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 from theft, accidents, or mishaps.
Offered by general insurance companies in India, it even helps cover risks that may arise from an individual’s activities, 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:
If a policyholder lives in an area that is prone to floods, it is a good idea to seek a general insurance policy, either through a website or by meeting with a consultant face-to-face. A policy that provides protection from other “acts of God” may not be as relevant.
If a policyholder happens to travel frequently, it is a good idea to invest in a travel cover, which has a comprehensive set of travel modes, and covers a wide range of risks associated with those modes of travel.
If a policyholder purchases a new car, it would be advisable that he or she invests in a good motor vehicle insurance plan , which covers all forms of damage that may be caused to the automobile, innocent bystanders and third-party property, and for the person driving the vehicle at the time of the accident.
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.
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.
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.
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 that assists customers when their vehicle is immobilized for any reason.
Customers visiting the general insurance company online view the key features covered under four-wheeler and two-wheeler insurance. These include:
For an additional cost, customers can opt to remove the effect of depreciation on parts that are written-off due to accident led to damage, such as plastic, fiber, metal, and glass. In other words, customers can expect to receive up to a maximum of 100 percent of the part cost if they opt for depreciation waiver protection.
IFFCO-Tokio General Insurance’s comprehensive motor insurance covers a variety of damages that can occur due to vandalism, theft, birds or animals, or damage caused by falling objects, fire, flood and natural disasters, such as wind storms, hail storms, tornados, and hurricanes.
Customers purchasing a motor vehicle policy for a new four-wheeler can opt for the “no claim bonus protection”. Under this feature, the no claim bonus benefit will not be affected in case the windscreen glass, door glass or the rear glass get damaged due to any reason. It is not applicable to metal, rubber, plastic or fiber parts.
If in case the vehicle is written off completely, IFFCO Tokio General Insurance company online will pay the difference between the latest insured declared value, or IDV and the current ex-showroom price, and the insurance along with the registration cost to the policyholder. This feature is subject to a maximum vehicle age limit of 8 years.
In case the vehicle is immobilized due to an accident, IFFCO-Tokio General Insurance arranges for a towing facility to the nearest garage or pays reasonable towing charges in lieu of the policyholder, subject to the condition of the vehicle and final decision of the company. In addition, the permissible limits may change from time-to-time.
Another great feature of this policy from IFFCO Tokio is the personal accident cover for insured passengers and drivers. The vehicle owner can also opt to insure them in case of bodily harm, disablement or death caused by an accident in which the insured vehicle is involved.
Additionally, IFFCO Tokio General Insurance Company India also provides the following additional facilities to the customers.
Service assistance in case of a battery problem, flat type or lost keys at home or roadside
Customers may also request up to 5 liters of fuel where they are stranded
Taxi service in case the vehicle is not in driving or riding condition
Coordination for nearest hotel accommodation
Coordination for the nearest hospital in case of injury
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 active third-party insurance at least.
IFFCO-Tokio General Insurance also offers commercial vehicle insurance for new and pre-owned vehicles. Customers purchasing comprehensive commercial vehicle insurance can also opt for a 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.
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.
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:
Under this category, the policy covers a significant portion of in-patient expenses, such as room rent, nursing expenses when not included in room rent or in case of in-home treatment, doctor’s fee, costs related to medicines and investigative tests.
Policyholders can rest easy knowing that they can call for an ambulance at the time of emergency since the policy covers ambulance charges as well.
This policy also covers expenses related to critical illnesses, including cancer, heart attack and coma of a particular severity. It also covers dialysis in case of kidney failure, multiple sclerosis, open-heart surgery, paralysis and many more.
An emergency can occur anytime and can often require specialized and immediate medical assistance. IFFCO Tokio’s individual and family health policies are specially designed to remove the stress during an emergency.
Policyholders can claim pre and post-hospitalization expenses, such as costs related to medical expenses, doctor’s fee and physiotherapy.
Get coverage for more than 120 different forms of surgical procedures.
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.
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 hospitalization.
Pre and post-hospitalization nursing and other medical expenses up to a maximum of 45 days for pre-hospitalization and up to 60 days for post-hospitalization 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 period of thirty days from the documented expiry date. Failure to renew the policy will result in a 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 hospitalization between 12 hours and up to a maximum of 24 hours, except in the case of daycare 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 after a levy of premium 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 hospitalization, Ayurvedic, Homeopathic, Unani and Sidha hospitalization.
Policyholders are also entitled to 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 periods of 365/6 days, subject to a maximum of 10 percent of the total premium paid fewer 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 of India.
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 traveling within India and up to a minimum of 150 kilometers 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 the doubt shall be given to the policyholder.
When traveling abroad, one can never be too careful, especially when health is in question. Travelers must remember that medical treatment in developed nations is very costly. In addition, the possibilities of unforeseen accidents are a significant cause for concern. Apart from medical emergencies when traveling abroad, the 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 company, which is one of the best general insurance companies in India for overseas insurance policies for travel purposes.
This policy from IFFCO-Tokio provides complete peace of mind through a comprehensive cover, which includes all medical expenses, dental treatment, transportation to the hospital and a daily allowance whilst the policyholder is hospitalized. It also covers support costs for emergency assistance.
Picture this. A traveler waiting at the conveyor belt only to realize that the last bag has been delivered and his or her bag have not arrived. This is a recipe for disaster and can ruin anyone’s holiday, especially if the bag contains important items of clothing, documents, electronics, jewelry or other items of great value. It is not an unimaginable scenario when one considers the statistics. In 2016 alone, more than 20 million bags were misplaced or mishandled according to SITA (Société Internationale de Télécommunications Aéronautiques). The figure is astounding indeed. This policy by IFFCO Tokio covers passengers in case of such emergencies.
When traveling abroad, the single most valuable document is a valid passport. Its loss can lead to a significant headache and stress. The policy covers passengers in case of such an emergency.
This insurance policy covers travelers for legal costs due to any reason.
In the unfortunate event the policyholder is injured in an accident for any reason, or embroiled in an unforeseen and unpleasant event, the policy provides coverage up to a pre-specified limit.
A hijacking can be an extremely unpleasant experience for a traveler that could lead to hours, days or even weeks of sustained stress. This policy provides a daily distress allowance for the duration of hijacking.
These policies are specially designed for international travelers 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 customization 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 travelers, IFFCO-Tokio, as the best general insurance company in India, has created specialized products for policyholders traveling 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:
Under this section, a policyholder is entitled to a compensation of ₹10,00,000 (ten lacs) against accidental injury leading to death or permanent total disablement.
This policy covers the repatriation of the mortal remains of the policyholder to India, as well as the airfare of one attendant.
This policy also covers the hospitalization costs of the policyholder to India up to ₹100,000.
A policyholder is covered up to ₹45,000 in case of litigation with a co-worker or employer.
If in case the policyholder loses his or her job, the insurance policy covers transportation costs to India.
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.
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 the IFFCO-Tokio website. and can calculate the premium using a general insurance calculator.
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.
Home Suvidha Policy provides cover against calamities, such as fire, explosions, earthquakes, and floods.
The policy also provides adequate cover against manmade disasters, such as robbery, riots, arson, and strikes.
The policy covers expensive household electronic equipment, including personal computers, televisions, radios, home theatres and much more.
Home Suvidha Policy provides cover for you and other related named persons residing under the same roof against personal accidental injury.
Home Suvidha Policy provides cover for damage that may occur to the superstructure of the policy holder’s home including garages, terraces, foundation, and swimming pool.
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.
In 2014, a leading global information and measurement company conducted 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.
The Premiums are Lower
The reason why premiums are lower online (as per general insurance calculator) when compared with offline is that the insurance companies like IFFCO-Tokio General Insurance are able to save some overhead costs, such as the cost of setting up and managing an offline sales and distribution channel, infrastructure and other overhead costs.
It’s not to say that the company does not have or need to invest in offline infrastructure, but the quantum is lesser when compared with a pure offline driven company. IFFCO-Tokio is happy to pass on the cost-saving benefit to the end consumer.
Customers are able to browse the different types of policies on the IFFCO-Tokio web site at a click of a button. All the relevant information is provided quickly and easily. Compare that the earlier days where a customer would have to schedule an appointment with a consultant, understand the policy, make a cheque or demand draft payment which would be subject to clearing.
Now a customer simply visits the site, reviews the policy information, enters all the personal details, uploads any mandatory documents and makes the payment through credit card, debit card, Internet banking or mobile wallet. The process is complete within a matter of minutes, and the policy becomes active almost immediately.
Our website and buying process are intuitive
All the information is available on the IFFCO-Tokio website just how a customer needs it. This makes purchasing insurance policies online very flexible, both in terms of available information and as a time-saving tool. Nowadays, customers prefer to do it themselves, right from form filling to making a payment as well as check the premium to be paid using a general insurance calculator.
The IFFCO Tokio website is intuitive and engaging. Once a customer creates a profile and enters all the required information. The profile helps in selecting the right product, filling the form and uploading the relevant documents and finally making the payment. It not only saves paperwork but is also useful for the environment since the need for photocopies of all proofs is removed.
Informed Decision Making
Seeking and finding recommendations from friends and family also helps in making the right insurance decision. Many customers look for prior usage reviews, opinions and suggestions from friends and family.
Ease of Access and Servicing a Policy
Many claims are often rejected because of incomplete or incorrect details submitted by the customer during form filling. With the entire process becoming online, the policy documents and claim forms are stored online.
The need for the customer to maintain the paperwork is now almost completely removed from the equation. Since the information is all available online, IFFCO-Tokio is also able to remind the customer through various methods, such as emails and SMS messages on the premiums due from time to time.
This reduces or nearly eliminates the need for the customer to track the policy himself or herself.
Excellent Customer Care Service
Most customers would agree that purchasing an insurance policy is an intensely personal decision that may also require human interaction. For that purpose, IFFCO-Tokio also arranges for face-to-face meetings with prospective customers to answer any doubts and queries.
IFFCO-Tokio also believes it adds a human touch that is necessary to provide any additional comfort a customer may need before making 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.
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 traveling 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 are 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 hospitals. 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.
Insurance plans in India can be divided into two broad categories:
All non-life insurance plans such as motor, home, health, travel, etc. are categorized as general insurance plans.
A general insurance policy protects the things you value such as your home, your health, your motor vehicles, and even your travel plans. With a good general insurance plan by your side, you are safeguarded against the financial impact of numerous unfortunate events that can cause harm to you and/or your valuables. Some general insurance plans are also mandatory as per law. For instance, you cannot ride or drive a vehicle in India without a valid bike/car insurance policy.
We all need general insurance in some form or the other. For instance, health insurance holds immense value for each and every one of us, especially with healthcare expenses going through the roof.
If you own a car or a bike or a commercial vehicle, then you need to get motor insurance to meet legal mandates and safeguard yourself against the perils of the road. If you love going on holiday or make several work trips in a year, it makes sense to get the protection of a travel insurance plan. Finally, if you own a house or rent an apartment, then home insurance provides financial protection against unfortunate events such as theft, fire, vandalism, etc. that can damage the structure or the contents of your home.
As such, general insurance plans offer value to almost everyone. You should definitely look at the various plans available in the market and see which ones can help protect the things you hold dear to you.
Insurance coverage is the maximum compensation the policyholder is entitled to receive by way of their insurance policy. For example, if you have a home insurance plan with a coverage amount of Rs. 50 lakhs, then you will receive payouts up to the said amount in case your home is damaged due to an unfortunate event covered by your policy.
You need to pay a certain amount to the insurer to enjoy the coverage of a general insurance policy. This amount that you pay is known as a premium. It can be paid monthly, quarterly, yearly, etc. depending on the type of plan you have.
The premium of your general insurance policy depends on numerous factors. Keeping this in mind, most general insurance companies in India have premium calculators on their websites. General insurance calculators are simple online tools that compute the premium of your insurance plan based on your personal details & your coverage needs.