Frequently Asked Questions

What does motor insurance policy cover?

 Own Damage to your vehicle - The policy covers you against any loss or damage caused to your car or it's accessories due to natural and man made calamities as defined in the scope of coverage

(i) Personal Accident Cover - The motor insurance provides you compulsory personal accident cover for individual owners of the vehicle, the personal accident cover is up to Rs. 2 lacs.

You can also opt for a personal accident cover for passengers. Rs.2 Lac is the maximum coverage that can be offered.

Third Party legal liability - The policy covers the vehicle owner's legal liability to pay compensation for:

  • Death or bodily injury to a third party person.

  • Damage to third party property.

Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle and private and Rs. 1 lacs for Scooters / Motor Cycles.

 

What is a Cover Note?

A cover note is a temporary certificate of insurance issued by the Insurer before the issuance of a policy after the Insured has given a duly filled in proposal form and has paid the premium in full.

A cover note is valid for a period of 60 days from the date of issue of the cover note and the insurer shall issue the Certificate of Insurance before the cover note expires.

 

What is meant by IDV?

IDV means the Insured's Declared Value. It is the value of the vehicle, which is arrived at by adjusting the current manufacturer's listed selling price of the vehicle with a depreciation percentage as prescribed in the Tariff. For the vehicles that are obsolete and aged over 5 years, the IDV will be the value agreed between the Insurer and the Insured.

Manufacturer's Listed Selling Price = Cost Price + Local Duties/Taxes, excluding Registration and Insurance.

The value of the obsolete vehicles and the vehicles aged over 5 years are arrived by our Assessment Team with the help of various resources like IMAs, Panel of Surveyors, Car Dealers, Second Hand Car dealers, etc.

What is the period for which a Motor policy is issued?

All motor policies are annual policies issued for a period of twelve months. However, extension to a further period less than 12 months can be allowed with the approval of the competent authority, for arriving the renewals of the customer on a common date or for any other reason convenient to the customer. Additional premium needs to be collected for such extensions. Period less than 12 months can be given on a Short Period basis only with the approval of the competent authority.

When do we require a proposal form from customer?

 We require a proposal form in all the following situations:

  • New Business.
  • Other Company renewal.
  • On Transfer of Interest.
  • On conversion of Liability Only cover to Package Policy.
  • Change / Substitution of the vehicle.
  • On alteration/improvement of the vehicle either during the currency of the policy or during the renewal.

 

When do pre acceptance inspections have to be carried out?

Customer needs to produce the vehicle for inspection under the following circumstances:

  • In the case of break-in insurance.
  • In case of conversion of TP cover to OD cover.
  • In case of covering imported vehicles.
  • In case of fresh payment received after cheque bounce.
  • The authorized person from the underwriting department will inspect the vehicle.

What factors determine the premium rating for Private Cars?

The premium rating for Private Cars is based on the following factors:

  • Insured's Declared Value (IDV).
  • Cubic Capacity of the vehicle.
  • Geographical Zones.
  • Age of the vehicle.

What are the exclusions under Private Car package policies?

The exclusions are:

  • Consequential loss, depreciation, wear, and tear, mechanical or electrical breakdown, failure, or breakages.
  • Any damage to tires and tubes unless the vehicle is also damaged at the same and the liability of the insurer will be restricted to 50% of the cost of replacement; and
  • If the private car is driven by a person who is under the influence of intoxicating liquor or drugs at the time of loss.
  • Driving without a Valid Driving License.
  • Using the vehicle for hire or reward, carriage of goods other than samples, racing, and other racing-related purposes and motor trade purposes.

What are Electrical/Electronic accessories in a private car?

Those items that are not supplied by the vehicle manufacturer along with the vehicle are called Electrical/Electronic accessories.

E.g., A music system that does not come along with the vehicle, LCD’S or Speakers, etc.

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

The discounts that can be allowed under the Private Car policies are:

  • Voluntary Deductible discount.
  • No Claim Bonus.
  • Automobile Association Discount.
  • Discount on Vintage Cars.
  • No other discounts are permissible.
  • Under what circumstances No Claim Bonus (NCB) can be allowed?
  • It is a reward for No claim in the previous year. It can be .accumulated over some time.
  • It starts at 20% and goes up to 50%.
  • NCB becomes Nil in case of a Claim.
  • NCB follows the fortunes of the customer and not the vehicle.
  • Validity - 90 days from the date of expiry of the policy.
  • NCB can be utilized within 3 years. (where the existing vehicle is sold and a new car is purchased)
  • NCB recovery to be done in case of a Name Transfer.
  • NCB gets transferred to the legal heir in case of Death of customer.
  • NCB can be transferred to the New vehicle in case of the Substitution of vehicle of the same class.
  • NCB earned abroad can be given in India.

What additional PA covers available under Private Car policies?

The various PA covers under Private Car policies are:

  • PA to the Owner Driver.
  • PA to the Paid driver.
  • PA to the Unnamed occupants.
  • PA to the Named occupants.

What will happen when the customer sells his vehicle?

If the customer sells the vehicle to another person, the Insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of Insurance with us, within 14 days from the date of transfer of the vehicle in his name. If the customer wants to substitute another private car of his in this policy, the policy will not be transferred to the buyer. The buyer (transferee) has to buy a fresh insurance.

When is an endorsement required?

An endorsement is a written evidence of an agreed change to a policy. It is a document that incorporates changes in the terms of the policy. If there are any alterations to be done in the policy the customer needs to approach Motor Insurance Company to effect the change in the policy. This is done by way of an endorsement.

An endorsement may be issued at the time of issuing the policy to provide additional benefits and cover (e.g., legal liability to driver) or to impose restrictions (e.g., accidental damage deductible). The wordings of those endorsements are provided in the tariff. An endorsement may also be issued subsequently to record changes such as change of address, change of name, change of vehicle, etc.

What are the documents required for renewing the policy?

 

  • Premium Cheque.
  • Renewal Reply Form.
  • If any changes are required in the coverage, the customer can incorporate the same in the renewal reply form.
  • Quick Links.
  • Pay Premium.
  • Contact Us.
  • Branch Locator.
  • Hospital Locator.
  • Garage Locator.
  • Register for Health and Car Care Tips.
  • Set Renewal Reminders.

 

What does 'fault and no fault liability' mean in Motor TP Insurance?

Shilpy Mishra - Fault and No Fault Liability in Third Party Motor Insurance Claims

What is Employees Compensation Act? How does it affect TP insurance claims?

Ms. Shilpy Mishra | Employees Compensation Act and Third Party Claims

How does Judiciary play a role in adjudication of third-party motor insurance claims?

Ms. Shilpy Mishra | Role of Judiciary in Third Party Claims

What events pertain to negligence in third-party motor insurance?

Ms. Shilpy Mishra | Negligence in third party motor insurance

What should you do in case of injury to a pedestrian in an accident?

Ms. Rashmi Singh Verma | Third Party Injury - Line of Action

What is the benefits of QCS feature in IFFCO Tokio Customer app?

Ms. Poonam Bhatia | Objective of QCS for Motor Insurance

What should you do in case of an accident?

Ms. Rashmi Singh Verma | Motor Vehicle Accident- Line of Action

How does the Customer App make claims easier for the customer?

Mr. Sandeep Aggarwal | Mobile App Features

What are the implicatioms of the new MV Act on your motor insurance?

Mr. Abhishek Verma - Motor Insurance (Provisions under Motor Vehicle Act)

What are the features of Long Term Motor Package policy?

Ms. Poonam Bhatia - Introduction of long term OD policy

Is it safe to buy health insurance online?

Yes, it is safe to buy health insurance online. We have a secured payment gateway on our website to ensure your transaction is processed safely,. This is the reason why many of our customer purchase medical insurance plans online!

What is the process to buy health insurance online?

Health insurance offers protection against an unforeseen situation such as medical emergencies. Many people are buying a health insurance policy to secure themselves against such expenses. A person can purchase health insurance by visiting our website.

All you have to do is tell us about your healthcare needs and we will offer you the right plan. You can throw in the add-ons you prefer, fine-tune the coverage and proceed to the payment once you are satisfied with the coverage. Once you pay the premium, the policy will be mailed to you and coverage of your medical insurance policy will commence instantly!

What happens when you don’t renew health insurance on time?

Your health insurance policy offers cover against medical expenses. If a person meets with a medical emergency, then they can file for a claim with health insurance. However, a policyholder will not get such benefits when the policy has expired. The person must pay the medical expenses out of their pocket. Therefore, it is extremely important that you remember the expiry date of your medical insurance policy and renew your plan on time to enjoy interrupted protection.

What factors determine the premium payable for health insurance ?

Under health insurance, the age and the amount of cover are two main factors that decide the premium. Usually, younger people are considered healthier and thus pay lower annual premiums. Older, people pay a higher health insurance premium as their risk of health problems or illness is higher. Similarly, smokers and those who consume alcohol have higher premiums. Even the nature of your job and where you stay can influence the premium of your medical insurance policy.

Can I buy more than one Health Insurance policy?

Yes, you can have more than one medical Insurance policy. In case of a claim, you can choose which policy to use to cover your costs. The benefit of having 2 health insurance plans is that, once the Sum Insured of one policy is exhausted, the remaining medical expenses, if any, can be claimed through the second policy.

How do I find the best health insurance plan?

The term ‘best’ is subjective. What one considers as the best might not be the most ideal option for another. Therefore, when comparing medical insurance policies, one should look for options that suit their individual needs in a cost-efficient manner. Of course, there are some basic factors that highlight a good plan that you must also bear in mind. These include high claim settlement ration, good number of network hospitals, wide choice of add-ons, and so on. The best plans will cover all these bases and, more importantly, ensure your individual needs are met as well!

What happens to the health insurance policy after a claim is filed?

After a claim is filed and settled, the coverage of your medical insurance policy is reduced by the amount that has been paid out on settlement. For Example: In January you start a policy with coverage of Rs 5 Lakh for the year. In April, you make a claim of Rs 2 lakh. The coverage available to you for the May to December will be the balance of Rs.3 lakh.

However, if you have opted for the reinstatement option, the sum insured of your policy will be reinstated to the same value. Of course, reinstatement features needs to be added to your policy by charging prorata premium.

What is Health Insurance?

Health Insurance is a type of insurance policy that provides financial protection against all health-related contingencies. It provides coverage for medical expenses to the policy holder.  With health insurance, you get coverage for expenses such as hospital cost, surgical expenses, critical illnesses, etc. 

Why is health insurance necessary?

Medical expenses can crop up at any time, and often the treatment cost can increase at a rapid pace, leading to a financial crunch. To avoid this situation, it is paramount that you have a health insurance policy and get protection financial against such expenses. Health insurance offers coverage against unforeseen events such as accidents, illnesses, etc. In case you are hospitalised, the insurer will cover the medical cost.

What are the benefits of having a health insurance policy?

One of the most important things that every person should buy is a health insurance policy. If a person meets with an unfortunate event such as a medical emergency, then they can get cover for it with a health plan. Medical expenses can be high, but health insurance offers financial assistance against such an expense. Some of the benefits of a health insurance policy are cover against medical expenses and critical illnesses, tax benefits, etc.

How do I renew my health insurance policy?

Health insurance policy offers cover against medical expenses. However, the plan has an expiry date. It will not cover the policyholder after it has expired. The policyholder needs to renew the health insurance policy to get its benefits, and it can be renewed online by submitting the health plan details such as the policy number. The policy will be renewed when the payment is made.

How do I register for health insurance renewal online?

There are many benefits of health insurance. It offers financial assistance to the policyholder in the event of a medical emergency. However, health insurance will not cover the policyholder when the policy expires. The policyholder must renew the health insurance policy to get the benefits. The person must submit their personal details and health insurance plan details such as policy number to register for online renewal. The policy will be renewed when the premium is paid.

What is the renewal process for health insurance?

A policyholder can easily renew the policy online. A person renewing the policy must give the health insurance details. It is important that the policyholder has the policy number for the process. The renewal process for health insurance is done when the premium is paid.

What are the features of the new Standard Health Insurance?

Ms. Pallavi Roy - Standard Health Insurance

Is Mediclaim the same as health insurance?

Yes, it is the same.

Is Health Insurance the same as Life Insurance?

No. Life Insurance protects your family (or dependents) from financial loss that may arise in the event of your untimely death/or if something happens to you. The payout is made only post the death of the person insured or at the maturity of the policy. Health Insurance protects you against ill-health/diseases by covering the expenses you might incur (for treatment, diagnosis, etc.) in case you are affected by disease or injury. There is no payout made at maturity. Health insurance also needs to be renewed annually.

What are the minimum and maximum health insurance policy durations?

Health insurance policies are general insurance policies usually issued for a period of 1 year only. However, some companies also issue a two-year policy. At the end of your insurance period, you must renew your policy.er page description.

What is health insurance coverage amount?

The coverage amount is the maximum amount payable in the event of a claim. It is also known as “sum insured” and “sum assured”. The premium of the policy is dependent on the coverage amount chosen by you.

What happens when I cancel the health insurance policy?

If you cancel the policy, your cover will cease to exist from the date of cancellation of policy. Additionally, your premium should be refunded to you on short period cancellation rates. You will find these in the policy terms and conditions in the policy document.

Is there any tax benefit on purchasing Health Insurance?

Yes, there is a tax benefit available under Section 80D of the income tax act 1961. Every taxpayer can avail of an annual deduction of Rs. 15,000 from taxable income for the payment of Health Insurance premium for self and dependents. For senior citizens, this deduction is Rs. 20,000. Please note that you will have to show the proof for the payment of premium. (Section 80D benefit is different from the Rs 1, 00,000 exemptions under Section 80 C)

Are Maternity/Pregnancy related expenses covered under Health Insurance plans?

No. Maternity/Pregnancy-related expenses are not covered in a Health Insurance plan. However, employer-provided group insurance plans often cover maternity-related expenses.

Does health insurance cover diagnostic charges like X- ray, MRI or ultrasound?

Health Insurance covers all diagnostic tests like X-ray, MRI, blood tests etc as long they are associated with the patients stay in the hospital for at least one night. Any diagnostic tests which have been prescribed in the OPD are generally not covered.

What do you mean by waiting period in health insurance?

The waiting period is the time when you can't make a claim. If you have any pre-existing medical condition like if you are suffering from critical illness, or if you have undergone any surgery recently, and if you need hospitalisation, you won't be covered for the same.

Are there any waiting periods when my expenses will not be settled, in case of a contingency?

When you get a new health insurance policy, there will be a 30 day waiting period starting from the policy start date, during which period any hospitalization charges will not be payable. However, this is not applicable to any emergency hospitalization occurring due to an accident. This 30 day waiting period is not applicable when the policy is renewed.

How can I increase my sum assured in health insurance?

You can increase the sum assured online. When you renew your health insurance policy, you can also increase the sum assured.

Is a medical checkup necessary before buying a policy?

A medical checkup is necessary for a new health insurance policy for customers above the age of 45 years. Medical checkups are usually not needed for the renewal of policies.

What are the documents required for buying a health insurance?

No documents are required for purchasing health insurance. As of now, you do not even need any PAN Card or ID proof. Depending on the norms of the insurer and the TPA. You might need to furnish documents like ID proof at the time of submitting a claim.

What is the process to claim health insurance?

There are two ways of filing health insurance, cashless and reimbursement. For cashless process, the hospital must submit a cashless claim request form to the insurer. However, the policyholder must first pay for medical expenses for the reimbursement process. After the payment, the policyholder must submit a claim form, medical certificate, etc. to the insurer and then claim the reimbursement.

What is the maximum number of health insurance claims allowed over a year?

Any number of claims is allowed during the policy period. However the sum insured is the maximum limit under the policy.

Who will receive the claim amount under health insurance if the policyholder dies during the time of treatment?

In a cashless Mediclaim settlement, it is settled directly with the network hospital. In cases where this is no cashless settlement, the claim amount is paid to the nominee of the policyholder.

In case there is no nominee made under the policy, then the insurance company will insist upon a succession certificate from a court of law for disbursing the claim amount. Alternatively, the insurers can deposit the claim amount in the court for disbursement to the next legal heirs of the deceased.

What is Cashless Facility in Health Insurance?

The insurer offers cashless facility at their network hospitals. When you seek treatment at a network hospital, you don't have to pay cash. The insurer will directly settle the bill with the hospital.

How to claim a cashless facility in health insurance?

Today, most insurance companies in India offer cashless claim facility to health insurance policyholders. For cashless claim, the policyholder must seek treatment at any of the hospitals that is part of the insurer’s network. Upon completion of the treatment, the hospital files for a claim with the insurer, and the insurance company settles the bill directly with the hospital. Policy holders need not pay a single penny for cashless claim.

What do you mean by Cashless Hospitalization?

In the event of hospitalization, the patient or their family will have a bill to pay the hospital. Under Cashless Hospitalization the patient does not settle the hospitalization expenses at the time of discharge from the hospital. The settlement is done directly by the Third-Party Administrator (TPA) on behalf of the health insurer. This is for your convenience.

However, prior approval is required from the TPA before the patient is admitted into the hospital. In case of emergency hospitalization, approval can be obtained post-admission. Please note that this facility is available only at the network hospitals of the TPA.

Difference between Health Insurance & Critical Illness policies?

A Health Insurance policy is a reimbursement of the medical expenses.

Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.

The insurance company will pay the policyholder a lump sum. Whether the client spends the amount received on the medical treatment or not depends on the client's own discretion.

How is Critical Illness cover different from normal health insurance?

Ms. Pallavi Roy | Critical Illness Benefit Policy

Who is a Third Party Administrator in health insurance?

A Third Party Administrator (commonly referred to as TPA) is an IRDA (Insurance Regulatory and Development Authority) approved specialized health care service provider. A TPA provides the insurance company with a variety of services like networking with hospitals, arranging for cashless hospitalization as well as claims processing & timely settlement.

How does the insurance company decide whether a disease was a pre-existing one or not?

While filling up the proposal form for insurance you need to provide details of the illnesses you have suffered during your lifetime. At the time of insurance, you should be aware of whether you have any disease and whether you are undergoing any treatment. The insurers refer to such health issues to their medical panel to differentiate between pre-existing and newly contracted illnesses.

Note: It is important to disclose any disease you might be suffering with before buying the health insurance policy. Insurance is a contract based on good faith and any willful non-disclosure of facts might lead to problems in the future.

How does Swasthya Raksha Bima benefit consumers in non-metro cities?

Ms. Pallavi Roy - Swasthya Raksha Bima

What does Mos-bite policy cover and how is it unique?

Ms. Neha Ahuja | Mos-Bite Protector Policy

Can I avail this health insurance policy if I am not an Indian National but living in India?

Yes, if you are a student studying in India or working with a valid work Visa.

But if you are a tourist coming to India for three weeks, it will not be worthwhile to buy this as thirty days cooling-off period itself offsets the benefits which you are looking for.

Medical tourism cases are definitely not covered in the policy issued in India.

Are naturopathy and homeopathy treatments covered under a health policy?

Naturopathy and Homeopathy treatments are not covered under a standard health policy. The coverage is available only for allopathic treatments in recognized hospitals and nursing homes.

Have a own Health insurance policy, although provided by the employer

It is strongly advised to have health insurance on your own as well because of reasons of continuity. Firstly, if you change your job, you might not necessarily get health insurance from your new employer. In any case, you will be exposed to health costs in the transition period between jobs. Secondly, the track record that you have built-in health insurance at your old employer will not transfer to the new company policy. Covering pre-existing diseases might be a problem. In most policies, pre-existing diseases are covered only from the 5th year onwards. Therefore to avoid the above problems, it is advisable to take a private policy in addition to your company provided a group health insurance policy.

I am young and healthy. Do I really need health insurance?

Yes. You will need insurance. Even if you're young, healthy and haven't had to see a doctor in years, you will need coverage against unexpected events like accidents or an emergency. While your health insurance coverage may/may not (depending on the policy taken) pay for things that aren't too costly like routine doctor's visits, the main reason to have coverage is to have protection against the large treatment expenses of severe illness or injury. No one knows when a medical emergency might strike. It is best to buy health insurance, to save money when an emergency strikes.

My wife and children are residing at Mysore while I am here in Bangalore. Can I cover all of us in one health policy?

Yes, you can cover the entire family under one policy. Your health insurance policy is in force across India. You must check whether there is any network hospital near to you as well as your family's place of residence. You must check if your insurer has a network hospital close to you or where the rest of your family resides. Network Hospitals are the hospitals that have tied up with the TPA(Third Party Administrator) for cashless settlement for expenses incurred there.

If there are no network hospitals at the place of your residence, you could opt for reimbursement mode of settlement.

I am young and healthy. Do I really need travel insurance for myself?

Yes, you do need travel insurance plans. It does not matter how tough you are or how young you are, you never know what the future might bring for you. Anyway, the travel insurance plans offer coverage against a number of situations like lost or delayed baggage, loss of passport, healthcare cover, etc. Being young and healthy doesn’t really make a difference.

What is the coverage amount for the travel insurance policy?

There is not a single blanket travel insurance coverage amount when it comes to the travel insurance policies being provided by IFFCO Tokio. IFFCO Tokio offers different kinds of plans that have different kinds of coverage amounts. Then again, it also varies based on the sub-limits placed on the policy.

What are the kinds of IFFCO Tokio Travel Insurance Plan coverage provides?

The IFFCO Tokio Travel Insurance Plan has various kinds of coverage. These include the travel health coverage, hijack distress allowance, loss of baggage coverage, flight delay coverage, dental treatment coverage, transportation coverage for mortal remains, hospital daily allowance coverage, financial distress coverage, personal liability coverage, and personal accidental coverage. If you would like to learn more about the coverage that is being provided by the IFFCO Tokio travel insurance plans in detail, you should go through the policy documents.

What is the medical expenses coverage provided by IFFCO Tokio?

The medical insurance coverage that is being provided by IFFCO Tokio varies quite a bit depending upon the kind of insurance plan that you have signed up for. If you have signed up for the Gold 500 Benefit Plan then you will be getting a medical insurance coverage of up to $ 500,000. If you have signed up for the Gold 250 Benefit Plan, then you will be getting medical expense coverage of up to $ 250,000. If you are going to sign up for the Gold 100 Benefit Plan, in that case, you would be getting coverage of up to $ 100,000. In case you are planning to go for the Silver Benefit Plan, you will be getting a medical expenses coverage amount of up to $ 250,000. And in case you go for the last plan, which is the Bronze Benefit Plan, you would be entitled to get medical expenses coverage for up to $ 50,000.

Will I receive hospital allowance in all of the plans provided?

IFFCO Tokio does not provide hospital allowance for all of their plans. There are certain specific plans for which IFFCO Tokio provides hospital allowances. The IFFCO Tokio travel insurance states that you will be entitled to receive hospital daily allowance from the company if you are enrolled in the Gold 500 Benefit Plan, the Gold 250 Benefit Plan, or the Silver Benefit Plan. The hospital allowance provided by IFFCO Tokio for both the Gold 500 Benefit Plan and the Gold 250 Benefit Plans is $ 30 per day. This daily hospital allowance will be provided only if the insured is admitted for a period exceeding 48 hours and is limited to a maximum of 20 days of hospitalization.

Does IFFCO Tokio travel insurance provide any kind of baggage loss benefits?

Yes. IFFCO Tokio provides customers with baggage loss benefits. The baggage loss coverage amount, however, will vary, depending on the kind of plan that you have signed up for. If you sign up for the Gold 500 Benefit Plan, the Gold 250 benefit plan, the Gold 100 Benefit Plan, or the Silver Benefit Plan, you would be entitled to receive a coverage amount of up to $ 1000 from IFFCO Tokio. However, if you sign up for the Bronze Benefit Plan, which is the economic plan being provided by the firm, then you would be entitled to receiving a coverage amount of $ 500.

Does IFFCO Tokio provide any kind of benefits for checked baggage delay?

Yes.IFFCO Tokio travel insurance provides a coverage amount of up to $ 150 to the insured who sign up for the Gold 500 Benefit Plan, the Gold 250 Benefit Plan, the Gold 100 Benefit Plan, and the Silver Benefit Plan. However, for customers who subscribe to the Bronze Benefit Plan, IFFCO Tokio provides coverage amount of up to $ 100.

Does IFFCO Tokio provide any kind of assistance with Passport Loss?

Yes. IFFCO Tokio understands that the passport is probably the most important document that you would be carrying along with your wallet and other documents. Because of this, the IFFCO Tokio Insurance Company provides passport loss coverage for an amount of up to $ 200, which will help you expedite the process of getting a new or duplicate passport. The coverage amount provided by IFFCO Tokio helps customers with their passport retrieval procedures. If you would like to understand more about the policies and the passport loss allowance procedures, you can contact the IFFCO Tokio customer helpline, who can assist you with the same.

Does IFFCO Tokio provide any financial assistance coverage?

IFFCO Tokio provides its customers with some financial assistance coverage. Financial assistance can be of critical importance, especially when you are traveling abroad to a foreign land. The financial assistance that is being provided by IFFCO Tokio can help the customer tackle the situation in a much better manner. IFFCO Tokio however, is only providing financial assistance coverage to customers who enroll with the Gold 500 Benefit Plan. There is no financial assistance coverage that is being covered by the IFFCO Tokio Insurance Company for the other plans i.e. for Bronze, Silver, Gold 250 and Gold 100.

Does IFFCO Tokio provide personal accidental coverage?

IFFCO Tokio understands that accidents may happen at any point in time and that they cannot be necessarily predicted. It is due to this that IFFCO Tokio provides a personal accidental coverage amount to the customers. For those customers who have enrolled in the Gold 500 Benefit Plan, the Gold 250 Benefit Plan, the Gold 100 Benefit Plan, or the Silver Benefit Plan, they will be getting a personal accident insurance coverage of up to $ 25,000. For customers who have chosen to go for the Bronze Benefit Plan, IFFCO Tokio provides accident coverage of up to $ 15,000.

Does IFFCO Tokio provide any kind of Hijack Distress Allowance?

IFFCO Tokio does provide a hijack distress allowance. IFFCO Tokio provides hijack distress allowance coverage of up to $ 700. The benefit of receiving a hijack distress allowance from IFFCO Tokio however, is only reserved for those people who have enrolled in the Gold 500 Benefit Plan.

Is Dental Coverage available with all the plans?

People who enroll with the plans Gold 500 Benefit Option, Gold 250 Benefit Option, Gold 100 Benefit Option, Silver Benefit Plan and the Bronze Benefit Plan by IFFCO Tokio get a dental coverage amount of $ 250.

What are the risks covered under Home Insurance?

Home Insurance protects the building and contents of your home against natural and man-made calamities like fire, earthquakes, storms, cyclones, tempests, tornadoes, hurricanes, floods or inundation, lightning strike, explosion, landslides, impact by vehicles or aircraft, and bursting or overflowing of water tanks and pipes. It also covers the contents (jewelry also) of your home in the case of Burglary. 

Can a Tenant buy this policy?

Yes, you can buy home insurance in India even if you are living on rent. You can cover your contents, furniture, appliances, gadgets, etc. You can also get cover for any liability in case of damage to the structure.

What are the losses/ perils covered under this policy?

Home insurance covers the following fire and special perils:

  • Fire, Lightning, Explosion/Implosion, Aircraft Damage.
  • Riot Strike, Malicious and Terrorist Damages.
  • Bursting and overflowing of water tanks, apparatus, pipes, Earthquake risk, Flood & Storm risks.
  • Impact damage by rail/road vehicle and animal.
  • Subsidence and Landslide including Rockslide.
  • Missile testing operations.
  • Leakage from automatic sprinklers installations.
  • Bush fire.

Does Home Insurance cover any loss to my Jewelry?

Yes, our home insurance covers the loss of jewellery due to burglary/robbery/dacoit. We also provide coverage for jewellery kept at home and/or in a bank locker.

Are domestic appliances covered in the policy?

Yes, if domestic (electrical/mechanical) appliances or gadgets up to 7 years of age belonging to you or your family are damaged due to electrical or mechanical breakdown, then we shall pay for its repair or replacement subject to certain exclusions.

Is personal accident a part of the policy?

 Yes. Death, Permanent total and Partial Disablement. Temporarily Disablement is all covered.

Do I get a cover for repaying my Home Loan?

Yes, and the coverage’s are as mentioned below:

  • Payment of EMI to the financier.
  • A person cannot engage in any employment/occupation for a period in excess of 30 days.
  • Minimum 3 (three) days hospitalization.
  • Our Liability will be Maximum for 12 monthly installments.
  • Total disablement due to sickness and accident.

 

Are domestic employees also covered under the policy?

Accidental death, bodily injury, illness or disease to any domestic employee mentioned in the Schedule relating to this Sub-Section happening during the Policy Period arising out of and in the course of employment with You as domestic employee at Your Home under the Fatal Accident Act 1855, Workmen’s Compensation Act 1923 or any amendment thereto or under Common Law.

Is Tenants Legal liability covered under this policy?

  • Legality is liable under the tenancy agreement for Damage to a home rented by you as a tenant.
    • Cause. (Section 1 and 2)
    • Section1 (Fire and Allied Perils) and Section 2 (Burglary, Housebreaking and Other Perils).
  • Building Electrical/ installation, overground/underground cables, glass/sanitary fittings other fixtures, fittings.

  • Liability to be assessed on a Market Value basis.

How is home insurance different from home loan insurance?

There is often confusion when it comes to home insurance in India. Many buyers confuse these plans with home loan insurance. However, these are both very different forms of protection. On one hand, house insurance protects you from financial losses arising out of damages occurring to your home.

On the other hand, home loan insurance covers your family in case you are not able to repay the loan in case of disability or any other unfortunate event that might cause the loss of your income. Home loan insurance is usually purchased when taking a loan. 

Can I cover my domestic help?

Yes, your domestic help, including your other domestic employees, can be covered against accidental death or bodily injury under personal accident cover and/or employee compensation cover.

Is accidental damage to contents covered?

Yes, any sudden and unforeseen damages to your contents shall be covered under our All-in-One Home protector policy.

What is IDV?

IDV stands for the Insured's Declared Value which is deemed to be the sum insured of the vehicle. The IDV of the vehicle is to be fixed on the basis of manufacturers listed selling price of the brand and model, minus depreciation based on the age of the vehicle

What is a No Claim Bonus (NCB)?

A No Claims Bonus is a discount given by an insurer to policyholders who do not claim on their policy in the policy period of car insurance. Typically this starts at 20% in the first claims free policy period of Car Insurance and goes up to maximum of 50%.

What is loading? Do you charge this? How much loading can be charged?

Loading is an additional premium, which is paid at the time of renewal of insurance policy if the claims experience during the policy term has been adverse.

Is there any discount available if I install anti-theft alarm and locking system?

There is a discount available if you install anti-theft devices in your vehicle provided the device is approved by the Automobile Research Institute of India and installation approved by automobile associations.

Does extra premium have to be paid in case of a claim last year?

There is no extra premium that is payable in case of a claim but if the claim experience is bad then some loading may be charged as per company policy. You only lose your No Claim Bonus that you could have enjoyed had there been no claim on the policy.

What is salvage and total loss?

Salvage is the value of wreck after a vehicle meets with an accident resulting in total loss, whereby retrieval of the vehicle into its initial condition is not possible.

What are the exclusions under the Motor Policy?

Specific Exclusions:

  • Any accident outside the geographical area of operation.
  • Consequential loss, normal wear and tear.
  • Driving without a valid license for that class of vehicle.
  • Driving under the influence of liquor / drugs.
  • Vehicle not being used as per Limitations to use and.
  • Mechanical or electrical breakdown, failure etc which fall under the specific exclusions.
  • Willful Damage, Hire or Reward.
  • Damage to tires and tubes unless the vehicle is damaged at the same time or the vehicle is stolen.

General exclusion:

  • Radioactive contamination, nuclear fission, war invasion.

I own a vehicle which recently met with an accident, but I was not driving it. Can I still make a claim?

You can make a claim in following conditions:

  • Insurance Policy for that vehicle should exist,
  • If you have paid premium for paid driver or, it would be payable, if the car is being driven with your permission.
  • The person driving the car is duly licensed as the premium is taken based on the seating capacity, which also includes the person on the driver’s seat.

What if my car meets with an accident & I do not incur large damage. Is it still compulsory to lodge a claim or I can choose not to claim? Or is it advisable to make a claim on small amounts

It is not always necessary to lodge a claim especially if the damage is small. Actually, It is not advisable to make a claim for small damages because, not only will you have to pay for depreciation and excess, reducing the claim amount to an even smaller figure, but you will also lose your 'NO CLAIM BONUS' (if any) at the time of renewal. However, once you have decided not to claim, you cannot claim these damages at a later stage.

Will I get the entire amount if my windscreen is damaged?

You do get full reimbursement for the windscreen glass. However, there is a depreciation of 50% on the rubber lining and sealant. Additionally, you will also need to bear the policy excesses

Can my claim be rejected?

Any claim can be rejected by an insurance company in certain conditions. Some common reasons for which a claim may be rejected are:

  • The policy has expired, or policy has been cancelled or the premium cheque has been dishonored making the policy invalid.
  • It could also be that the date of accident or loss falls outside the policy period or
  • The person driving the vehicle at the time of the accident did not possess a valid driving license or was under the influence of drugs or alcohol.
  • There are also situations where the ownership of the vehicle has changed but the Insurance Company has not been informed within 14 days of such change or the claim was for damages that existed before the policy started.
  • Some other reasons could be that the nature of damages does not co-relate with the cause of accident or that the vehicle was being used for other than personal or social purposes.

Where is IFFCO – Tokio Corporate office located?

The corporate office of IFFCO–Tokio General Insurance Co. Ltd. is in Gurugram which is a part of National capital region. The postal address is as follows:

IFFCO–Tokio General Insurance Co. Ltd.

IFFCO TOWER,

4th & 5th Floor,

Plot No. 3, Sector – 29,

Gurugram – 122001, Haryana

What is the meaning of Insurer?

Insurer refers to the insurance company

What is the meaning of Insured?

Insured refers to the policyholder or the person protected in case of a loss or claim

Who owns IFFCO – Tokio General Insurance?

IFFCO–Tokio is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group, the largest listed insurance group in Japan. IFFCO-Tokio General Insurance has Pan India presence with 63 'Strategic Business Units' i.e., and a wide network of over 120 Lateral Spread Centres and 255 Bima Kendras

What is IRDA and what do they do?

IRDA (Insurance Regulatory and Development Authority) is the apex body overseeing the insurance sector in India. Its main aims are to protect the interests of policyholders and regulate the insurance industry

What is the meaning of Premium?

Premium refers to amount paid to purchase an insurance policy. The frequency of premium payment can vary from monthly to quarterly to yearly or it could even be a one time payment of premium

Why do I need insurance?

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

Accidents... illness... fire... financial securities are the things you'd like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

Is it mandatory in India to have auto insurance?

Yes, Auto Insurance is mandatory in India. Having compulsory liability insurance is a statutory requirement of the Motor Vehicles Act, 1988. However, we recommend a comprehensive policy to limit your financial liability.

How can I buy a policy?

Insurance is the subject matter of solicitation. IRDA allows insurance to be sold primarily through following:

Channels

  • Company websites
  • Buying on phone. It depends upon individual company
  • Agents representing an insurance company
  • Insurance brokers are allowed to sell products of more than one insurance company Banks, retail houses or any other commercial ventures which are channel partner of these insurance companies

Process

  • Approach the insurance company with a duly filled up proposal form, through any of the above mentioned channels
  • Seek an approval from the company on the intention of underwriting your policy. (I.e. evaluating your risk and exposures. Risk involves consideration of material facts on the basis of which company will take a decision whether to accept the risk and if so at what rate of premium.)
  • Seek premium & other relevant details
  • Pay the premium and take premium receipt and cover note/risk held note
  • Wait for documents
  • Check for its correctness on receipt and store it carefully till the policy expiry date
  • Ensure that you renew the policy well in time, before the expiry of the policy

What is underwriting?

Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.

What is the period of General Insurance policies?

Typically General Insurance contracts are for one year period only

What is the difference between an agent and a broker?

Agents represent an insurance company and sell products of that insurance company only. Whereas, insurance brokers are allowed to sell products of more than one insurance company.

What is IRDA and what do they do?

IRDA (Insurance Regulatory and Development Authority) is the apex body overseeing the insurance sector in India. Its main aims are to protect the interests of policyholders and regulate the insurance industry