All about IFFCO Tokio General Insurance Company

 

IFFCO Tokio General Insurance Company was founded in the year 2000. Their sole aim was to be one of the leaders in the insurance industry by inculcating qualities such as transparency, fairness and quick response. Tokio Marine offers technical support for underwriting whereas Tokio Risk Consulting offers Risk Management to this general insurance company. IFFCO Tokio is the one and only insurer that has 100%- owned distribution channel for its retail customers. This is called by the name of IFFCO-TOKIO Insurance Services Ltd (ITIS). In order to understand its operational efficiency, this Company conducts bi-annual customer satisfaction surveys.

 

Mission, vision and values of IFFCO Tokio General Insurance Company

The mission, vision and values of IFFCO Tokio General Insurance Company are mentioned below:

Vision of IFFCO Tokio General Insurance

IFFCO Tokio General Insurance Company wishes to be the market leader amongst the rest of the insurers in customer satisfaction by inculcating values such as fairness, transparency and quick response.

Mission of IFFCO Tokio General Insurance

IFFCO Tokio General Insurance Company has a mission of winning the trust of international investors, corporates, cooperatives, industry and commerce in India.

Values of IFFCO Tokio General Insurance

IFFCO Tokio General Insurance Company believes in having a healthy competition amongst the other insurers to offer true value to their consumers. This Company believes in growth and development through best practices to enhance the life of its customers.

 

IFFCO Tokio General Insurance Company Stats

• In 2013-14, the company won the National Award for implementing RSBY successfully. The award was given by the Ministry of Labour.
• The company is present throughout India having 78 Strategic Business Units (SBUs), 171 Lateral Spread Centers (LSC) and 400 Bima Kendras.
• The company‚ Äôs Gross Written Premium grew from Rs.213 crores in 2001-02 to Rs.3537.2 crores in 2015-16.
• The employee force of this Company is 1500 spread over 350 towns.

 

IFFCO Tokio General Insurance Company Offers

The IFFCO Tokio General Insurance Company offers various insurance products as mentioned below:

 

• IFFCO Tokio Motor Insurance
• IFFCO Tokio Health Insurance
• IFFCO Tokio Travel Insurance
• IFFCO Tokio Home Insurance
• IFFCO Tokio Other Insurance

 

Iffco Tokio General Insurance Company Products and Services

1. Car Insurance Plans

IFFCO Tokio Car Insurance Policy

IFFCO Tokio General Insurance Company Limited offers both third-party and comprehensive motor insurance policy for private cars. The details of the policies offered by IFFCO Tokio are mentioned in the brief below:

• IFFCO Tokio Third-party Car Insurance Policy: It covers legal liability arising out of death, injuries of third party or property damages to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property for Rs.7.5 lakhs.
• Iffco Tokio Comprehensive Car Insurance Policy: IFFCO Tokio offers an online car insurance policy which can be easily purchased and renewed without any hassles. The policy covers loss or damage to the car due to fire, earthquake, lightning, self-ignition, flood, typhoon, riots, burglary or theft, landslide, accidental means, etc. If the car causes any bodily damage to any third party or any third party property, the financial liability arising out of such damages caused is also covered by the car insurance policy. Moreover, there is an inbuilt Personal Accident cover under the policy for a Sum Insured of Rs. 2 lakhs meant for the owner-driver. This benefit covers the owner-driver of the car against any accidental death or disability while driving, mounting in or dismounting from the car. For towing the car to the nearest garage, a reimbursement expense up to Rs.1500 is also payable under the policy. IFFCO Tokio also offers additional add-on covers.

 

2. Health Insurance Plans

 

3. Two Wheeler Insurance Plans

 

IFFCO Tokio Two Wheeler Insurance Policy

IFFCO Tokio General Insurance Company Limited offers both third-party and comprehensive motor insurance policy for your two-wheeler. The details of the policies offered by IFFCO Tokio are mentioned in brief below:

• IFFCO Tokio Third-party Two-wheeler Insurance Policy: It covers any injuries or property damages to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property for Rs.1 lakh.
• IFFCO Tokio Comprehensive Two-wheeler Insurance Policy: IFFCO Tokio also offers a comprehensive motor insurance policy for a two-wheeler. The policy covers damages sustained by the two-wheeler due to natural calamities or man-made causes. Third party legal liability is also covered if the two-wheeler causes bodily injury or property damage of a third party. There is a personal accident cover of Rs. 1 lakh for the owner-driver of the policy. The policy grants a No Claim Bonus discount if there is no claim in any policy year. The discount is applicable on the renewal premium and goes as high as 50% for five claim free years.

 

4. Commercial Vehicle Insurance Plans

IFFCO Tokio Commercial Vehicle Insurance Policy

IFFCO Tokio General Insurance Company Limited offers both third-party and comprehensive motor insurance policy for commercial vehicle. The details of the policies offered by IFFCO Tokio are mentioned in brief below:

• IFFCO Tokio Third-party Commercial Vehicle Insurance Policy: It covers any injuries or property damages to the third party. Liability is covered for an unlimited amount in respect of death or injury and damage to the third party property.
• IFFCO Tokio Comprehensive Commercial Vehicle Insurance Policy: This motor insurance policy covers vehicles which are used for business purposes. A comprehensive insurance coverage is provided on commercial vehicles. The policy covers legal liability to third parties as well as damage incurred by the insured vehicle.

 

5. Personal Accident Insurance Plans

IFFCO Tokio Personal Accident Insurance Policy

Personal accident is a must-have insurance for all the individuals. Personal accident insurance offered by IFFCO Tokio not only covers medical expenses but also offers coverage for education expenses to your spouse and children.

• Individual Accident Insurance Policy: The Individual Accident Insurance Policy by IFFCO Tokio covers the insured person with utmost protection in case of accidents leading to death or any bodily injuries i.e. total permanent or partial disability. This policy is also useful for the insured’s family. It also covers employment benefit, education benefit, cumulative as well as ambulance benefit.

 

6. Travel Insurance Plans

IFFCO Tokio Travel Insurance Policy

A travel insurance policy makes sense when you are travelling and face contingencies. Since a travel is planned on a budget, facing any additional financial contingencies might eat into your savings. Moreover, medical treatments taken abroad are very expensive and thus a valid travel insurance policy is required to meet any medical costs which might incur if you face any medical contingency when travelling.

• Pravasi Bhartiya Bima Yojana:This policy is for individuals who are emigrants and their passport bears the statement  – Emigration Check Required. The policy provides coverage for personal accident, transportation and airfare for an attendant, hospitalization expenses, employment contingencies and repatriation, and legal expenses. The cover can be taken for a 2 or 3-year tenure. The premium is fixed and is Rs.275 plus relevant taxes for a 2-year plan and Rs.375 plus tax for a 3-year plan.

 

• Overseas Travel Insurance Policy:This plan covers overseas travels and provides benefits in case of any contingency faced when travelling. The plan has five variants of Bronze, Silver, Gold 100, Gold 250 and Gold 500 and the Sum Insured ranges from $50, 000 to $500,000. Coverage includes medical treatments, dental treatments, transportation of mortal remains or cost of burial, loss or delay of checked-in baggage, hijack distress allowance, personal liability, financial emergency assistance, personal accident, etc. IFFCO Tokio has a 24*7 helpline assistance for making any claims from anywhere in the world.

 

7. Home Insurance Plans

IFFCO Tokio offers you a complete package policy for your beloved home at an affordable premium. Let’s have a look at the various home insurance policies IFFCO Tokio has to offer:

• Home Suvidha Policy: This plans offers coverage to the belongings of your home as well as its safety. It covers any loss or damage due to natural calamities such as floods, earthquake, explosion, etc. It also offers coverage from any man-made activities such as robbery, strike, riots, etc. Your personal computer, television as well as video equipment are covered under this home insurance policy. It also covers any damage done to your building premises such as swimming pool, garages, foundation, etc.
• Home Family Protector Policy: This house insurance plan by IFFCO Tokio offers comprehensive cover to your household belongings, liabilities including your family members, yourself as well as your domestic staff. This plan covers costs to comply regarding building regulations for the damages, automatic increase in the sum insured for around 15 days both before and after wedding during the wedding of any of your family member. It covers any loss or damage due to natural calamities such as floods, earthquake, explosion, etc. It also offers coverage from any man-made activities such as robbery, strike, riots, etc. It also covers fixed glass and sanitary fittings, electronic equipment, home entertainment equipment, personal accident, etc.

 

 

8. Trade Suvidha Plans

Your trade or business needs to be insured in order to be away from the burden in case something uncertain happens. The trade suvidha plans offered by IFFCO Tokio are mentioned below:

• IFFCO Tokio Trade Suvidha Policy: Your trade or business needs to be insured in order to be away from the burden in case something uncertain happens. It covers contents of your premises from any loss or damage due to natural calamities such as floods, earthquake, explosion, etc. It also offers coverage to the contents of your premises from any man-made activities such as robbery, strike, riots, etc. Any loss that has occurred while in transit due to an accident is also covered. You as well as any person related in your business is offered coverage against personal accidental injury.

 

 

9. Trade Protector Plans

Your trade or business needs to be insured in order to be away from the burden in case something uncertain happens. The trade protector plans offered by IFFCO Tokio are mentioned below:

• IFFCO Tokio Trade Protector Policy: The Trade Protector Policy is a comprehensive policy protecting your trade and business against a huge list of perils and other associated risks. It offers coverage against fire and allied perils, burglary and other perils, money and fidelity guarantee, electronic equipment, fixed glass and sanitary fittings, deterioration of refrigerated goods, personal accident, baggage, goods in transit, etc.

 

10. Micro & Rural Insurance Plan

IFFCO Tokio’s parent company IFFCO wishes to improve the life led by the farmers. The rural insurance plans are the initiative for the same. Let’s have a look at the various rural plans offered by IFFCO Tokio general insurance company:

IFFCO Tokio Micro & Rural Insurance Policy

 

Some of the rural insurance policies offered by IFFCO Tokio are mentioned below:

 

• Janata Suraksha Bima Yojana: This type of rural insurance policy can be offered to both individuals as well as groups. It offers coverage against any perils covered under Standard Fire and Special Perils Policy that also includes earthquake. It also offers 50% coverage for the household belongings for fire group of perils on loss and 50% coverage for the household goods against burglary. Personal accident cover is offered to the insured as well as spouse on the floater sum insured basis.

 

• Jan Sewa Bima Yojana: This type of rural insurance plan is designed to provide the rural and semi-urban regions a single fixed cover as well as fixed price package type of insurance. It offers coverage to the household belongings against fire and special allied perils. It covers the household belongings against robbery, burglary etc. This policy offers personal accident cover to the family member or the proposer that result in death or permanent total disability. It also offers financial assistance to the children who are dependent on the dead insured’s income.

 

• Tractor Insurance: This type of insurance takes care of your farming tractor by offering an overall protection. It offers coverage against man-made as well as natural calamities. It also offers coverage to the third-party liabilities.

 

 

IFFCO Tokio also offers other rural insurance products, which are mentioned below. For more details, kindly visit the official website:

 

• Kisan Suvidha Bima
• Pashu Dhan Bima Yojana
• Pradhan Mantri Fasal Bima Yojana (PMFBY)
• Unified Package Insurance Scheme (UPIS)
• Jan Suraksha Bima Yojana & Mahila Suraksha Bima Yojana

 

11. Business Insurance Plans

 

IFFCO Tokio Business Insurance Policy

 

IFFCO Tokio offers comprehensive and complex insurance to offer protection to your business as well as employees. Let’s have a look at the various types of business insurance policies offered by this Company:

 

Liability Insurance

 

• Product Liability Insurance: This insurance policy covers the total sum for damages such as consequence of accidental death/ bodily injury or disease to third-parties. It also covers loss or damage to the third party due to defect in the products manufactured.
• Public liability insurance: This policy pays for the public liability insurance for providing immediate relief to people who were involved in an accident while lifting hazardous materials or anything related to that incident.
• Public liability non-industrial insurance: This insurance policy covers the total sum for damages such as consequence of an accidental death/ bodily injury or disease to third-parties. It also covers property loss or damage from the claims that were first made in writing against the insured that includes legal charges.

 

Marine Insurance

 

• Marine Cargo Insurance: This type of marine insurance policy covers any goods in transit by sea, road, rail, air, post parcels, inland waterways, etc.

 

Property (Fire & Engineering) Insurance 

 

• Consequential loss (fire) insurance: This type of policy covers loss of gross profit. It also covers increase in cost of working due to reduction in turnover/output due to operation of peril covered in the Standard Fire & Special Perils Policy.
• Contractors all risk insurance: This plan is mainly introduced for civil contractors. It covers the damage caused to the civil engineering projects such as hospitals, cannels, office, etc.
• Electronic equipment insurance: This insurance plan is basically introduced to cover electronic equipment’s such as computers, audio/visual equipment, biomedical, etc.

 

Other Business Products

 

• Bankers Blanket Insurance: This policy is designed to secure the bankers against any loss. Usually, financial institutions and other organizations opt for this type of policy.
• Burglary Insurance: This type of insurance policy covers any exposure to risk at shops, warehouses, offices, etc. It also covers instances such as burglary, robbery, housebreaking etc.
• Jewellers Block Insurance: This policy is designed to cover against any loss or damage caused against trade equipment, fixed glass and sanitary fitting, neon/illuminated signs, building and other contents, stocks, etc.

 

Corporate Health

 

• Group Mediclaim Insurance: This insurance plan is offered to a big group of more than 50 persons; however, it is mandatory to have a central administration point. The insured will be required to cover all the eligible family members under one group insurance policy only.
• Group Personal Accident Insurance: This insurance policy is introduced to provide compensation to the insured person suffering any sort of bodily injuries that are external, visible and violent due to accidents.

 

12. Speciality Insurance

 

• Credit Insurance: This type of insurance aids the companies to expand their trade and business by ensuring peace of mind. It also offers protection and security to the companies against the customers who default.
• Fine Arts Insurance – Private collectors, dealers and gallery owners: This type of insurance covers the property that is described in the schedule against any type of damage or loss that is physical in nature during the policy period.
• Multi Modal Transport Insurance – This plan takes care of all the marine-related liabilities belonging to the logistics industry.

 

13. Restructured Weather Based Crop Insurance Scheme

 

This plan offers coverage against any financial losses due to anticipated crop loss because of adverse weather perils. The perils that are indicative such as temperature either high or low, rainfall, and wind spell, hailstorm, cloud-burst, etc. are covered here. It also covers oilseeds, food crops, commercial crops, etc.

 

Premium Payment process of IFFCO Tokio General Insurance Company

 

Online Payment process

 

IFFCO Tokio General Insurance has made the online payment facility available for their customers. It is the most convenient ways that allows the customers to pay premiums with just a few clicks. All the policyholder needs to do is make the premium payment by accessing the IFFCO Tokio General Insurance website www.iffcotokio.co.in. For online payment, the policy holder can use his debit cards, credit cards, or net banking. Thus, with only a few simple steps, the policyholder can make hassle-free payment through the official website.

 

Offline payment process

 

You can directly pay IFFCO Tokio’s premiums at any of their branches nearest to you. This Insurance Company also offers offline payment service for their customers.

• Drop boxes
• Company branch – You can pay cash or deposit a cheque
• Pay premiums through IFFCO Tokio Insurance Agents and Brokers
• Buying on phone. It depends upon individual company
• Banks, retail houses or any other commercial ventures that are channel partners of these insurance companies

 

IFFCO Tokio General Insurance Renewal

Online Renewal Process at IFFCO Tokio General Insurance Company

It is strongly recommended to renew your insurance before expiry of the existing insurance. IFFCO Tokio General Insurance offers hassle-free renewal to their policy holders by making the online renewal process available. All they have to do is lo     g in to the company website www.iffcotokio.co.in and select renew now option. Then follow the link leading to secure payment process. For online payment, the policyholder can use his debit cards, credit cards, or net banking. Thus, with only a few simple steps, the policyholder can make hassle-free online renewal through the official website.

 

Renew insurance plans provided by other insurers with IFFCO Tokio General Insurance

There are many general insurers today in the market. However, the belowmentioned reasons make IFFCO Tokio General Insurance Company win the game over the other insurers. Let’s have a look at them:

 

• IFFCO Tokio Insurance offers different types of insurance covers such as credit insurance, errors and omissions (technology) insurance, multi modal transport (MTO) insurance etc. which rarely other insurers such as New India Assurance Company and TATA AIG General Insurance Company offer.

 

Reference: https://www.iffcotokio.co.in

 

 

Awards Won by IFFCO Tokio General Insurance Company

 

• IFFCO-Tokio was honoured with the National Award for the successful implementation of RSBY by Ministry of Labor, Government of India for the year 2013-2014

• IFFCO-Tokio won the CIO100 Super achiever Awards in 2012-2013
• IFFCO-Tokio was honoured the “Best Employer Brand ” at IPE BFSI Awards in 2012-2013
• IFFCO-Tokio also won the AITA E-commerce Award in 2012-2013

 

Reference: https://www.iffcotokio.co.in

 

 

IFFCO Tokio General Insurance FAQs

1. What kinds of policies are available online with IFFCO Tokio General Insurance Company Limited?

You can buy motor insurance, health insurance, travel insurance, home insurance online with IFFCO Tokio General Insurance Company Limited.

 

2. I own a Swift Dzire. Last weekend my vehicle met with an accident, but I wasn’t driving. Will IFFCO Tokio Company settle my claim?

You can certainly make a claim provided you meet the criteria mentioned below:

• You should have a valid motor insurance policy for your vehicle
• If you have taken insurance for a paid driver and have been paying the premiums regularly and the car is being driven with your approval
• The person driving the car has a valid license because the insurance is given as per the seating capacity, which also includes the person on the driver’s seat.

 

3. Is there any waiting period when my medical expenses will not be settled by IFFCO Tokio, in case of any emergency?

After getting a new health insurance policy, starting from the date of the policy issuance, a waiting period of 30 days would be applicable. During this period, no hospitalization charges would be settled by IFFCO Tokio. However, this 30-day waiting period is not applicable for contingencies like accidental hospitalization and during the policy renewal period.

 

4. How many claims can I make each year if I buy a health insurance plan from IFFCO Tokio?

You can make any number of claims during the policy period. But, remember that the sum insured is the maximum limit under the health insurance policy.

5. What does your IFFCO Tokio Travel Insurance Policy doesn’t cover?

Buying a travel insurance policy can help you by making your travel stress-free. But, there are situations where the insurance might not be of any help:

• Travelling against medical advice
• Travelling outside home country for medical treatment or cosmetic surgery
• Going for extreme, high-risk sports, like scuba diving and bungee jumping
• Losses arising from when you are under the influence of narcotics or alcohol

 

6. What are the discounts that can be allowed under Private Car policies?

The below discounts are allowed under the private car insurance policies:

• No claim bonus (NCB): Offered for having a claim free year
• Voluntary deductible: Offered for sharing the claim expenses
• Installation of anti-theft device: Offered for installing ARAI approved anti-theft device
• AAI membership: Offered for having a membership of Automobile Association of India
• Discount on own damage: Offered for a risk exposure experience

 

7. Will I pay more for using the online service than going to the insurance company or buying through an insurance agent?

No, you won’t be paying more for using the online services than going to the insurer or buying through an insurance agent. This is because online insurance plans are cheaper than offline ones. Insurers save a lot of money on paperwork and administration charges for which the benefit ultimately passes on to the insured.