In their travel insurance there is a section that says you are eligible to claim compensation for delayed baggage if it is "12 hours beyond the time of the Insured’s arrival at the intended destination outside of India" with an exclusion clause that say "Delay of baggage when the intended destination is in India". In this case,
if you travel around in India and/or when you are returning to your home town this insurance is of no use to you even if your baggage is delayed beyond 12 hours and you are left without cloths, footwear, medicine etc.
This is plain cheating by one of the leading brand names of India."BAJAJ" in insurance business! There might be many more such tricks played by these hawkish companies when they offer cheap insurance scheme and IRDA is a helpless onlooker of these unethical trade practices by many insurers in India! You check with all fine prints before you repent at the hands of cheap insurers like this and stand naked at your’home town’ that they are not concerned with due to delayed baggage!