Coverage offered by Home Family Protector Policy from IFFCO Tokio
This home protector insurance policy comprises of 12 sections, and provides comprehensive protection to you, your family members, domestic help, valuables, and other assets.
Following is the detailed section-wise coverage offered under this policy which has been rated highly in many home protect insurance reviews: -
- Fire and Allied Perils (Section 1)
Under this section, your house is covered along with your possessions against incidents such as fire, flood, earthquake, cyclone, explosion, riots, strikes etc.
Following expenses are also covered under the home protect insurance policy, at no extra cost: -
- Expenses for complying with government regulations after damage.
- Possessions that have been sent to a new place acting as a temporary residence
- A fortnight before and after the marriage of any of your family member, the sum insured is automatically increased.
- Expenses covered under section 2.
Following expenses are also covered under the policy, at an additional cost: -
- Professional charges of architects and surveyors for supervision of construction process.
- Expenses related to removal of the debris.
- Enhancement of the sum insured for protection against inflation throughout the year.
- Loss on account of rent foregone as a Landlord.
- Loss on account of payment of additional rent as a Tenant.
- Burglary and other Perils (Section 2)
Under this section, the property and belongings described under Section 1 are covered against incidents such as Theft, robbery, housebreak, and dacoity. Under this section, impact damages are also covered, i.e.damages inflicted due to the impact caused by falling trees, aerial dishes, streetlights or caused by civic authorities during rescue operations.
- All Risk (Section 3)
Under this section, loss incurred due to accidents, misplacement or misfortune. Losses incurred due to expensive items such as Gold, Silver, Precious Stones, Metals, watches, clocks, video cameras, photography cameras, musical instruments or sporting equipment including guns.
- Fixed Glass and Sanitary Fittings (Section 4)
Under this section, reimbursement is provided for losses caused due to accidental breakage of glass and sanitary fittings. It includes losses caused due to any such breakage including the cost of frame, painting and damage caused to other goods in your house.
- Electronics Equipment (Section 5)
Under this section, reimbursement is provided for damages caused by electronic equipment such as a computer, fax machines and other data storage peripherals that might have been installed at your home.
- Home Equipment including Mobile and PC (Section 6)
This section covers losses incurred anywhere around the world due to damage caused to television, PC, cell phones, laptops or other electronic gadgets.
Under this section, your pedal cycle is covered against damages caused inclusive of third party liability due to death, accident, injury or damage to property.
- Breakdown of Electrical/Mechanical Appliances (Section 7)
Under this section, loss caused due to the electronic or mechanical breakdown of electronic or mechanical appliances such as washing machine, air conditioner and refrigerators till they are seven years old, is covered.
- Personal Accident (Section 8)
Under this section, you and your family members are covered against injuries, dismemberment, disablement, or death caused due to accidents. There are several benefits provided free along with this coverage for expenses such as: -
- Dead body transportation expenses
- Ambulance Service Expenses
- Education Fund for children
- Cost of rehabilitation of the insured person
- Cost of modification of house or vehicle due to such disability caused by injury
- Reimbursement for loss of employment benefits
- Loan Payment Protection (Section 9)
Under this section, insured person is covered against payment of his/her monthly EMI liabilities on account of purchase of a house, car or other household equipment. This coverage is available if the insured person has been disabled or is seriously injured or gravely sick, and offers reimbursement for up to a maximum duration of 12 months.
- Baggage (Section 10)
Under this section, coverage is provided against losses incurred due to theft or misplacement of baggage belonging to you or any of your family members while you were travelling anywhere in the world for holiday or business purpose.
- Liability (Section 11 A/B/C)
Under this section of our home protector insurance, coverage is provided against liability towards public on account of damage to property, grievous injury or death caused due to the accident. It also covers the liability on account of your employees for death or injury caused due to and during their employment under you as per the Workmen’s Compensation Act or other relevant legislation.
Under this section, your legal liability towards the landlord as a tenant is also covered, as per the terms and conditions of the tenancy agreement. Losses that are covered include damage to electronic equipment, installation or to the structure of the building as per provisions of Section 1 and Section 2 of the policy.
- Increased Living Expenses (Section 12)
Under this section, you are covered under the cost incurred by you due to damages caused to your house as per Section 1 when your house has been rendered inhabitable. Following expenses are covered under this section of the home protect insurance policy: -
- Evacuation cost incurred for yourself, your family and domestic help
- Emergency Medical Treatment cost for injuries sustained due to damage to the house
- Expenses incurred due to the removal of contents of your home
- Expenses incurred at a Hotel or Motel for stay due to damage to your house.
Following expenses are also covered under the policy, at no extra cost if your house has been totalled due to fire, flood, storm and earthquake: -
- Catastrophic Emergency Expenses for food, clothing and shelter
- Mortgage discharge fee if the damage has been caused due to perils mentioned under Section 1.
Important Points to Remember
Following are a few key points that you must note regarding the importance of the sections mentioned above: -
- Out of the twelve sections mentioned above, you must subscribe to coverage of at least five.
- Regarding Section 1 to 7, the coverage is on the reinstatement value basis wherein the sum insured should represent the value of the newly purchased item of same or similar quality. It should include the cost of freight as well as applicable taxes. This is not applicable to clothing and linen items from Section 1 and 2.
- There is no maximum limit specified for sum insured under any section of the policy. Though there are few specific sub-limits, for which you must refer to the policy document.
- Regarding Section 1 to 7, if the value of the property is more than the sum insured during the time the damage occurred, then your claim would be reimbursed in the same proportion.
Benefits of Home Family Protector Policy from IFFCO Tokio
You must understand that damage to your house not only causes you monetary loss, but it also causes significant emotional pain when you need to rebuild everything from scratch. The whole process is tiring, painful and tedious. The home protector insurance policy from IFFCO Tokio offers numerous benefits. With the comprehensive benefits offered by our Home protect insurance, you are saved from such hassles. Following are the key benefits offered by our policy: -
- Protection against Loss of Valuables: In addition to offering protection to you, your family members and your house against any damages or injuries caused due to any reason acceptable under the policy, you are also insured against loss of your precious and valuable belongings which were kept inside the house. It includes valuables such as electronic appliances, furniture etc. Replacing these valuables in the absence of an insurance policy would be practically impossible for you.
- Protection against Third Party Liabilities: Our home protector insurance policy also provides your coverage against liabilities towards the third party, which might have been incurred while they were inside your house or out of the damage caused to the house when they were around it. In such cases, you and your family members are legally liable to compensate the third party for the losses incurred. But with coverage of our policy, you need not worry about such expenditure, as we would take care of it.
- Protection against Calamities (Natural and Man-Made): Our policy enables you to recover from the significant financial losses incurred due to natural calamities such as flood, storm earthquakes etc. We also cover you against man-made calamities such as strikes, theft, burglary, or other acts carried out with malafide intentions.
- Easy to Avail Home Loans: Our home protector insurance is regarded highly by banks, and if you are enjoying the coverage of our policy, it is relatively easy for you to obtain a loan against your house. Most banks and financial institutions at present demand insurance coverage for homes against which the loan is being sought.
- Protection against Loss of Rent: Our home protect insurance policy would reimburse you against the losses incurred due to loss of rental income. This benefit would be available if your house has been rendered inhabitable due to the damages caused and there are no tenants living there now.
Although IFFCO Tokio aims to offer the maximum available benefits for you and your family, under certain circumstances, the claims are not approved. You should carefully understand these exclusions and carry out a thorough home protect insurance review, to make sure that it is not the case in your policy otherwise the coverage offered would be ineffective. Following are the key exclusions of our home protector insurance policy: -
1. War Risk
Damage as a consequence of war, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil
war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalisation, civil commotion or loot or pillage in connection therewith.
Any Damage due to confiscation, commandeering, requisition, detention or destruction by order of any Government or lawfully constituted authority.
3. Nuclear Risk
Any Damage to property, consequential loss, legal liability or bodily injury, illness, disease directly or indirectly caused by or contributed to by or arising from:
- Ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel.
- The radioactive, toxic, explosive or hazardous properties of any nuclear assembly or nuclear component.
4. Wear and Tear
Damage caused by wear and tear, depreciation and/or gradual deterioration.
5. Consequential Loss
Consequential loss of any kind or description including any reduction of market value beyond the cost of repair or replacement. However this exclusion will not apply to Section 12 (Increased Living Expenses).
6. Existing Damage
Any damage, injury, accident, disease or illness occurring before cover commences under the Policy.
7. Matching of Items
The cost of repair or replacement of any undamaged or unbroken items or part of item forming part of a set, suits or other article of uniform nature, colour or design (including area of carpet) when damage or breakage occurs within a clearly identifiable area or to a specific part and replacement cannot be matched.
It is very essential that you read and understand these exclusions thoroughly. You should make a reasonable effort on your part as well as on the part of your family members to make sure that you do not violate any provisions of the home protector insurance policy.
How to Buy IFFCO Tokio Home Family Protector Policy
Now that you have gone through all the features and benefits of our family protect insurance, we shall discuss the process involved in subscribing to the policy.
- Where to purchase:
We understand that you must be busy with other important tasks and in the meanwhile are unable to find out time to subscribe to our family protector insurance plan. In order to make the whole process convenient for you, we offer you multiple channel options from where you can subscribe to the policy according to your comfort level. The home protect insurance policy would offer you all the benefits that you are entitled to as well as comprehensive coverage against the chosen damages, irrespective of the channel you choose to purchase the policy.
We have explained the detailed procedure to subscribe to a Home Protect Insurance policy below. Please go through it carefully and then decide as to which channel you prefer to purchase the policy.
Our vast network of company offices as well as channel partners are spread out throughout the country and are always willing to help with your insurance needs. You can discuss all your requirements with our company representatives or channel partners and get all your queries resolved.
- Customer Care Support: Our customer service executives are fully trained in all aspects of our home protect insurance policy. They are only a phone call away and are available round the clock to help you with all your queries. You can discuss all your requirements with them in detail, and they will help you with a selection of the most suitable insurance plan and also help you complete the online application process. For instance, if you’ve read home protect insurance reviews and have a query thereafter, you can get in touch with our customer support division.
When you are ready to purchase our most comprehensive home protect insurance policy, you can call on our toll-free customer care no1-800-103-5499 You just let our executive know that you are interested in buying a policy and need their assistance with the process. To initiate the process, they will then fill out all your relevant details and generate a proposal number. Thereafter, they will let you know the various documents that you must keep ready along with the cheque for the premium payment. They will then fix up a suitable time for you and send our company executive at your address, to collect the documents and cheque. As soon as your cheque is cleared, your policy comes into effect. You will receive a copy of the policy document through courier.
- Company Offices: IFFCO Tokio enjoys a wide presence throughout India through our company branches located across all major cities. Our staff members here are always willing to help you with all your questions and queries. You can walk-in to any of our offices during working hours and discuss all your requirements in regards to our home protector insurance policy. Our executives will help you select the most suitable coverage according to your requirements, and will also help you with filling out the proposal form.
- Channel Partners: For your convenience, we have established an effective network of channel partners who are willing to help you with your policy. Our channel partners are well-versed with the home protect insurance policy that we offer, including the prevailing terms and conditions. You can approach their office during working hours and discuss all your requirements in detail. Thereafter, you can also go through the home protect insurance reviews provided by our existing customers to know their honest assessment of the policy. You can also request for executives to visit your home and complete all the necessary formalities there.
General Terms and Conditions
Following are the general terms and conditions governing IFFCO Tokio’s Home Family Protector Policy. You must carefully read and understand them to be able to derive maximum benefits from your home protector insurance policy. If you have any questions or doubts, feel free to get in touch with us through our chat feature or through our customer care toll-free number 1-800-103-5499
1. Reasonable Precaution and Care of Property
It is assumed that you will take all possible and reasonable precautions to ensure the safety of the property which has been insured, i.e. your house. It is also assumed that you will take all reasonable care and precautions to minimize the damages, loss or illness to reduce the instances of claims. You shall comply with all statutory regulations as well as guidelines by the manufacturer regarding safety and proper functioning of the equipment.
It is your responsibility to send all your notices and communication to our registered office address of the branch with whom your policy has been registered.
3. Disclosure of information
You must at all times ensure that all the relevant information is disclosed to us from your side and no material information is concealed. Any misrepresentation or concealment of information would lead to your policy being rendered ineffective as well as forfeiture of your insurance premium.
4. Free Look-up Period
You are entitled to a free look-up period of 15 days from the date of receipt of the policy documents. During this period, you are free to cancel the policy if you do not find the terms and conditions according to your preferences.
If you do not make any claim during this period, you shall be entitled to the refund as follows: -
- Full refund of the premium less any expenses incurred by us.
- If the risk coverage has already started and you exercise your right to cancel the policy, the refund would be made after deducting the proportionate premium for the period the policy has been in effect and less any expenses incurred from our side
- If only a part of the risk has commenced, then the refund shall be paid after proportionately deducting the risk premium for the period and expenses incurred by us such as medical examination and stamp duty.
5. Claim Procedure and Requirements
In case of occurrence of any incident or damage which may become a claim under the definition of the policy, you must make sure that you intimate the same to us in writing urgently. Thereafter, you shall be provided with a claim form, which you can download from website. You must then complete the claim form and prepare a statement of claim and submit the same to us within 15 days along with all supporting documents such as invoices, vouchers, photographs, investigation report etc.
You should intimate the local police station immediately regarding any theft, attempted theft, any other criminal act or incidents like a strike, riots etc. You must also inform the police regarding any losses suffered under the Section 3 of the policy. It is expected that you will take all genuine precautionary steps to minimize or stop the occurrence of any such incident.
If any third party is filing a claim against you or your family member, then you must intimate us immediately. Any notice or summon received in this regard shall be forwarded to us without any delays. You must not try to enter into any unauthorized negotiations with the said person without our prior approval. You are expected to extend all possible assistance to our representative who is trying to settle claims on your behalf.
If you have to file a claim under the Personal Accident Section of the home protect insurance policy, then you or your family members are expected to inform us within 14 days regarding the nature of injuries or occurrence of death. As and when prescribed from our side, you shall furnish all medical reports and records issued by an authorized medical practitioner. We have the discretionary power to conduct any necessary medical tests under the supervision of our medical representatives.
6. Change in Circumstances
If there has been any material change in the information that you have provided to us, then you must intimate us immediately. This information may pertain to yourself, your family members, your house, your business or your employees which have been covered under the home protector insurance policy. You also need to inform us if your house is going to be unoccupied for more than 30 days continuously along with the reason. If you make changes or alterations in your house without informing us, then the policy cover will cease to exist, and you shall be without any protection.
7. Cancellation of Policy
In case you are no longer interested in the coverage provided by our home protect insurance policy, you are at your discretion to cancel the policy by giving a 15-days written notice to us at our registered address. Depending on the fact if you have filed any claim with us or not, we shall refund the premium on the following basis: -
|Period of Cover
||Premium to be withheld
|Exceeding 9 months
Our company also holds power to cancel your policy by issuing a 15-days’ notice, sent to your registered mailing address. In such a case you are entitled to a refund on pro-rata basis, for the remaining unexpired period of the policy. The same shall be payable on demand from your side only.
8. Claim Control
We reserve the right to:
- Enter the building where the damage has taken place and take possession of the building and deal with the salvage. But it does not imply that the building may be abandoned to us.
- Receive and seek all pertinent information from your or your authorized representative or any family member who is seeking the benefits under the policy.
- Enter into any claim or settlement with a third party on behalf of yourself or any other beneficiary under this policy. The settlement shall be binding on all the parties.
- Initiate any proceedings against anyone in order to recover any amount or file a claim for our own benefit but under your name. The same shall be done at our own expense and time.
You shall not enter into any settlement or agree to any claim unless authorized by us or our representative.
The policy would be null and void, and all the benefits of the policy would cease to exist if it is found that any fraud or concealment of material fact has been indulged into by you, your family members, your employees or your authorized representative.
In case of any kind of dispute or difference that arises in regard to the amount to be paid under the policy, then such a dispute, independent of all other questions, shall be taken to a sole arbitrator that will be appointed as per the choice of both the parties involved, i.e. yourself and our company.
In the case where both of us are not able to decide upon a single arbitrator within the 30 days of the arbitration clause being invoked, then such a case shall be referred to a panel of three arbitrators.
In this panel, one arbitrator shall be appointed by you and the second one shall be appointed by us, and both the arbitrators will consult and appoint the third arbitrator. Such arbitration shall be carried out as per the regulations and rules mentioned in The Arbitration and Conciliation Act, 1996. During the process of arbitration, you reserve the right to communicate with us regarding any information regarding your policy.
11. Disclaimer Clause
Once a claim has been settled by our company, and you do not raise any objection regarding the same within the next 12 months, then all our liabilities regarding the claim would deem to have been discharged, and no future claim is admissible and recoverable under the policy for the same damage.
No sum payable under this policy as a claim or benefit shall be subject to any penalty or interest.
13. Geographical Limit
Only those claims that have been made against the damages which occurred within the Geographical boundaries of India are admissible under this policy. The only exceptions to this rule are under Section 6, Section 8, Section 10 and Section 11A which are open for claims for damages incurred anywhere around the world. Irrespective of the country where the damages were incurred, all claims shall be settled in Indian rupees only. The policy shall be governed by the laws of Indian Government only and both the parties agree to the fact that only Indian Courts shall have jurisdiction over matters related to the policy.
If you have any grievances or complaints in regard to your policy or any of the terms and conditions, you can register your grievances on our website www.iffcotokio.co.in . You can also visit the nearest branch and file a written complaint. You or any of your family member covered under the policy are free to contact the grievances officer at our corporate office if you feel that your grievance has not been settled by the branch level officer.
15. Withdrawal and Alteration of Policy conditions
The terms and conditions of the policy may be changed from time to time as per the guidelines of the IRDA. But we will make sure that you receive written notification regarding the same at least three months before the said change comes into effect. The same shall be sent to you through your registered address through the post and shall be emailed on your registered e-mail id as well. The timelines that have been prescribed by the IRDA shall be binding on both of the parties, i.e. you and IFFCO Tokio.
We reserve the right to withdraw any product with prior approval of IRDA, and you shall be intimated regarding the same through a written mail from our side as per guidelines of the IRDA along with various options available to you. If you fail to submit your response regarding the product which has been withdrawn, it shall be assumed that you do not want to continue with the product and the same shall be withdrawn on the said date. In that case, you need to opt for a new policy.
16. Enhancement of Sum Insured
This provision relates to the section pertaining to Personal Accident. If the capital sum insured in such cases is increased by more than 10% than last year, it shall be permitted only at the discretion of the underwriter.
17. Payment of premium
You must note that it is your responsibility to pay the premium before the commencement of risk coverage, i.e. your home protect insurance cover will start only after the premium has been paid from your side. Only those receipts will be considered valid, which are on our officially prescribed form and have been signed by the authorized officer. It shall be noted that no Waiver of any terms, conditions or provisions shall be valid unless in writing and duly signed by our authorized official.
18. Protection of Policy Holder Interest
If you make a claim under the home protector insurance policy and the same is found admissible as per the terms and conditions of the policy, we will make an offer for settlement of the claim or convey the rejection within 30 days of receipt of all the required documents and reports. If there are any discrepancies, we shall ask for more documents as deemed necessary. This process of home protect insurance review is done in lieu of protecting your interests as a policyholder. Once you claim has been approved, you shall receive the payment for the same within 7 days after you accept the offer. In case of any delay in the payment of the sum, we will be held liable to pay interest at 2.0% above the bank rate prevalent at the beginning of the financial year when the claim was received by us.
19. Reinstatement of Sum Insured
The sum insured by Sections 1 to 7 mentioned above, shall not be reduced by the amount of any damage but for reinstatement of the sum insured you shall be liable to pay pro-rata premium for the period starting from the occurrence of the damage to the expiry of the policy. The additional premium which has been referred herein will be deducted from the net claim amount payable under the policy.
But in case you choose to exercise your right to not reinstate the sum as per the conditions mentioned above, the sum insured will be reduced by the amount of claim awarded for the remaining period of the policy. This provision shall also not be applicable to those covers, additional benefits of extensions wherein our maximum liability has been specified.
20. Policy Disputes
Any dispute arising out of interoperation of the medical insurance policy’s terms and conditions, liabilities, inclusions, exclusions or any other thing, is mentioned here and is agreed upon and understood by the insured person and the insurer. The disputed matters for insurance and its policies shall be dealt according to the law and practice of the law of court within the Indian Territory.