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?
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, it is possible to have more than one health insurance plan. In the case of a medical emergency, you can choose which plan you want to use to cover your medical expenses. The advantage of buying two medical insurance plans is that, if the sum insured of one plan is exhausted, you can turn to the other to cover the remaining costs. You can also customize both plans in a way that they complement each other and provide you with wholesome coverage from medical emergencies.
How do I find the best health insurance plan?
The term ‘best’ is highly subjective. A plan that suits one individual perfectly might not be an ideal match for the next. This is because we each have our own individual & unique healthcare needs. Therefore, we cannot adopt a ‘one size fits all’ approach toward medical insurance. Instead, you need to find a plan that covers your needs perfectly and also fits well within your budget.
Having said that, there are a few basic factors one should keep in mind when comparing health insurance plans. These factors include the claim settlement ratio of the insurance provider, the number of cashless hospitals covered under the plan, the choice of add-ons on offer, etc. A good plan will excel in all these areas whilst also providing you with coverage that’s a perfect match for your healthcare needs and your wallet.
What happens to the health insurance policy after a claim is filed?
After you make a claim, the sum insured of your health insurance policy is reduced by the amount that has been paid out to you as compensation. Confused? Let’s take an example for better understanding.
Say you buy a medical insurance plan with a sum insured of Rs. 10 lakhs on the 1st of January, 2019. In the month of March, you meet with an accident (hypothetically speaking) and make a claim worth Rs. 2 lakh against your mediclaim policy. Now, for the rest of the policy tenure (April-19 to Jan-20) you have a sum insured of Rs. 8 lakhs remaining in your health insurance policy. As such, you can keep making claim against your health insurance policy until the sum insured is exhausted.
However, if you have opted for the reinstatement option, the sum insured of your policy will be restored to its original value (Rs. 10 lakhs) after you make a claim. Of course, the reinstatement feature needs to be added to your policy by paying a pro-rata premium.
What is Health Insurance?
Health insurance is like a safety net that protects you from the financial cost of a medical contingency. It covers you against expenses such as hospital bills, doctor’s consultation fees, the cost of medicines, and so on. With a medical insurance plan, you will either be reimbursed for the medical expenses you have incurred or the insurance provider will directly pay your hospital/care provider on your behalf.
Why is health insurance necessary?
Healthcare emergencies can come knocking when you least expect them. No matter how young or fit you are, you are never 100% safe from an illness or medical condition. Just take the COVID-19 pandemic for instance – it can affect anyone!
Moreover, the cost of healthcare is rising every day, making it extremely difficult for average citizens like you and me to cover medical expenses. Fortunately, with a health insurance policy, you can rest assured knowing that you are covered against the financial impact of such contingencies.
What are the benefits of having a health insurance policy?
There are several benefits of having a health insurance policy. The first is the peace of mind that it provides you. No one can predict when a medical contingency can happen, but at least with a health insurance policy, you can rest assured knowing you are financially prepared for such an unfortunate event.
Next, a health insurance policy provides you financial security against medical contingencies. It ensures that an injury, illness, or medical condition does not eat into your hard-earned savings. And lastly, one of the biggest benefits of medical insurance is that it offers tax benefits. Having a plan gives you access to deductions up to Rs. 1,00,000 on your taxable income. Amazing isn’t it?
How do I renew my health insurance policy?
There are three ways to renew your health insurance policy. The first way is to visit one of our branches – a team of experts will guide you through the renewal process and ensure you leave with extended coverage in the bag and a smile on your face. You can expect a similar experience with one of our authorized agents. All-in-all, we have over 20,000 branches and authorized agents spread across the country. This makes it extremely easy to find one of our touchpoints and renew your mediclaim policy.
The third way is to renew health insurance online. This is probably the easiest, quickest, and most convenient way to extend the coverage of your mediclaim insurance policy. All you have to do is visit our website, click on the ‘renew’ option, enter the details of your policy, and make the payment. After this, you will receive the updated policy documents in your inbox and the coverage of your mediclaim policy will be renewed.
How do I register for health insurance renewal online?
That’s simple! Just log onto our website, click on the health insurance icon, and then hit the renew button. You will have to enter your name & your policy number. After this, all your policy details will be displayed on the screen. You can confirm and proceed, or you can alter the coverage of your policy to better match your current healthcare needs. Then, all that’s left to do is make the payment – once this is done, your policy will be renewed.
What is the renewal process for health insurance?
You can easily renew health insurance online. Just head to our website, enter your name & policy number, confirm/customize your coverage, and make the payment. Your policy will be renewed in a matter of minutes.
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 just a just different name for health insurance.
Is Health Insurance the same as Life Insurance?
No, life insurance and health insurance are two very different products. Health insurance covers the policyholder against medical expenses that arise due to illness, injury, or medical procedures. Health insurance offers coverage only for a certain period of time, after which it needs to be renewed or else it will expire.
Life insurance on the other hand offers protection against unfortunate events such as total permanent disability & death. In case of such an event, a life insurance policy will provide the insured and/or the dependent with a lump sum payout. In case no such event occurs during the policy period, the plan may offer a payout on the maturity date.
What are the minimum and maximum health insurance policy durations?
Most health insurance policies generally provide coverage for 1 year only. However, some medical insurance companies also offer multi-year policies that can offer cover for up to two years. Regardless of the policy tenure, all plans need to be renewed before their expiry to ensure continuous coverage against healthcare expenses.
What do you mean by health insurance coverage amount?
Health insurance coverage amount is the maximum amount you can claim as compensation in case of a medical contingency. It is also known as the sum insured or sum assured of the policy. You can select the coverage amount of your mediclaim policy when you purchase it. Just beware; a higher coverage amount translates into a higher premium amount.
What happens when I cancel the health insurance policy?
When you cancel your health insurance policy, the coverage of the policy will stop. This means that, after the date of cancellation, you will no longer receive protection against medical expenses. You may also be refunded a certain amount of your premium based on the number of months left in the policy tenure. You can refer to your policy document to understand how this refund amount is calculated.
Is there any tax benefit on purchasing Health Insurance?
Yes, besides covering your medical expenses, a health insurance policy also offers lucrative tax benefits under section 80D of the Indian Income Tax Act of 1961. The amount of deductions you can avail of depends on your age.
You can avail of additional deductions on your taxable income if you pay for your parent’s health insurance as well. As such, you can avail maximum deductions of up to Rs. 1,00,000 on your taxable income with health insurance.
Are Maternity/Pregnancy related expenses covered under Health Insurance plans?
Does health insurance cover diagnostic charges like X- ray, MRI or ultrasound?
Yes, health insurance covers the cost of all diagnostic tests including X-rays, MRIs, blood tests, and so on as long they are associated with the patient’s stay in the hospital for at least one night. However, any diagnostic tests which have been prescribed in the OPD are generally not covered by a medical insurance policy.
What do you mean by waiting period in health insurance?
A waiting period is a time frame wherein you cannot make a claim against your health insurance policy. There are different kinds of waiting periods in health insurance. There is an initial waiting period which usually lasts for 30 days. During this period, no claim will be entertained except for those pertaining to accidental hospitalization.
The second kind of waiting period is applicable to pre-existing illnesses. Under this waiting period, if you are suffering from critical illness, or if you have undergone any surgery recently, and if you need hospitalization, you won't be covered for the same. This waiting period can last for 2 to 4 years. And lastly, there is an illness-specific waiting period which only applies to certain medical conditions and diseases.
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?
Simple, when renewing your policy just click on the edit option next to the sum insured of your health insurance policy and increase the cover amount. Do note that your premium will also increase if you opt for a higher sum insured.
Is a medical checkup necessary before buying a policy?
No, medical check-ups are not required for individuals up to age 60.
What are the documents required for buying a health insurance?
Most people assume that health insurance requires a lot of documents. However, on the contrary, you actually do not need any documents while purchasing health insurance from IFFCO-Tokio. We will not even ask for your Aadhaar or PAN card. However, you might need to furnish a valid ID proof when making a claim.
What is the process to claim health insurance?
There are two ways to make a claim against your health insurance policy. The first is to way to have the insurance company reimburse the expenses you have incurred. For this, you have to submit all your medical bills along with a duly filled claim form & a medical certificate to the insurance company within the stipulated time period.
The other way to make a claim is to undergo treatment at one of the network hospitals covered by your mediclaim policy. In this case, your insurance provider will settle your bills directly with the hospital. This is known as a cashless claim as the insurer covers your expenses on your behalf and you can focus fully on your recovery.
What is the maximum number of health insurance claims allowed over a year?
You can keep making claims against your health insurance policy until the sum insured of your plan is exhausted.
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 health 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 cashless facility refers to a claim process where you do not have to worry about paying your hospital bills. This is because your insurance company will settle the bills directly with the hospital. With the cashless facility, you can focus on getting better while your insurance will cover the expenses on your behalf.
However, this facility is only available at the network hospitals covered under your health insurance policy. At IFFCO-Tokio, we have over 5000 network hospitals, giving you easier access to cashless claims, no matter which part of the country you live in!
How to claim a cashless facility in health insurance?
Getting cashless claims is extremely simple. All you have to do is seek treatment in one of the network hospitals covered under your mediclaim policy. Upon completion of the treatment, the hospital files a claim with the insurer, and the insurance company settles the bill directly with the hospital. Policyholders need not pay a single penny for cashless claims.
What do you mean by Cashless Hospitalization?
It is a facility wherein the insurance provider will settle your bills directly with the hospital. You do not have to pay a single penny as the insurance company will cover the expenses on your behalf. However, this facility can only be availed if the policyholder seeks treatment in one of the network hospitals that is covered by their insurance provider.
As such, we at IFFCO-Tokio have more than 5000 network hospitals spread all across the country. This ensures that no matter where you are in India, you are not far from one of our cashless hospitals.
What is the difference between Health Insurance & Critical Illness policies?
Health insurance is an indemnity-based policy. It will either reimburse your medical expenses or offer cashless hospitalization in case of any medical contingency. On the other hand, critical illness insurance is a fixed benefit policy. This means that it will offer fixed a lump sum payout in case the policyholder is diagnosed with any condition that is covered under the critical illness policy.
How is Critical Illness cover different from normal health insurance?
Critical illness cover is a fixed benefit policy. It can either be offered as an add-on to your existing policy or it can be purchased as a standalone plan. In case the policyholder is diagnosed with an illness covered under the critical illness policy, the insurance company will provide a lump sum payout as per the terms & conditions of the plan. The policyholder is free to use this amount as per his/her needs, both medical and non-medical.
A health insurance policy, on the other hand, does not provide any lump sum payments, and cannot be used to cover non-medical expenses.
Ms. Pallavi Roy | Critical Illness Benefit Policy
Who is a Third Party Administrator in health insurance?
Third-Party Administrators, better known as TPAs, are IRDAI-authorized service providers that act as intermediaries between the insured and insurer. They offer expert assistance & customer support in areas such as cashless claims processing, redressal of disapproved claims, etc. Most health insurance providers in India outsource their claims operations & a number of other administrative functions to TPAs.
How does the insurance company decide whether a disease was a pre-existing one or not?
When you buy a health insurance policy, you need to provide details of any illnesses you have suffered/treatments you have undergone during your lifetime. The insurance company will then refer all your 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 from before buying the health insurance policy. Insurance is a contract based on good faith and any wilful 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, you can avail of a health insurance policy if you plan on studying/working in India. However, if you are planning to visit India as a tourist for less than 3 weeks, then getting a mediclaim policy doesn’t make sense as the thirty-day cooling-off period will offset the benefits of having a plan. And lastly, medical tourism cases are definitely not covered in the policy issued in India.
Are naturopathy and homeopathy treatments covered under a health policy?
Yes! AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) can be covered by your health insurance policy. Some plans offer cover for these treatments by default while others might provide AYUSH cover as an add-on.
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 need to have a health insurance plan even if you are young and healthy. This is because medical emergencies can strike anyone at any time. COVID-19 is the perfect example of this – it is an illness that can affect all individuals, irrespective of their age, and fitness levels. Some healthcare emergencies, such as accidents, are unpredictable and have nothing to do with age or wellbeing. They can occur when you least expect them and run-up a huge medical bill.
Keeping all this in mind, it is prudent to have a health insurance policy, even if you are young and healthy. Not to mention, plans are generally very affordable when you are fit and in the prime of your life. However, they start to get more expensive & difficult to avail as you grow older.
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?
When you are traveling, you never know what kinds of problems you might run into. This is why it is very important to have a travel insurance policy that covers you in case you lose your passport, baggage, health cover, etc.
How much medical coverage do I get with my travel insurance policy?
Your medical coverage will depend on the plan you choose. We offer 5 different plan options and each of them offers varying coverage amounts for medical emergencies. We have listed all 5 of our plans below along with their coverage amounts:
1. Gold 500 Benefits Plan - Medical insurance coverage of up to $500,000.
2. Gold 250 Benefit Plan - Medical insurance coverage of up to $250,000.
3. Gold 100 Benefit Plan - Medical insurance coverage of up to $250,000.
4. Silver Benefit Plan - Medical insurance coverage of up to $250,000.
5. Bronze Benefit Plan - Medical insurance coverage of up to $100,000.
How much hospital allowance will I get with my travel insurance plan?
Not all our travel insurance plans offer the hospital allowance benefit. Therefore, you will be entitled to receive a hospital daily allowance only if you opt for the Gold 500 Benefit Plan, or 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.
How is the premium of my travel insurance policy calculated?
The premium of your travel insurance is calculated basis the number of individuals covered by the policy, the age of the travelers, the destination, the duration of the trip, and the plan you choose.
What kind of compensation will I get in case of a total loss of checked-in baggage?
We understand how important your baggage is. That's why we offer high levels of compensation in case your checked-in baggage is lost in transit. You can get $1,000 for a total loss of checked-in baggage and up to $150 if your baggage is delayed.
Are there any exclusions of a travel insurance policy?
Every travel insurance plan will have a set of general exclusions. Here are some standard exclusions that are not covered by our travel insurance policies:
Events that occur before the commencement of the policy.
Traveling against the advice of a physician.
Taking part in a Naval, Military or Air Force operation.
Illness or accidents or Intentional harm/ injury/crime caused by the insured person as a result of drunkenness or addiction (drugs, alcohol, etc.).
Illness or accidents resulting from war or war-like occurrences or military action, civil war, rebellion, vandalism, etc.
Losses related to participation in high-risk sports or training involving un-professional trainers.
Any pre existing disease is excluded.(conditions applied).
Any trip for medical treatment is excluded.
What if I find the policy is not suitable for you after I receive the policy documents?
No worries. There is a 15 days free-look period for our policies. So if you find the policy unsuitable, you can cancel the policy and get back the premium you have paid within this free-look period.
What is the coverage amount for the travel insurance policy?
There is no standard amount being provided when it comes to travelers’ insurance policies. We offer different kinds of plans based on which the coverage differs from one to the next. The coverage also differs depending on the sub-limits on the insurance policy.
What are the kinds of IFFCO Tokio Travel Insurance Plan coverage provides?
We offer various plans that offer different kinds of coverage. These types include hijack distress allowance, travel health insurance, dental treatment coverage, loss of baggage coverage, personal liability coverage, financial distress coverage, personal accidental coverage, transportation coverage for mortal remains, hospital daily allowance coverage, and flight delay coverage. To learn more in detail about the coverage of these plans, please go through our policy documents.
Does IFFCO Tokio travel insurance provide any kind of baggage loss benefits?
Yes, our travel insurance plans do cover the loss of baggage. However, the coverage amount depends on the type of plan you have purchased. If you have either of the Gold 500 Benefit Plan, Gold 250 Benefit Plan, Gold 100 Benefit Plan, or the Silver Benefit Plan, you are eligible to receive coverage of up to $1,000. If you are looking for some of the cheapest travel insurance policies, the Bronze Benefit Plan would prove to be a great choice as it offers you coverage of $500 in cases of lost baggage.
Does IFFCO Tokio provide any kind of benefits for checked baggage delay?
Yes, you can buy travel insurance plans that offer coverage for checked baggage delays. Those who have signed up for the Gold 500 Benefit Plan, Gold 250 Benefit Plan, Gold 100 Benefit Plan, and the Silver Benefit Plan get coverage for up to $150. Those who have signed up for the Bronze Benefit Plan get coverage up to $100.
Does IFFCO Tokio provide any financial assistance coverage?
There’s only one travel insurance policy that offers you financial assistance, which is the Gold 500 Benefit Plan. This coverage can be very helpful when you are traveling abroad and face a situation where you need financial support.
Does IFFCO Tokio provide personal accidental coverage?
Accidents can happen at any time, and hence coverage for such instances could prove to be very important. This is why we include a personal accident insurance coverage in the Gold 500 Benefit, Gold 250 Benefit, Gold 100 Benefit, and the Silver Benefit Plans of our travel insurance services. This coverage is up to $25,000. This coverage is also included in the Bronze Benefit Plan, where the coverage amount provided is $15,000.
Does IFFCO Tokio provide any kind of Hijack Distress Allowance?
Yes, we do provide Hijack Distress Allowance coverage, but only as part of our Gold 500 Benefit Plan, which is our best travel insurance policy. The coverage amount for this is up to $700.
Is Dental Coverage available with all the plans?
What kind of compensation will I get if I lose my passport?
The loss of your passport can result in significant financial losses. You might have to extend your stay, pay express passport processing fees, re-schedule your flights, etc. Keeping this in mind, our travel insurance policy can offer up to $ 200 in case you lose your passport on your trip.
What are the risks covered under Home Insurance?
A home insurance plan provides financial coverage to your home against any natural calamities such as tornadoes, hurricanes, cyclones, storms, earthquakes, fires, lightning strikes, floods, landslides, damages caused by pipes, tanks, vehicles, or aircraft. It even covers the home from manmade calamities such as burglaries.
Can a Tenant buy this policy?
Yes, tenants are permitted to buy home insurance plans. This would be very helpful min covering their furniture, electronic gadgets, appliances, etc. This plan would also cover any damages faced by the structure of the house.
What are the losses/ perils covered under this policy?
A home insurance plan provides coverage for the following losses:
- Damages caused by terrorist attacks and riots.
- Damage caused by an aircraft, explosion, earthquakes, or fire.
- Leaks caused by automatic sprinklers installations.
- Missile testing operations.
- Damages caused by vehicles, animals, bush fires, or landslides.
- Damages caused by floods, storms, pipes, water tanks.
Does Home Insurance cover any loss to my Jewelry?
Are domestic appliances covered in the policy?
Yes, our house insurance policies provide coverage for your damaged domestic appliances that are not older than 7 years as a result of a mechanical or electrical breakdown. We either provide coverage for its repairs or replacement, with certain exclusions in place.
Is personal accident a part of the policy?
Yes, they are. Accidents resulting in death or temporary, permanent, partial as well as total disablement are all covered in a house insurance policy.
Do I get a cover for repaying my Home Loan?
Are domestic employees also covered under the policy?
According to the Fatal Accident Act of 1855 and the Women’s Compensation Act of 1923, any domestic employee working at your home will be covered under house insurance in India. The policy includes coverage for accidental death, injury, disease, or illness to domestic employees.
Is Tenants Legal liability covered under this policy?
There are two sections under which the legal liability of a tenant is covered under a house insurance policy. The 1st section involves fires and allied perils, and the 2nd section involves house break-ins, burglary, and such cases. Apart from this, any electrical installation of the building, glass fittings, or any work with overground/underground cables are all included under the policy. This liability will be judged on the market value basis.
How is home insurance different from home loan insurance?
A home insurance policy provides you financial support to cover the damages to your home whereas a home loan insurance provides coverage to your family in case you face a disability where you are no longer able to repay the home loan.
Can I cover my domestic help?
Yes, domestic employees are provided coverage for their bodily injuries or accidental deaths under a personal accident cover or an employee compensation cover of the homeowner’s insurance policy.
Is accidental damage to contents covered?
Yes, our All-in-One-Home protector policy provides home cover for any unforeseen damage caused to your contents.
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?
- 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.
- 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.
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:
- 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
- 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