About IFFCO Tokio General Insurance

IFFCO Tokio General Insurance Company Ltd., which was incorporated on December 4th, 2000, is a combined undertaking of the Indian Farmers Fertilizer Cooperative and Nichido Fire Group and Tokio Marine. The Indian Farmers Fertilizer Co-operative is one of the largest cooperative movements in India, which when founded in 1967 was a consortium of 57 cooperatives, and has more than 36,000-member cooperatives today engaged in diversified businesses, such as general insurance and rural telecom in addition to its core expertise in the manufacturing and distribution of fertilizers.

Tokio Marine and Nichido Fire Insurance Company is an amalgamation of Tokio Marine, specialists in marine insurance and Nichido Fire which specializes in fire insurance. Tokio Marine and Nichido Fire merged to form Tokio Marine and Nichido Fire Insurance Company Limited in 2004. With a capital of 101.9 billion Yen, assets worth than 9,000 billion Yen and over 17,000 employees, Tokio Marine and Nichido Fire Insurance Company is among the largest listed and the best general insurance companies in Japan.

IFFCO Tokio, one of the top general insurance companies in India, is present across India through a wide network of strategic business units, lateral spread centres and bima kendras. It offers a wide range of policies covering individuals, small, medium and large enterprises. From modest beginnings, it has become among the leading private general insurance companies in India.While IFFCO has a 51% shareholding, 49% is held by Tokio Marine in IFFCO Tokio General Insurance.

IFFCO Tokio – Our Accolades

During the last decade, IFFCO Tokio General Insurance Company India has demonstrated excellence in the field of general insurance and this has been recognized nationally through the various awards and accolades it has won. It has been regarded as one of the best general insurance companies in India.

What do we offer at IFFCO Tokio ?

IFFCO Tokio General Insurance is among the largest and most reputable non-life insurance providers in India. One of the crucial pillars of our business is the need for transparency in the way we have structured our products and services for end customers. In business for more than 15 years in India, IFFCO Tokio has provided a range of insurance products across key verticals.

Motor Insurance

IFFCO Tokio provides insurance for four-wheelers, two-wheelers and commercial vehicles. In addition to insurance coverage, IFFCO Tokio offers various add-ons to its customers, which can only be purchased with an online general insurance policy, such as an emergency support service which assists customers when their vehicle is immobilized for any reason.

Key Features of Four-Wheeler and Two-Wheeler Insurance Policy

Customers visiting the general insurance company online view the key features covered under four-wheeler and two-wheeler insurance. These include:

Additionally, IFFCO Tokio General Insurance company India also provides the following additional facilities to the customers.

What is Covered in Four-Wheeler and Two-Wheeler Insurance Policies?

The key factor here for a policyholder when purchasing motor vehicle insurance is the choice between a comprehensive policy and a third-party policy. Whilst the choice is up to the customer, for the complete safety and peace of mind of the policyholder, IFFCO Tokio General Insurance recommends that they select comprehensive insurance over third-party only insurance. The reasons are simple.

A comprehensive motor vehicle insurance cover protects the vehicle, its occupants, including the driver (if opted for) against mishaps that can occur while driving, or even when entering and exiting an insured vehicle. It also provides protection against and any third-party financial and legal liability. A comprehensive insurance plan provides protection against acts of God, also known as natural disasters, theft and personal accident coverage.

This coverage can be further enhanced through a selection of additional options, such as depreciation waiver, no claim bonus protection and towing charges coverage to name a few.

On the other hand, third-party only plans provide protection against legal liabilities that may arise out of injuries to a third-party, even if the policyholder is not directly responsible for the harm. It also provides protection to a third-party against damage or injury caused by the insured vehicle. According to the Motor Vehicles Act, 1988, every motor vehicle owner must have an active third-party insurance at least.

IFFCO Tokio General Insurance also offers commercial vehicle insurance for new and pre-owned vehicles. Customers purchasing the comprehensive commercial vehicle insurance can also opt for depreciation waiver which provides coverage against standard reductions for metal, rubber, plastic and glass parts. With the additional depreciation cover, customers can get 100 percent of the cost of accidental parts that are covered by the policy.

Health Insurance

Most people take their health for granted, especially in their youth. But the fact is that disease can strike at any age and without warning. With rising levels of stress, pollution, lifestyle-led diseases and instances of food adulteration, the risks posed on a human body have increased dramatically. This insurance type acts as a financial cover or protection against a number of medical emergencies. An insured person pays the premium at the predetermined intervals (as arrived upon through a general insurance calculator), and in return he or she is protected against the costs associated with medical emergencies. Individuals can also opt for a family cover. It is also a tax-saving investment option through which an insured can claim tax exemptions.

There are different types of policies available in this category from IFFCO Tokio General Insurance, such as Family Health Protector, Individual Health Protector, Individual Medishield Policy, Personal Accidental Insurance Policy, Critical Illness Insurance Policy and Health Protector Plus.

Key Features of Health Insurance Policy

IFFCO Tokio General Insurance recommends customers to invest in it as soon as they can. These policies from IFFCO Tokio offer many beneficial features, including:

Additionally, this health policy by IFFCO Tokio also covers vaccination and health check-up charges. It also covers alternative treatments like Homeopathy, Ayurveda, Sidha and Unani.

What is Covered in a Health Insurance Policy?

In addition to the above-mentioned key features, this insurance provides daily financial assistance to the policyholder equivalent to 0.20% of the sum insured for the duration of hospitalisation.

Pre and post-hospitalisation nursing and other medical expenses up to a maximum of 45 days for pre-hospitalisation and up to 60 days for post-hospitalisation expenses are also covered.

Policyholders can enjoy an accumulation bonus at the rate of 5 percent of the basic sum insured for each claim-free year, subject to a maximum of 50 percent and other terms and conditions. For the bonus to accumulate, the policy must be renewed within its validity period, subject to a maximum grace time frame of thirty days from the documented expiry date. Failure to renew the policy will result in cumulative bonus becoming lapsed. In case the policyholder makes claim post credit of the cumulative bonus, 5 percent will be reduced from the cumulative bonus in the next renewal cycle.

You also get coverage in case certain medical procedures require hospitalisation between 12 hours and up to a maximum of 24 hours, except in the case of day care surgeries. Room rent is reimbursed up to a maximum of 50 percent of the entitled room rent per day.

Subject to certain terms and conditions, a policyholder may also claim reimbursement for the cost of a health review once every four-consecutive claim-free years or renewals.

Once a policyholder makes a claim under the policy, the basic sum insured is replenished to the extent of the claimed amount of after a levy of premium as to ensure that the full basic sum insured is available during an active validity period. This reinstatement premium is normally deducted from the initial claim amount. The sum insured is not replenished in case of critical illness extension, cumulative bonus domiciliary hospitalisation, Ayurvedic, Homeopathic, Unani and Sidha hospitalization.

Policyholders are also entitled for reimbursement of the cost of vaccination subject to certain terms and conditions. Cost of vaccinations can be claimed at the end of every block of two policy period of 365/6 days, subject to a maximum of 10 per cent of the total premium paid less taxes, renewals were done in a timely manner, and no claims were made.

IFFCO Tokio respects senior citizens and has made special provisions as per the guidelines defined by the Insurance Regulatory and Development Authority, or IRDA.

Furthermore, these policies from IFFCO Tokio also provide a host of value-added medical and emergency services. These emergency services are subject to terms and conditions, such as the policyholder should be travelling within India and up to a minimum of 150 kilometres away from the residential address as mentioned in the policy schedule for less than 90 days. Where it is not reasonably possible to ascertain if the reported situation was an emergency or not, the benefit of doubt shall be given to the policyholder.

Travel Insurance

When travelling abroad, one can never be too careful, especially when health is in question. Travellers must remember that medical treatment in developed nations is very costly. And the possibilities of unforeseen accidents are a significant cause for concern. Apart from medical emergencies when travelling abroad, policyholder must protect themselves against loss of personal effects and baggage which can be a damper on the holiday spirit. It is better to stay protected through IFFCO Tokio General Insurance companies in Delhi which is one of the best general insurance company in India for overseas insurance policies for travel purposes.

Key Features of Travel Insurance Policy

What is Covered in a Travel Insurance Policy?

These policies are specially designed for international travellers by IFFCO Tokio General Insurance, and provide peace of mind from financially and mentally stressful events, such as accidents, illnesses and related medical expenses, costs of repatriation, baggage loss or delay, loss of passport and cancellation of a flight to name a few.

Having decades of experience in being an online general insurance company, IFFCO Tokio offers significant levels of customisation to its customers, depending on budgets, insurance needs, place and time of travel. Customers can expect personalized attention from IFFCO Tokio personnel in providing an insurance plan which suits their specific needs.

In addition to travel insurance for recreational travellers, IFFCO Tokio, as the best general insurance company in India, has created specialized products for policyholders travelling abroad for business and employment purposes as well. Under the Pravasi Bhartiya Bima Yojna which can be bought online, a policyholder has the following benefits:

IFFCO Tokio Pravasi Bhartiya Bima Yojna is a very reasonable policy where premiums start from as low as ₹275 plus tax for a two-year period. Utilize a general insurance calculator to understand the premium vis-à-vis the different amounts of coverage.

Home Insurance

As someone famously said, it takes a family to make a house a home. A home is often created at a great expense. It is an extremely expensive asset that is built over many years of hard work, love, sweat and tears. It is, therefore, no surprise that it is subject to great emotional attachments . Customers can purchase the best plans online from IFFCO Tokio website. and can calculate the premium using a general insurance calculator.

Key Features of a Home Insurance Policy

Home Suvidha Policy from IFFCO Tokio provides homeowners with peace of mind knowing that their home and its belongings are in safe hands. Here are some of the key features of this policy:

What is Covered in a Home Insurance Policy?

One of its greatest benefits of this policy from IFFCO Tokio is that it removes the stress that can be associated with owning a home, based on the risks mentioned above.

Whilst it is impossible to insure against all possible scenarios and turn of events, policyholders can rest easy knowing that they have taken adequate steps to safeguard their home, family members living in the home, expensive equipment and the superstructure against any financial burden during the hour of crisis. This policy can help customers tide over some unexpected events.

Why Buy General Insurance Online at IFFCO Tokio?

In 2014, a leading global information and measurement company conducted a market research, involving some 1000 up-worldly and high-income respondents from four Indian metropolitan cities.

Of the 1000 respondents who were interviewed, an overwhelming majority is reported to have looked up online general insurance, and a nearly equally large number attempted to buy online general insurance, while a healthy but still small percentage actually ended up buying it. These are early and healthy signs that the insurance industry is ready to move into the digital age.

When it comes to buying insurance online, here are some of the reasons why millennials prefer the Internet to purchase their insurance online.

IFFCO Tokio also believes it adds a human touch that is necessary to provide any additional comfort a customer may need before taking the decision. For the foreseeable future, a humane approach for buying and renewing insurance is seen.

IFFCO Tokio General Insurance company online continues to evolve its online offering with newer, more innovative products and solutions that meet and exceed the expectations of its customers.

Read Our Website and Blog for Everything General Insurance

Before purchasing an insurance policy, it is extremely important to read and understand all necessary and relevant information about it, about the insurance provider, such as IFFCO Tokio General Insurance and compare the products and services before buying.

The blog on the IFFCO Tokio General Insurance website has been broken down into broad categories, and each category is updated with the latest informational blog on a regular basis, and the articles are usually placed on the basis of the most recent first.

The blog is also searchable on the basis of topics that are popular, recent and have the most recent comments, which makes it even simpler to locate information that may be relevant to a customer, or existing policyholder or someone who is just wanting to update him or herself.

Visitors to the online website of IFFCO Tokio General Insurance will also find interesting and off-beat topics such as Staying Healthy This Winter, or 9 Ways to Reduce Your Risk of Cancer, Insurance as a Festive Gift, Your Step by Step Guide to Packing. The range of information is astounding. The reason for this is that being a leading insurance company in India, IFFCO Tokio believes in being transparent and providing information that will help their customers in situations beyond their core business of insurance as well.

The depth of information that is available in the blog section of IFFCO Tokio website is vast, relevant and current. If a customer has time on their hand and is looking to learn something new, this is a great section to visit with hours of reading pleasure.

What is General Insurance?

General insurance is a type of insurance that protects certain things which individuals or businesses value, such as vehicles, valuables and homes from the monetary impact of big and small risks. These could include risks from flood, earthquake, fire, storm and earthquake, and also from theft, accidents, or mishaps.

Offered by general insurance companies in India, it even helps cover risks that may arise from an individual’s action, such as court cases from aggrieved parties against a policyholder. It is up to the policyholder to assess the type of risk he or she is most susceptible to, and accordingly choose the most appropriate policy that provides the relevant cover and the desired features.

To give some examples:

How Does General Insurance Work?

Quite often, general insurance works when many individuals or businesses in a particular area share similar risks. The cost of providing a general insurance policy is made by calculating a lot many pre-defined parameters derived via thorough analysis. This calculated set of assumptions is known as underwriting. When this cost of risk is spread between many individuals or businesses, it brings down the proportion of cost that every individual would have to bear, thus making it affordable for many people to avail general insurance.

A General Insurance Policy may also be defined as a contract that does not conform to the ambit of life insurance. Though general insurance assumes various forms, the most popular versions offered by general insurance companies in India are marine, automotive, fire and accident.

Physical assets are susceptible to damage. Hence, there is a need to protect the monetary value of the assets. It is for this purpose that products are created around general insurance to provide protection against contingencies that cannot be predicted or foreseen.

Important Tips to Consider When Purchasing a General Insurance Policy in India

Home Insurance: A home is created using significant investments, and very often it leads to a large debt that has to be repaid over a very long timeframe. Families live in a home for generations, and most often it becomes an heirloom. Having said this, it is surprising to note how often this heirloom is ignored and is the least in the order of priority. But make no mistake, as a home can also be subject to the vagaries of nature, natural disasters, fires and thefts.

When considering such a policy, it is important to make a list of all the assets, both movable and immovable, including the building itself. The next step should be to assign a fair value to the assets. It would then be important to consider the replacement costs of the assets in case of any disaster.

It may also be worthwhile to consider the environment, and research any history of natural or other disasters that may have occurred or have a probability of occurring in the future, such as fires, floods or earthquakes. Customers can then research and choose a relevant general insurance product online that suit their particular needs.

Motor Insurance: While the road infrastructure in India is in a progressing phase, you still tend to come across traffic lights that are often not working, and there is a dangerous mix of traffic, including pedestrians, animal driven carts, cyclists, two-wheelers, four-wheelers and other large vehicles like trucks and buses all at the same time.

It is hence an inherently unsafe place. While the regional transport authorities mandate that a vehicle not be driven without sufficient insurance, quite often people tend to ignore investing in a good policy. It is important to realize that a comprehensive insurance policy not only protects the vehicle, it also protects the occupants, the one who is driving it, and third-party individuals and properties.

It is observed that people often tend to purchase cheaper third-party only policies. While it may meet the mandate set by the Motor Vehicles Act 1988, it is dangerous as it leaves the occupants and driver, or a rider unprotected in the case of a mishap. To select the best general insurance company in India which has an apt insurance plan in place, and consider researching from the many good insurance providers in the market, like IFFCO Tokio General insurance before deciding.

Travel Insurance: Be it travelling by road, rail or air to destinations that are unknown or located abroad, it is important to consider investing in a good travel policy. Though rail and air travel is fairly safe nowadays, especially when compared to road travel, you should never leave anything to chance.

From simpler non-threatening but irritating issues like loss of baggage to serious illness or even death, this policy protects the policyholder in case of such mishaps, illnesses, as well as short or prolonged hospitalization in a foreign country. In case of a serious mishap that leads to the death of the policyholder, this insurance type provides finances to the next of kin.

Health Insurance: With ever increasing levels of stress, growth of lifestyle diseases and the high cost of hospitalization, the need for a comprehensive health policy cannot be overemphasized. Yet, many Indians consider investing in this insurance at a much later stage in life.

While the reasons are unclear, certain observations can be deduced. From being over-confident in one’s health in the younger years and having different priorities to being ignorant or plain careless. Ideally, it is important to consider purchasing such a policy early in life. This ensures that the premiums are low, and any exceptions can be dealt with during the younger years.

Before going ahead with the purchase, review any family history of pre-existing diseases, such as heart attacks, diabetes, or cancer. Make sure you research the different insurance providers, especially for claim settlement ratios, or CSRs. The higher the CSR, the better the insurance provider is in settling claims. Next, look at insurance providers with a pan India network of partner hospitals. Remember, it is easier to claim cashless treatment in network hospital. Look for insurance products that provide coverage for both in-patient and out-patient treatment, post-operative care and loss of income during hospitalization. When making a decision on the cover value, seek advice from experts like ours at IFFCO Tokio. In general, customers may also seek guidance from trusted friends and family when making these decisions.

These are just some of the important examples of general insurance policies offered by general insurance companies in India, and not an extensive list. It is important to remember that insurance is a safeguard measure.

Why Invest in General Insurance?

There is much that has been said about the need for insurance in various shapes and forms. The Internet is replete with examples, situations and scenarios that paint a concerning picture for people who may scoff at the need for insurance.

The facts, however, point to a clear and pressing need for insurance because of the uncertainty of life.

It is the sincere belief of IFFCO Tokio that people realize the need for insurance and take the required steps to get themselves, their families, property and businesses insured, and that belief goes into conceptualizing the insurance products we offer.

After undertaking extensive research, IFFCO Tokio was able to understand some common concerns faced by people prior to investing in an insurance policy that meets their needs.

What is the Procedure to File a Claim?

A general insurance company India policy is a contract between the policyholder and the insurance company that means that as per the agreement between the two parties a claim can be raised by the policyholder. However, there are a number of points that need to be taken into consideration to ensure that the claim filed is accepted.

The procedure to file a claim depends on the policy type as well as the circumstances that a claim is filed.

How to File a Health Insurance Claim?

There are two ways that policyholders can apply for health insurance that include:

Cashless Health Insurance Claims

A cashless claim can be made at a hospital which is a part of the network. Policyholders must get in touch with the third party administrator using the helpline number to complete formalities for a cashless request and the membership number must be quoted.

There are two types of cashless health insurance claims:

Filing a Cashless Health Insurance Claim

The process to file a cashless health insurance claim is relatively simple as long as all the steps are followed in the correct sequence. The steps are as follows:

It must be noted that the turnaround time after the receipt of the supporting documents is 24 hours.

Reimbursement Health Insurance Claims

A reimbursement health insurance claim can filed if cashless claim is not approved or if the treatment availed is not at a network hospital. Policyholders must get in touch with the third party administrator using the helpline number to complete formalities for a reimbursement claim request and the membership number must be quoted.

Filing a Reimbursement Health Insurance Claim

The process to file a cashless claim is relatively simple as long as all the steps are followed in the correct sequence. The steps are as follows:

In order for the reimbursement claim to be accepted the following documents needs to be submitted to the Tokio office along with the reimbursement claim form:

It must be noted that the team processing the claim request for additional documents before taking a call on the claim status. Each claim will be processed when all the required documents are furnished.

Once the claim is processed a cheque will be sent to the policyholder and, in case, the claim gets rejected then a repudiation letter will be sent to the policyholder. The average turnaround time for claim settlement is not more than 20 days starting from the date the documents were received.

How are Payments for Reimbursement Health Insurance Claims Made?

All the claims that have been cleared for reimbursement will be payable only in Indian currency and, therefore, the general insurance is applicable in India alone. IFFCO Tokio is not liable for any penalty or interest to be paid as per the policies stipulated by IRDA regulations.

Also, if a claim is admissible then it will be paid to the legal heir of the policyholder in the event of the policyholder’s demise.

How to File a Motor Insurance Claim?

In order to file a motor insurance claim, policyholders must keep in mind the following points:

It must be noted that each policy is different form the other and hence the claims that might be covered under one policy might differ from another one. For this reason, it is essential that the policyholder goes through the terms and conditions of the policy before filing a claim.

What Claims can be filed by Private Two Wheelers?

The claims that are filed under motor policies, private two-wheelers, include:

The steps that policyholders must take in the event of an accident include:

Once all these procedures are competed then the repairs can be carried out. The insurance company will settle the bills with the garage directly or reimburse the policyholder, depending on the situation.

What Procedure is followed Filing Own Damage Claim?

In order to file a claim, the procedure to be followed by the policyholder is as follows:

What Documents need to be submitted to File Own Damage Claim?

The documents that need to be submitted, along with copies, that are required to file own damage claim include:

Additional documents may be requested while the claim is being process that need to be submitted at the earliest. Also, all losses or damages will be accessed and surveyor the claim and mode of settlement will be decided upon by the surveyor.

Policyholders must cross-check and verify all the details that are submitted.

What Procedure is followed Filing Theft Claim?

In order to file a claim, the procedure to be followed by the policyholder is as follows:

In case there are specific queries that a policyholder must contact the general insurance company to get a clarification and move forward to file a claim, if applicable.

How to File a Travel Insurance Claim?

Travel insurance provides policyholders protection from a number of situations while one is traveling abroad. IFFKO Tokio provides 24 hour assistance worldwide to policyholders.

The best way get in touch with the insurer is to dial the international access code and the UIFN number. For example, if the number is 800 80008400 then the number dialled with the international access code is + 800 80008400.

How to File Other Claims?

In order to file other claims, the following must be kept in mind:

For specific queries related to each of these claims procedures, policyholders can get in touch with a representative from our side.

FAQs on General Insurance

What are the different types of insurance categories?

An insurance policy is categorised into two broad categories:

What does general insurance cover?

General Insurance is an insurance policy that provides a monetary value to a policyholder in lieu of the loss suffered by him or her. General insurance is usually categorised as follows:

What does insurance coverage mean?

Insurance coverage is the amount for which the customer has taken an insurance policy. For example, a customer can purchase a home insurance for the value of ₹50 lacs. Hence ₹50 lacs become the insurance coverage for the customer’s home. This is the amount which will be paid to the customer in case the customer’s home is damaged due to any reason.

What is a premium?

Premium is the amount paid by a customer for the insurance coverage to the insurer. In other words, it is the total that a person pays quarterly, monthly, or annually as per their insurance plan, and can be computed using a general insurance calculator.

What do the terms insurer and insured mean?

Insured is the policyholder, or the customer and insurer is the company that provides the insurance.

Who is a beneficiary?

The beneficiary is someone who is nominated by the insured to receive the insurance claim in case of any unforeseen circumstance. For example, in case of life insurance, a wife may be nominated to receive the insurance amount of her husband’s policy, but in case of home insurance, the beneficiary is the customer who has taken an insurance policy for his or her home.

What is a no-claim bonus?

When a policyholder does not make a claim in the preceding year of a policy, he or she may be entitled to receive a no-claim bonus benefit, which usually lowers the premium on the following year.

What is meant by the term deductible?

Depending on the type of insurance cover, the term deductible is usually an amount that has to be mandatorily borne by the customer. For example, in a standard motor vehicle insurance policy, glass, metal and plastic parts are not fully reimbursable. This does not apply to a zero-depreciation motor vehicle insurance policy.

What does the term annuity mean?

The term annuity usually means an amount paid by the insurance company to the insured at regular intervals as defined in the policy document. It is normally found in retirement plans that supplement income once a policyholder is no longer capable of working.

What does the term surrender value mean?

Surrender value is the amount that is payable to a policyholder at the time of policy maturity or closure. Once a policy is closed the surrender value is paid to a policyholder, and the policy ceases to exist.

What does indemnity mean in the context of insurance?

Indemnity in insurance usually means a compensation in case a third party makes a claim against the policyholder. For example, a customer may make a claim for injury against a gym owner. It is most often found in business insurance.

What is an ombudsman?

An ombudsman is an authorised person who is appointed to represent the interests of the customer through impartial investigation against any claims of violation of rights or maladministration. An ombudsman is appointed usually by the government and is fairly autonomous in his or her function to arrive at impartial facts of a case or claim. Many companies appoint an unofficial ombudsmen to comply with local laws and instil confidence in customers.

What is utmost good faith?

Utmost Good Faith is a key founding principle of insurance. The policyholder is obliged to voluntarily disclose all information factually and accurately to the insurance provider that may or may not have a bearing on the type of insurance required.

What is meant by Insurable Interest?

A customer has the right to insure anything is that is personal value, the loss of which will result in a financial loss. This is known as insurable interest.

In the business of insurance what is the difference between an agent and a broker?

In the business of insurance, an agent represents only one insurance company, whilst an insurance broker can sell policies of multiple insurance companies. In other words, a broker represents a customer’s interest.

What is the meaning of Proximate Cause?

In the likely event that the loss to a customer is caused by more than one reason, it is necessary to decide the more relevant reason for the loss. For example, if a fire breaks out in a home, but that resulted in water damage due to the melting of water pipes, the assessor will decide the most proximate cause of the loss.

Can a policyholder claim any amount of compensation irrespective of the extent of loss?

The answer is negative. An assessor will estimate the loss basis calculations like depreciation and policy excess so that the compensation is as per the loss suffered. An insurance policy should not be treated as a means to a profit. However, certain policies do provide compensation to the extent of the market value of replacing the damaged asset.

What is a TPA and its role?

TPA, also known as a Third Party Administrator is an IRDAI licensed entity. They act as representatives to insurance companies to provide services, such as guiding policyholders about their claims, issuance of photo identity cards, issuance of approvals for cashless and process, and settle claims for reimbursement.

**To understand exactly about the policy coverage, exclusions etc, please read the Policy Wording carefully.**