Thursday, 3 May 2018

IFFCO Tokio: General Insurance Company India

Have you heard of the IFFCO Tokio General Insurance? This is an insurance group chaired by Mr. M.K. Srinivasa Gowda. Actually, IFFCO Tokio is a combined undertaking between Tokio Marine Group and IFFCO (Indian Farmers Fertiliser Cooperative). 

The incorporation of this company dates back to 8th September 2000. The network of IFFCO Tokio General Insurance Company in India is very wide. It has about 65 Business Strategic Units, 255 Bima Kendra and 122 Lateral Spread Centers. Some people call IFFCO Tokio as ITGI. 

In IFFCO Tokio General Insurance Company, IFFCO alone holds about 72.64% of the shares. In a very short period, IFFCO has made a very high jump. From 213 Crores in 2001-02 its Gross Written Premium (GWP) has gone up to Rs. 3398.68 Crores in 2014-15.  The products of the IFFCO Tokyo are broadly divided into three major categories: 

1. Motor Insurance
2. Health Insurance
3. Travel Insurance

Let us discuss in detail about the major offers and plans included in these three major categories of insurance. 

(A) Motor Insurance: 

The car or motor insurance has been made mandatory in India by the Motor Vehicles Act, 1988. For motor insurance, IFFCO Tokyo General Insurance Company offers two types of insurance policies for every type of vehicle: 

Third-party Policy
Comprehensive Motor Insurance Policy

There are three major policies under the Motor Insurance category:

Two-wheeler Insurance Policy: 

This policy provides cover for the damage/loss of any two-wheeler due to both the reasons: (a) Natural Calamities and (b) Man-made causes.  Third party liability is also covered by this policy. It has a limited personal accidental cover of about Rs. 1 lakh. One can even get a No Claim bonus, for no claim made during a financial year. 

Car Insurance Policy: 

This policy covers the loss and damage to the car due to many reasons like earthquake, typhoon, burglary, theft, accidental means etc. Third party damages are also included in this car insurance policy, in case, the car makes any damage to the third party property. In addition to all this, there is a Personal Accidental cover in the policy which covers the death of the owner-driver and gives a Sum Insured of Rs. 2 lakhs. For car towing, the policyholder gets a reimbursement expense of up to Rs. 1500. 

Commercial Vehicle Insurance: 

If the vehicle is used for the business purpose, the policyholder needs to by this Insurance. The cover provided is of a comprehensive type in nature and includes the third party liabilities as well. 

(B) Health Insurance:

Health Insurance is a sector in which IFFCO Tokyo General Insurance Company provides a number of plans. Actually, the rapidly rising medical costs have made people nervous and to make the treatment affordable in the future, more and more people are opting for the Health Insurance plans. These plans give them financial security and peace of mind. As IFFCO Tokyo General Insurance Company has more than 4300+ hospital networks, people highly trust this insurance provider. There are 7 basic plans offered under this category: 

Family Health Protector Policy:  It gives you a facility to not only cover your immediate family but your siblings as well. The total Sum insured in this policy in up to Rs. 7 lakhs. It includes 11 critical illnesses in this policy. 

Individual Health Protector Policy: This plan is meant just for the comprehensive individual coverage. Again the Sum insured is up to Rs. 7 lakhs. 

Individual Medishield Policy: This is a special policy because while covering the cost of hospitalization, it provides the allowances for the daycare treatments, organ donor expenses etc. The range of the Sum insured is between Rs. 50,000 to Rs. 5,00,000. 

Critical Illness Insurance Policy: In case, the policyholder gets diagnosed with any critical illness during the plan period, he/she gets the benefits for it. All the hospitalization expenses for the treatment of the critical illness are included in this policy. 

Personal Accidental Insurance Policy: As the name clarifies, this policy gives protection if a person meets an accident of some kind. It covers both the death and the disability. For partial permanent disability, the policyholder gets 50%. 

Swasthya Kavach Policy: There are two types of covers provided in the policy: (1) Basic cover: The Sum insured lies in the range of Rs. 2-5 lakhs and it covers all the basic facilities expected from any basic plan like hospitalization expenses, organ donor expenses etc. (2) Wider Cover: This plan can be taken by a person of any nationality and it has an upper limit of Rs. 5 lakhs. If someone wants a higher Sum insured, he can make use of multiple policy issues. 

Health Protector Plus Policy: This policy is meant for them who plan to top-up their Sum insured limit with time. The policy provides super top-up, top-up plans and deductibles. The plan allows the insurance holder to enjoy the policy as a top-up plan. 

(3) Travel Insurance: 

IFFCO Tokyo General Insurance Company provides world-class travel insurance plans. As the medical treatments abroad are very expensive, it is always advisable that you take the travel insurance with you. There are two major plans included in this category:

(a) Overseas Travel Insurance Policy: The five variants of this policy are: Gold 100, Gold 500, Gold 250, Silver and Bronze and the range of the Sum Insured varies between $50,000 to $500,000. 

(b) Pravasi Bhartiya Bima Yojana:  This policy is for the emigrants. The tenure of this policy can be extended for 2-3 years. 

IFFCO Tokyo General Insurance Company is famous to provide cost-effective insurance policies. The 2000 cashless garage network, 24*7 claim assistance and 4300 hospitals, with which the company has made tie-ups, attract people to opt its policies for enjoying some ease especially needed during the time of the major discomfort. 

For more updates and News follow Policybazaar Youtube Channel

No comments:

Post a Comment