IFFCO-Tokio General Insurance was incorporated on 4th December 2000. It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group which is also the largest listed insurance group in Japan. IFFCO-Tokio General Insurance offers products like Motor Insurance, Health Insurance, Travel Insurance and Home Insurance.
Key Benefits of Iffco Tokio Car Insurance
Cashless Claim Networks
• Avail cashless claim at more than 2000 authorized workshops across India.
• Get discounts when you choose a higher sum as voluntary excess.
• Fix an ARAI-approved anti-theft device and claim 2.5 percent discount.
• Anti-theft device installation will fetch you discount on Own Damage (OD)
Premium of up to INR 500.
Roadside Assistance Program/Customer Support
• Under this program, you shall receive ‘on site’ minor repairs for your car.
• Critical facilities like fuel delivery, emptying of fuel tank and jumpstarting the battery.
• Assistance to transport the insured vehicle and relay urgent messages.
• Flat tire support, and assistance if key is jammed or lost.
• Dedicated customer care helpline to address all car insurance related queries
Add-on Covers for Iffco Tokio Car Insurance
• Depreciation to be waived off on plastic or metals parts in case of partial loss/ claim.
Third Party Cover
• Protection against Third Party Liability in case of injury/ demise of a third party.
• Covers the expenses towards any medical and legal accountability.
• Covers cost of damage towards third party property.
• Cover of up to INR 7.5 lacs can be claimed.
• Applicable while mounting and dismounting the car.
Personal Accident Cover
• Personal accident cover of up to INR 2 lacs for individual owner-cum-driver.
• Applicable while mounting and dismounting the car.
Inclusion & Exclusion in Iffco Tokio Car Insurance
• Loss of belongings by theft, unless the car is stolen at the same time.
• Damage caused due to fire, explosion, self-ignition or lightning.
• Loss and/ or damage due to theft, riot, break-in, malicious acts or terrorist activities.
• Damage caused due to natural calamities (floods, earthquakes, landslide/ rockslide, storms etc.).
• Damage caused during transit via road, rail, air, or inland waterways.
• Cover against legal liability concerning injury/death or property damage to a third party.
• Any incidents happening outside the stated geographical zone.
• Any loss due to natural wear & tear or any consequential loss to the car.
• Any loss or damage caused because the driver didn’t have a valid license.
• Any loss or damage caused due to driving under the influence of alcohol or drugs.
• Any loss or damage caused when the car was used for purposes other than specified in the policy.
Iffco Tokio Car Insurance Policy Highlights Updated on 21 Jul 2017
|Third Party Cover||Upto 7.5 L|
|Cashless Network Garages||2700|
|Incurred Claim Ratio*||76.09|
|Net Earned Premium*||216092|
*For Year 2015-2016
IFFCO Tokio Car Insurance Overview
Founded on 4th December, 2000 as a joint venture between the Indian Farmers Fertilisers Cooperative (IFFCO) and it’s associates and Tokio Marine and Nichido Fire Group, one of Japan’s leading insurance groups, IFFCO Tokio has made it’s presence felt among the insurance providers in the nation.
IFFCO Tokio Motor Insurance which has been designed specially to provide complete protection and security to your motor vehicle from any accidental emergency resulting in damage. IFFCO Tokio Car Insurance includes hassle-free cashless claim settlement at over 2,000 network garages / workshops, doorstep delivery of new/ renewal policy cover, highly trained in-house surveyors for instant attention to claims and an efficient, round the clock call center service to answer any of your policy related queries.
Key Benefits Of IFFCO Tokio Car Insurance
- Digitally signed policy for your ease and convenience
- Doorstep services in case of free inspection, renewal of policy and for other issues
- Cashless settlement claims at more than 2000 network workshops Immediate attention for your claims by trained in-house surveyors
- Online e-survey claims for a reduction in turnaround times.
- ‘On road protection coverage’ and ‘Tokio’s value auto coverage’ by paying a higher premium.
- 24 x 7 call centre service where you can report any mishap, issues, claims query etc
- Two types of policy:
- Liability only policy:This policy covers only the liability incurred by your own vehicle.
- Comprehensive cover policy: This policy covers both own damage of vehicle and third-party damage.
- The sum insured will be decided at par with the vehicle’s ‘Insured’s declared value’ i.e. IDV, which is the value formed after deducting depreciation from the market price based upon the age of the vehicle.
- A fascinating host of discounts on the amount of your premium on the following terms:
- Have a ‘No claim Bonus’? Get a discount in the range of 20% to 50% on your ‘own damage’ premium.
- Are you a member of any automobile association? Get a discount on your premium.
- Have you opted for higher voluntary excess? Get rewarded with a handsome discount on your premium.
- Have you installed any anti-theft device in your car? Get ready to be rewarded.Now, let’s discuss the coverage provided by IFFCO Tokio’s car insurance policy.
Benefits Of Applying Car Insurance Online With IFFCO Tokio?
Given the dilapidated condition of roads, rash driving and unruly traffic, car accidents are quite common. Apart from this, your car is also vulnerable to threats like theft, vandalism and fire. To protect your car from all the possible dangers, a comprehensive car loan is mandatory for every car owner.
IFFCO Tokio offers a comprehensive car insurance policy. This all-encompassing policy covers major possible damages to your car. With the advent of online banking, applying for car insurance online has gained momentum and popularity. Customers can enjoy various lucrative benefits by applying for car insurance online .
An IFFCO Tokio customer can enjoy the following benefits by applying for car insurance online –
- Quick approval
- Minimal and easy documentation
- Enables you to analyse the best car insurance policy and understand its terms and conditions
- Provides complete coverage of your car from damage due to natural and human causes
- Easy car insurance policy renewal for online customers
- Immediate issuing of ‘digitally signed policy document’ on IFFCO Tokio web portal
- Free inspection in case of breakage
- Assistance at doorstep available for fresh or renewed policy covers
- Online ‘e-survey’ claims option is available with low TAT in claim settlement In addition to the aforementioned benefits, IFFCO Tokio Online Car insurance also protects your car from legal liabilities following injury, death or property damage to third party involving the insured car.
IFFCO Tokio Car Insurance Policy Coverage
- Own damage cover: This will protect you against damage of vehicle due to some fire, explosion, storm, typhoons, floods, hurricanes, earthquakes, landslides, malicious acts, transit by road, rail, air, lifts or inland waterways etc.
- Third-party liability cover: This will protect you against financial expenses arising from legal expenses or claims settlement in case your vehicle has caused some damage to a third party that has resulted into their death, injuries or property damage.
- Personal accident cover:
- This will provides you a cover of Rs.2 lakhs for individual owner or driver.
- Reimbursement of expenses maximum up to Rs.1500 for towing, redelivery or accident of your car.
- Cover for any damage or loss of electrical and non-electrical parts of the car along with CNG/LPG fuel kit.
- Personal accident cover for unnamed passengers.
- A wider legal liability cover for driver or conductor.
- If your vehicle is participating in any rallies, get protected against damages.
- IFFCO Tokio’s 24 x 7 onroad assistance: It offers you an additional benefit of ‘on road assistance’ and related expenses. This additional coverage is provided with your comprehensive car insurance policy. It’s inclusions are:
- Safe towing assistance within a 100 KM radius of the nearest IFFCO Tokio-approved workshop.
- On road or at-home assistance in for jump starts, lock keys etc.
- Fuel delivery up to 5 litres in case of an emergency.
- Services of a taxi for 50 KM in case you are stuck with the damaged car.
- Services for hotel and medical coordination.
- Assistance with message relay to your loved ones.
- Any contractual liability or consequential loss arising due to the accident
- Mechanical or electrical breakdown, routine wear and tear, depreciation of the vehicle.
- If the vehicle is being driven under the influence of intoxicants / drugs
- If the vehicle is being driven without a valid license
- If the vehicle is being used for purposes other than what is stated in the policy
- War or nuclear threat
- Loss of vehicular accessories by theft, unless the vehicle is also stolen at the same time.
- Separate damage to tyres or tubes unless they are damaged in the same accident, in which case, half of the replacement expenses will be paid.
Sum Insured and Premium with IFFCO Tokio Car InsuranceSum Insured and IDV
Every insured vehicle is assigned an assured/fixed sum, which is provided in case of any damage/loss to it (subject to the coverage policy). This fixed value is known as the Insured Declared Value (IDV) of the vehicle.
So, how is IDV of a car calculated? After deducting the deprecation value of the car (depending on its age and wear and tear) from its selling price (as listed by the manufacturer), the figure arrived at is the Insured Declared Value.IFFCO Tokio Car Insurance Premium
IFFCO Tokio car insurance premium is dependent on two primary components. They are as follows –
- Own Damage Premium Rate – Calculated in percentage. This depends on the model and age of the insured car.
- Liability Premium – This amount is fixed depending on the insured car.
If you wish to opt for some add-on cover plans, you can avail it by paying extra premium. Add-on cover plans protect your car from other vulnerable circumstances, over and above the damages covered by the primary policy.As an IFFCO Tokio car insurance customer, you are liable to get discount on the premium paid only under the following circumstances –
- Installation of an anti-theft device
- If you possess a membership of Automobile Association
- If you have opted to pay a ‘higher voluntary excess’
- No Claim Bonus (NCB) – this is applicable only if you haven’t claimed insurance during the previous policy term deductible at the time of renewal.
How to claim IFFCO tokio car insurance?
There are many important factors which need to be kept in mind when claiming your car insurance. If your car is insured with IFFCO Tokio, the following points will help you in the claims procedure –
- An accident involving third parties should be reported to the insurance company, immediately.
- In case of loss or damage to the car, the IFFCO Tokio needs to be informed without any delay.
- Without the approval of the insurance company, no individual can reach a compromise or agree to pay a compensation to anyone. This unethical practice is quite prevalent in case of accidents.
- In case of any accident involving third parties, an F.I.R needs to be lodged in the nearest police station. If the accident is not reported to the police and the insurance company, it is considered as policy violation. In this case, the insurance company can recover the claim amount from the insured.
- Once the insurance company is informed about the damage/loss/accident of the vehicle, they will forward a claim form which needs to be filled duly by the insured.
- The duly filled form, along with an estimate of the loss, needs to be sent to the insurance company.
- The insurance company inspects the damaged vehicle to ascertain the authenticity of the claim made by the insured. A ‘specialist-licensed surveyor’ is appointed in case of a major claim.
- All the relevant documents substantiating the extent of damage/loss to the vehicle need to be submitted to the insurance company.
- If the cause of damage/loss is ambiguous, the insurer needs to prove it as an ‘insured peril’ to get the claim.
- The claim is usually settled on the agreement of ‘claim amount’, between the insurance company and the insured.
FAQS - IFFCO Tokio Car Insurance
- What are the benefits of purchasing car insurance policy online from IFFCO Tokio Car Insurance ?
Purchase of car insurance policy online from IFFCO Tokio Car Insurance have some unique features that ensure that the process is hassle free and efficient. Customers have ease of access to their policies and related information and there are no location based restrictions. The claim registration and settlement process online is highly convenient, quick and affordable.
- When should the proposal form be submitted?
A proposal form should be submitted at the time of purchase of the car insurance in the following situations :
- New Business
- Renewal by another company
- When there is a transfer of interest
- Upon conversion from liability only cover to package policy
- When there is a change in vehicle insured or if it is substituted.
- When there is an addition or alteration made on the vehicle either within the policy period or during the renewal of a policy.
- When is pre - acceptance inspection necessary?
Pre- acceptance inspection is necessary in the case of - break in insurance, conversion of theft protection cover, providing coverage for imported vehicles, fresh payment received after cheque bounce, etc.
- What are the discounts that can be claimed under IFFCO Tokio Car Insurance policy?
The discounts that can be claimed under the private car policies are voluntary deductible discount, no claim bonus, automobile association discount and discount on vintage cars.
- What happens if the insured car is sold ?
The existing car insurance policy can be transferred if the insured car is sold. It can be transferred in the name of the new owner. The buyer or transferee has to apply for transfer of insurance with IFFCO Tokio Car Insurance, within 14 days from the date of purchase of vehicle in his/her name. If the customer substitutes another of his/her car in this policy, the buyer has to accordingly purchase a new insurance.
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017