the basis of the value declared in invoice.
  • There will be an additional 10% shall be added towards labour charges ( if actual labour charges are less, than actual charges)
  • Claim shall be settled after deduction of 5% from the value arrived at using above calculations. The insurance co deducts these charges towards excess which us payable by the claimant.
Your jewellery is already part of your jewellery portfolio. You are required to log into your O-Locker and access insured jewellery section. There you can EDIT IMAGE to add image against this jewellery.
The protection begins immediately after generation of certificate of insurance and is valid for 365 days. For an example- if your certificate mentions start date as 16/12/2019, then insurance cover is available till midnight of 15/12/2020, that means any loss which occurs due to covered reasons from the time of you getting insurance till midnight of 15/12/2020, its covered.

The protection program covers the use of jewellery by you or your family members. The family members include your- parents, siblings, lineal descendants, spouse & daughter in law. In case of married females, the list will also include blood relatives of her husband. Following are not covered though:

  • Loss when jewellery is in possession or being used by your friends
  • Loss when jewellery is in possession or being used by other relatives like uncle, aunt, cousin etc.

No. The policy covers losses when the jewellery is in possession of either the insured or covered family members. When the jewellery is kept in a bank locker or may be with a pawn broker, it is out of scope of your current policy.

Your current policy covers all the losses while they take place in territorial limits of India. Any event occurring out of India are not covered in this policy.

You can intimate us about the claim in either of following 2 ways:

  • You can login into your O-Locker and report the claim by pressing SUBMIT CLAIM tab in front of the insured jewellery. You will need to upload the FIR copy and narrate complete detail of your loss as well as detail of the police station where the FIR was lodged. Our system will generate a claim number and begin processing it further.
  • Alternatively, you can call us at our helpdesk number 99 208 88 308 or intimate us via email at assist@olocker.in. Our team will assist you and take the claim for further processing.

There are certain mandatory documents, which one needs to fill up, sign and submit to insurance company in case of claims. These documents contain – claim intimation form and details of loss event. You must access the 'downloads' section on www.Olocker.in, download these mandatory form, fill up, sign and send to us within 7 days of coming to know of the loss event. In the process of claim, following set of documents are required to be produced:

  • Original purchase invoice of jewellery
  • First information report (FIR)
  • Any other documents which surveyor may ask for
  • Final report (FR) if is warranted by surveyor/ insurance company

Yes. First information report is mandatory and has to be submitted at the time of claim registration on our website.

It used to be a difficult process in past but now a days to register a FIR is more or less compulsory. Besides, there is no way for an insurance company to verify the genuineness of the claim, hence FIR is a must.

Once you intimate us the claim, our team takes up the claim for further processing which involve appointment of surveyors or investigators (surveyors) as the case may be. These surveyors if needed undertake a visit to the location of the loss and interact with you. They submit their report to insurance co and insurance co takes a decision with regards to passability of the claim. This entire process takes anytime between 30-60 days to complete. In few cases, where insurance co feels more deep diving is needed, claims may take more time to settle.

In case of claim, the following precaution are expected of you:

  • Report the claim to us and get the FIR done as soon as possible. If you fail to report an event within days of its occurring, the claim will be not admissible.
  • Try to act diligently after the event and ensure that you have carried out all steps necessary to recover the jewellery or control the damages.
  • Capture as many photographs as possible of the event to help the survey and investigations. If there are some CCTV footage available, try to procure that also.
  • Please ensure that your FIR captures the event perfectly. NO SUPPLEMENTARY FIR or REVISED FIR will be acceptable.
  • Please ensure that description and amount of jewellery is captured properly in the FIR.
  • Keep all the relevant documents ready. For an example- if there is event during travel, produce all the travel proof like tickets etc.
  • Be very particular about how you interact with authorities like Police, surveyor etc. at every stage. Changing of statements and event details is one of the big reasons for claim rejection.

Value of a single piece of jewellery cant exceed Rs. 25 Lacs.

No, as of now this subscription is available only for new jewellery.

DOCUMENT LOCKER

Document locker is part of olocker subscription. This feature allows O-Locker subscribers to upload and access their documents digitally to access any time they are needed.

The feature already has created important categories like Tax documents, bank documents, medical documents etc. But you can create your own categories and document types within category to store pretty much whatever you want to store. Few examples- your daughter's marksheets from her pre primary school days or your medical reports or your identity documents or your financial statements.

Document locker allows you to add, delete, email and download the document your store. It also allows you to categorise them as per your wishes without any strict pre defined rules.

In case you do not renew your subscription, the document locker would be available to you in limited fashion. You wont be able to add & email the documents stored, you wont be able to manage and create categories as well.

O-Locker is entrusted with a lot of sensitive data of its subscribers and hence data security is completely taken care of. The access to your O-Locker is OTP driven and all the documents are stored in encrypted format.

CREATE WILL

Life is uncertain and even the best laid plans can go awry. Besides while you work, earn and save, you create a lot of financial assets- investments, policies, stake in start ups, partnerships, so on and so forth. Using O-Locker you can ensure that all these assets are (i) informed and (ii) properly divided/ bequeathed to your near and dear ones. So that in case misfortune strikes, you are sure about a few critical things at least. Irrespective of ones age, the will should be created.

In case the will is not there and there is an unfortunate death, the assets and liabilities are then treated as per applicable succession law. For an example- Hindu succession act. The same could be time consuming and not as per your wishes. This may also trigger a lot of disputes amongst your family members after you.

Will can be handwritten as well as typed, however typed will is given more preference. it can be:

  • On a plain paper as well as on stamp paper
  • In any language
  • Registered or unregistered

A will should have the following details :

  • Details about self & beneficiaries
  • Details about assets and liabilities
  • Desired treatment of assts and liabilities- who should get what
  • Minimum 2 witnesses
  • 1 executor (not mandatory but recommended)

A will should be signed by the writer as well as by the witnesses on all the pages.

An executor is the person entrusted to carry out the mandate of the will creator. He/she can be anyone- professional, non-professional , relative friend etc.

No. Its not necessary. However, since registration of the will is done by the will creator himself, an added level of authority is attached with registered will.

The registration is done at Sub Registrar office. The will writer along with witnesses has to visit the said office personally to register the will.

Yes, you can. You can change your will as many times as you want. Every will however will have to have the clause of it being the last will and that all past wills stand cancelled.

Ideally, at a place where its safe and can be accessed by your family members after you.

Nominee and beneficiary can be 2 different persons. Nominee is the one who gets the assets in case of your unfortunate demise but its beneficiary in whom the ownership of the assets lies and nominee will have to distribute the assets as per your will.

Incorrect, as we mentioned there are handwritten wills also. So lawyer is not needed to create a will.