Home Suvidha Policy

IFFCO Tokio’s Home Suvidha Insurance Policy helps you get covered from various unexpected events in your life. Being a simple policy, it helps at various stages. It provides various options under categories; choose from wide variety of alternatives and make the right decision.

• Fire and allied threat (contents): Contents of your premises are covered against fire, explosion bursting/overflowing of water-tanks, riots, strike - malicious damage, earthquake, flood, cyclone, landslide etc.
• Burglary and other threat (Contents): Contents of your premises are covered against housebreaking, burglary, robbery and dacoity. Additionally, impact damage by falling trees/electric poles/lamp post, breakage or collapse of television or radio aerials/satellite dishes and damages by civic authorities in prevention of fire is also covered under the section.
• Television / Video Equipment: Damage to Television sets and accessories, Cable/satellite/digital television receiver, Video equipment - their aerial fittings and masts are covered under this section. All the items have to belong to you or your family or for which you or in your family are responsible whilst contained in your home from any cause other than those excluded. The insured equipments covered under this section will not be more than 7 (seven) years old as on the date of damage.
• Personal accident: This section covers you and other named people connected with your business against accidental bodily injury leading to death or disablement (either permanent total or permanent partial).
• Fire and allied threat (Building) : Covers damage to building portion of your home, which should not be of kutcha construction ( or temporary, crude, or imperfect construction) including its outbuildings, boundary walls, gates and fences, inbuilt fixtures and fittings, swimming pools, hard courts, garages, terraces, plinth and foundations.
• Personal computer: If the personal computer installation including accessories belonging to you or your family or for which you or your family is/are responsible is damaged whilst contained in your home by any cause other than those excluded, we will pay for the cost of repair or replacement or at our option repair, reinstate or replace such damaged equipments or items. This cover is applicable during the period when after successful completion of their performance/acceptance test, such computers or accessories are at work or at rest or being dismantled for the purpose of cleaning, overhauling or in course of aforesaid operation themselves or when being shifted within your home or during subsequent re-erection. The insured equipments covered under this section will not be more than 5 (five) years old as on the date of damage.

• 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.
• Confiscation: Any damage due to confiscation, commandeering, requisition, detention or destruction by order of any Government or lawfully constituted authority.
• 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
  • ionizing 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.
• Wear and tear: Damage caused by wear and tear, depreciation and/or gradual deterioration.
• Consequential loss: Consequential loss of any kind or description including any reduction of market value beyond the cost of repair or replacement.
• Existing damage: Any damage, injury, accident, disease or illness occurring before cover commences under the policy.
• 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, color 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.
• Terrorism damage: Any damage as a consequence of an act of terrorism or act by terrorist as well as action taken to control/ prevent/ suppress terrorism or act by terrorists. For the purpose of this exclusion, an act of terrorism means an act, including but not limited to the use of force or violence and / or the threat thereof, of any person or group(s) of persons whether acting alone or on behalf of or in connection with any organisation(s) or government(s), committed for political, religious, ideological or similar purpose including the intention to influence any government and/ or put the public, or any section of the public in fear. The policy also excludes loss, damage, cost or expenses of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to action taken in respect of any act of Terrorism.
• In respect of personal computer, 5% (five per cent) of the claim amount subject to a minimum of Rs. 2,500 ( Rupees two thousand five hundred)
• Damage due to faults/defects existing at the commencement of this insurance and known to you or your family, whether such faults/defects were known to Us or not and any willful act or negligence of you or your family.
• Damage due to continuous influence of operation (e.g. wear and tear, cavitations, erosion, corrosion, incrustation) gradual deterioration and climatic condition other than those described and covered as insured perils in Section 1 (Fire and allied perils-contents)
• Any cost incurred in connection with elimination of functional failures unless such failures were caused by damage covered under this section of the policy.
• Damage for which the manufacturer or supplier is responsible either by law or under contract or any amount recoverable under the terms of ‘maintenance agreement’.
• Damage to rented or hired equipments for which owner is responsible either by law or under lease and/or maintenance agreement.
• Cost incurred/time involved in the movement of equipment and/or other property and/or personnel outside geographical limits, other than cost of delivery for equipment parts damaged.
• Damage to consumable items (e.g. bulbs, valves, tubes, ribbons, fuses, seals, belts, wires, chains, exchangeable tools, objects made of glass, porcelain or ceramics and operating media as well as aesthetic defects like scratches etc. unless such parts are affected by an indemnified damage to the insured item itself).
• Damage arising through fitting, adjustment, repair or dismantling of any part of said equipment/installation other than by an authorised representative of an electronic equipment manufacturer, dealer or that of a reputed repairer.
• Any cost required for alteration, improvement or overhaul or for making drawings, patterns and core boxes.

• Limit of Liability: The maximum amount of our liability for any damage under the policy period shall be restricted in aggregate to the sum insured specified in the schedule. This is irrespective of the actual value at risk in respect of the insured property at the time of damage.
• Basis of claim settlement: If the insured equipment is damaged, we will pay for expenses necessarily incurred to restore the damaged equipment to its former state of serviceability (repair basis) or pay the market value of the equipment if the cost of its repair exceeds or equals the market value of the equipment immediately before the damage (total loss basis). We will also pay the following to the extent these expenses have been included in the sum insured.
  • Cost of dismantling and re-erection for the purpose of repairs.
  • Ordinary freight to and from the repair shop.
  • Custom duties and other dues.
• Repair Basis: -

  In Repair Basis settlement, the following points will be taken into account while setting the claims:

  • No deduction will be made for depreciation in respect of parts replaced except those with limited life.
  • If the repairs are executed at a workshop owned by you, we will pay the cost of materials and wages incurred for the purpose of repairs plus a reasonable percentage to cover overhead charges.
  • The cost of any provisional repair will be borne by us if such repairs constitute part of the final repairs and do not increase the total repair expense.
  • We will make payments only after being satisfied with necessary bills and documents that the repairs have been affected or replacement have taken place as the case may be.
  • Value of salvage is to be taken into account for both repair basis and total loss basis, in case of replacement of parts or items.
• Total Loss Basis: -

  In Total Loss Basis settlement, the following points will be taken into account while settling the claim.

  • Market value of item to be calculated by deducting proper depreciation from the ‘replacement value’ of item as new of same kind, type and capacity and claim will be settled on ‘market value’ basis.
  • We may not insist for bills and documents in case you are unable to replace the damaged equipment for any reason.
  • If the insured items subject to total loss become obsolete, then all cost necessary to replace the damaged item with a follow up model (similar type) of similar structure and configuration (of similar quality) i.e. low, average or high capacity will be reimbursed.

• Our liability under this section of the policy in respect of any item sustaining damage shall cease if the said item is kept in operation after a claim without being repaired to our satisfaction or if temporary repairs are carried out without our consent.