Whoever said wishes don’t come true hasn’t explored our offers!
  • IFFCO Tokio Home Insurance

    IFFCO Tokio Home Insurance
     0.0 / 5.0   by 0 users
    Used this product? Write a review >>

    Homebuyers time and again are more preoccupied with the sticker price or loan settlement on a house, and do not normally plan for other expenditures related to the ownership. And it can add up. But home insurance shouldn’t be seen as such a burden as it can end up as life savers in the event of misfortunes that could leave you without belongings or a home to live.

    You need to buy home insurance that help you assess your policy from time to time to modify for inflation, home enhancements, purchasing new assets, change in family status, etc. Iffco Tokio Home Insurance Policies give you that choice. And they ensure you an ‘apple to apple’ quotation with changing requirements.

    IFFCO Tokio offers 2 Home Insurance Products, Namely:

    Home Family Protector Policy

    Home Suvidha Family

    Home Family Protector Policy

    The Home and Family Protector Policy has been designed with the purpose of delivering one single Policy to several house dwellers so that under one plan, there are multiple covers and add-ons for their complete belongings, objects of interests, obligation and those of their family members too, which leaves no gap.

    Features & Benefits:

    This Policy can be categorized into 12 Sections from which you can avail all-inclusive protection for your domestic possessions, interests, accountability as well as for your own self and everyone living in the house. They are as follows:

    1. Fire and Associated Hazards:
    2. This section ensures that your dwelling and everything in it is indemnified against fire, blast, bursting of water tanks, civil riots and strikes, intentional and hateful destruction, natural disasters such as flood, earthquake, landslide, cyclone, etc.

      Covered for no additional fee Covered if you pay for add-ons
      Expenses to meet the terms with building guidelines after a damage incurred. Remuneration to architects, inspectors and other service providers for superintendence of your house during restoration after the incident.
      Assets that you have managed to rescue to be moved into a temporary abode. Expenses to remove the debris.
      Automated escalation in Sum Assured for a time period of 15 days before and after marriage of any of your kin living in your house. Appreciation of Sum Assured during the course of year to safeguard against price rises.
      These perks can be availed for risks under theft and related threats too. Loss of rent payment as a house owner/ tenant and extra expenses.

       

    3. Break-in and related threats:
    4. Under this section, same covers mentioned for Fire Hazards are offered against breaking and entering, robbery and also additional destruction due to falling of trees, lampposts, electric poles, or failure of TV or radio aerials, cable and demolition by civic authorities while preventing or quelling the fire.

    5. Comprehensive Risk:
    6. Home is synonymous with safety and peace. Hence everything you keep in the house too should be covered. Hence this section insures every possible expensive household articles such as jewelry (of gold, silver or other precious stones), furniture, equipment, photography kit, scientific apparatus, sports kit, gun and many more against mishaps or misfortune in India.

    7.  Glass, toilet, bathroom and kitchen fittings:
    8. Glass and sanitary fittings are expensive as well as delicate, prone to damage. This section is created to take care of accidental breaking or rupture to in-built glass and other sanitary fittings in your building. It entails the price of frames and frames work, calligraphy, painting etc. and also unintended destruction to artefacts in your home inflicted by that breakage.

    9. Electrical Equipment:
    10. These days in which every house has more than its share of electronic items such as fridge, computer, washing machine, TV and many more and considering the potential perils, this cover is an integral aspect of any home insurance.

    11. Home Entertainment Equipment, Laptop, Mobile Phones and Gym Cycle:
    12. No modern house is complete without that entertainment factor, be it TV, home theater, laptop, iPhone or music system. You have this section to protect them against unforeseen disasters. Similarly, if you have a pedal cycle or treadmill, those too are insured under this which include third party legal accountability for fortuitous injury, demise or property damage caused by your pedal cycle.

    13. Collapse of Electrical or Machine-driven Uses:
    14. Abrupt and unanticipated electrical or motorized failure of electrical or mechanical utilizations fitted in your home such as ACs, fridges, washing machines, not older than 7 years are covered as per this section.

    15. Personal Accident Cover: 
    16. Home is considered the universal safe haven. But accidents that lead to bodily harm, disability and demise can bring this illusion crashing down. This cover reiterates the adage ‘better be safe than sorry’. You also get added benefits such as compensation for carcass carriage expense, ambulance fees, loss of job benefit, and schooling fund for children as well as restoration expenses for the house and the indemnified.

    17.  Loan Settlement Cover:
    18. This covers settlement of EMIs for loans against different possessions such as your home, car, and other customer durables that belong to you or your family in the event of illness or disability of the insured for up to one year.

    19. Baggage (Loss, theft or damage):
    20. This section protects in case you or your close family member lose your luggage (packed for a journey) carrying your essentials and important documents.

    21. Accountability:
    22. With this you are indemnified against obligation to general public for accidental demise, physical injury or third party property damage as well as accountability to your workers for any unintentional grievance or demise. This will be in course of their service with you as per the Indian Workmen's Compensation Act. You are also covered legally as a tenant (if applicable) according to the Indian Tenancy Agreement to your property-owner for damage to house, electrical fittings and other fixtures of the house due to risks mentioned in the first 2 sections of this insurance plan.

    23. Ever-increasing Living Expenditures:
    24. The first two hazards mentioned in the policy (fire & burglary) are two incidents that can leave a trail of back-breaking expenses for the house owner to deal with. In both the cases, the damage can be so bad that the house would be practically uninhabitable. The expenses usually offered by the policy are that of evacuating and emergency medical assistance and hospitalization if needed. But this section goes a step ahead and covers damage to the building, value of lost furniture to be replaced, shifting the unharmed contents as well as temporary accommodation for you and your family. The policy do not charge for disastrous emergency cash to manage basic needs like food and clothing.

    Take-home Points:

    • It is strongly recommended that you buy at least five of the 12 covers.
    • There is a facility for exceptional rebate if six or more sections are opted by you.
    • With respect to Section one to seven, the cover is on Restoration Value Basis (i.e. new instead of old) for which the Sum Assured must signify the value of new property including goods in transit, duties etc.
    • This does not concern clothes and linen things mentioned under section one to two.
    • Aside from a few restrictions on particular articles, there are no upper limits indicated for Sum Insured under this policy.
    • If the property value is estimated to be more than the Sum Insured selected by you, then the company will compensate you accordingly. This is valid for sections one to seven.

    Exclusions:

    • Damage due to war, assault, act of external foe, civil or international conflicts, rebellion etc.
    • Damage as a consequence of seizure, appropriation, or annihilation by order of any government or legally established authority.
    • Any damage directly or incidentally impacted by or due to ionizing radioactivity or related contamination.
    • Devaluation and damage due to gradual and natural wear and tear.
    • Property damage because of pollution of any kind.

    Home Suvidha

    Features & Benefits:

    Home Suvidha Insurance Scheme offers comprehensive cover to you and your family against an extensive range of threats and dangers.

    The sections covered under this policy are as follows:

    1. Fire and Associated Hazards (Contents):
    2. This section ensures that your dwelling and everything in it is indemnified against fire, blast, bursting of water tanks, civil riots and strikes, intentional and hateful destruction, natural disasters such as flood, earthquake, landslide, hurricane, etc.

    3. Fire and Associated Hazards (House):
    4. This section indemnifies you against irrevocable damage to your house. It must not be of flimsy construction comprising its outhouses, surrounding walls, gates and fencings, integral fittings and fittings, swimming pools, playing courts, car garages, balconies, pedestal and foundations.

    5. Break-in and related threats:
    6. Under this section, same covers mentioned for Fire Hazards are offered against breaking and entering, robbery and also additional destruction due to falling of trees, lampposts, electric poles, or failure of TV or radio aerials, cable and demolition by civic authorities while preventing or quelling the fire.

    7. TV/ Video & Other Electronic Equipment:
    8. Abrupt and unanticipated electrical or motorized failure of electrical or mechanical utilizations fitted in your home such as ACs, fridges, washing machines, not older than 7 years are covered as per this section.

    9. Personal Accident Cover:
    10. Home is considered the universal safe haven. But accidents that lead to bodily harm, disability and demise can bring this illusion crashing down. This cover reiterates the adage ‘better be safe than sorry’. You also get added benefits such as compensation for carcass carriage expense, ambulance fees, loss of job benefit, and schooling fund for children as well as restoration expenses for the house and the indemnified.

    11.  Private Computer:
    12. If your personal computer installation include accoutrements that belong to you or your family is damaged beyond repair, it will be done for you. Your computer should not be more than 5 years old.

    Exclusions:

    • Damages due to war, seizure, commandeering, nuclear risk, radiation and natural wear and tear.
    • Consequential loss.
    • Any prevailing damage existed before policy period commenced.
    • The money to repair or replace any unharmed artefact.
    • Replacing an entire set if only part of it is broken or damaged.
    • Damage due to terrorism as per the Indian Terrorism Act.
    • Harm to property due to flaws, shortcomings existed before the policy date and those that arose due to any deliberate act or carelessness from your part.
    • Damage due to constant influence of operation (for instance, deterioration, cavitation, attrition, weathering, accumulation) and weather condition other than those defined and enclosed as per the section 1.
    • Any cost sustained in relation with abolition of functional fiascos unless caused by those mentioned in the section 1.
    • Harm for which the builder or contractor is liable either by law or as per agreement or any amount that can be recovered as said in the Maintenance Agreement.
    • Harm to rented equipment for which proprietor is accountable.
    • Expense sustained and time taken to shift equipment and/or other belongings and/or workers outside Geographic Limit.
    • Damage to expendable items like bulbs, faucets, pipes, ribbons, fuses, covers, girdles, cables, replaceable tools, articles made of glass, china or ceramic ware.
    • Damage that arise through fixing, modification, restoration or disassembling/ installation by anyone except by an official of any renowned electronic equipment manufacturer or a repairer.
    • Any expenses needed for modification, enhancement or renovation or for making illustrations, decorations and core packages.

    Distinct Provisions offered by Home Suvidha:

    1. Limit of Accountability:
      • The maximum sum of the firm’s liability for any mentioned damage during the Plan Period will be limited to the insured amount stated in the Schedule. This is regardless of the real Value At Risk with respect to the covered home at the time damage incurred.

    2. Basis of Settling Claim:
      • If the indemnified equipment is impaired, the cost for restoration or the market value will be paid out to you.
      • Price of disassembling and re-building for the purpose of upkeeps.
      • Cost to get merchandise to and from the repair shop.
      • Custom duties and other payments.
    3. Repair Basis:
      • No deduction for devaluation in respect of replaced parts.
      • If you own the repair workshop, the cost of resources and pays sustained plus a sensible percentage to protect charges overhead.
    4. Overall Loss Basis:
      • Current Market Price of article need to be gauged by subtracting proper devaluation from the Replacement Worth of the same and settled accordingly.
      • There is no compulsion to submit bills if you are not able to substitute the spoiled equipment.

    FAQs:

    1. What are the eligibility criteria to buy an Iffco Tokio Home Insurance Plan?
    2. For individuals - Any resident Indian who owns or occupies a property can buy an Iffco Tokio Home Insurance Policy. But some plans are only available for owners and not tenants. Get in touch with your nearest branch to know more.

      For Society – Any official member of the society’s management group can purchase a plan to indemnify the society building & shared facilities in which the plan must be issued in the society’s name.

    3. When will my home insurance policy commence?
    4. Your home insurance cover commences from the day you get your receipt for your first paid premium. But if you have purchased the policy online, there is a slight leeway, i.e. it will start a few days after the first premium disbursement.

    5. How do you calculate the value of the property for house insurance? 
    6. Valuation of your property is estimated by multiplying the built up area of the same with the price of building per square feet. As of now the rate of construction is taken around INR 1500 to 2000 based on the property location and the kind of construction.

    Related Home Insurance Articles

    Other Products from IFFCO Tokio

  • reTH65gcmBgCJ7k - pingdom check string.
  • reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.