Bank Locker Policy

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Bank Locker Protector Policy is the first policy in the industry to protect the contents of a bank locker such as jewellery and other valuables. Here are some of the salient features of the policy:

• Coverage is provided for jewellery and other valuables kept in a bank locker.
• It also offers an add-on cover to insure important documents kept in a bank locker.
• The policy offers seven options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above.
• The process to buy is simple and easy. Needs a self-declaration upto a specified limit.
• The claim process is smooth and hassle-free requiring basic documents.
• The policy can be sold both as a retail and a group policy for banks.

What it covers?

The policy covers loss or damage of the contents of bank locker in the event of:

• any accident
• burglary, holdup
• infidelity of bank staff
• any act of terrorism.

Extended Coverage

• Share and stock certificates, deposit receipts
• Insurance policy
• Title deeds, plans and manuscripts
• Passport
• Other personal records and certificates

Major Exclusions:

• Any excess mentioned in the policy schedule
• Unexplained loss or mysterious disappearance from the locker
• Any items which are not stored within a secured bank locker
• Any loss in value or loss due to accounting errors or omission
• Any claim due to unauthorized use of the documents

Basis of Claim Settlement

In respect of jewellery, claim settlement will be effected on new replacement value basis irrespective of whether replacement has been carried out or not. In case of loss of documents, the reasonable cost of replacing the lost or damaged documents is provided (For further details read the policy document).

Sum Insured and Premium Options

CANCELLATION

The policy can be cancelled by the company on grounds of fraud, moral hazard or misrepresentation or non-cooperation by sending 15 days notice. In such event, IFFCO-Tokio will return to the insured, except in case of fraud or illegality, the premium paid less the pro rata portion thereof for the period the policy has been in force. Insured may also cancel this policy by sending 15 days written notice. The company will then allow a refund after retaining the premium based on specified rates.