It is a joint venture between Tokio Marine & Nichido Fire Insurance Group, the biggest registered insurance group in Japan and the Indian Farmers Fertilizer Co-Operative Limited.
IFFCO Tokio General Insurance Company was founded in December 2000. The company is headquartered in Gurgaon.
The company is one of the best insurance companies in the private insurance sector in India. IFFCO Tokio has a pan India presence with a broad network of more than 280 Bima Kendras, 100 Lateral Spread Centers, and 57 Strategic Business Units (SBUs). The company offers a comprehensive variety of innovative and tailor-made policies to cover a large number of customers. Their customers range from farmers to some of the biggest car manufacturers in India. From a humble Rs. 213 Crores of GWP (Gross Written Premium) in 2001-02, IFFCO Tokio has attained a remarkable Rs 1639.5 Crores in 2009-10, in that way becoming one of the major private sector insurance players in India.
Types of policies offered by IFFCO Tokio Car Insurance
The insurance policies offered by IFFCO Tokio General Insurance Company can be broadly categorized into private car insurance and two-wheeler insurance.
1. Private Car Insurance by ITGI
Private car insurance policy offers cover for damage to or loss of your car from the peril of fire, accident, floods, theft, riot, earthquake, strike and so on. The private car insurance policy also offers cover for your third party liability due to injury or death of any third party and/or damage to third party property.
What is covered by the private car insurance policy?
Damage or loss to the insured car, third party liability, and personal accident because of the following factors:
Man made events: Theft, burglary, strike, riot, malevolent activities, accident from outside factors, any damage or loss in transit by rail, road, inland watercourses, elevator, lift, or air.
Natural calamities: Explosion, fire, lightning, self-ignition, flood, earthquake, hurricane, typhoon, tempest, storm, cyclone, inundation, frost, hailstorm, rockslide, and landslide.
Personal Accident Cover:
The personal accident cover by IFFCO Tokio Private Car Insurance offers mandatory personal accident cover of Rs. 2 lakhs for individual owner driver of the car insured at the time of driving or getting on or getting down from the vehicle. In addition, you can go for a personal accident cover for passengers.
Third party legal liability:
Offers assured cover from third party legal liability resulting from accidental losses, any long-term injury/death of an individual and/or any damage created to the property of any other individual/third party.
Key Benefits
Given below are the salient benefits offered by IFFCO Tokio Private Car Insurance:
You can make a claim of towing charges subject to a maximum of Rs.1,500 if there is any accidental loss or damage to your car as mentioned in the policy
Cashless claim services at cashless garage network throughout India.
Bonuses and discounts
You can avail the following bonuses and discounts:
No Claim Bonus:
- If you have not made a claim throughout the term of the policy, you can get a No Claim Bonus (NCB) at the time of renewal of the policy. The discount can be as big as 50%.
- However, you will be entitled to the NCB only if you renew the policy within 90 days of the expiry date of the earlier policy.
Transfer your NCB:
You can shift all the benefits of a No Claim Bonus while you switch your car insurance policy from another insurer to IFFCO Tokio General Insurance Company. The rate of discount will stay unchanged, given that you furnish the proof that you are eligible for No Claim Bonus from your earlier car insurance policy. For this, you have to furnish any of the following:
- Letter validating the NCB (No Claim Bonus) claim from the earlier insurance company or
- Notice of renewal or
- NCB assertion
Additional discounts and benefits:
You will also get some other discounts and benefits, which include the following:
Discount for Anti-theft Devices:
If you have fixed Automobile Research Association of India (ARAI) accepted anti-theft equipment in your car, you will receive a discount of 2.5 % on the OD (Own Damage) Premium of up to Rs.500.00
Members of accredited Automobile Associations in India can quality for a discount of 5% on the OD (Own Damage) Premium of up to Rs. 200.00
Cover yourself and your family:
You can also choose personal accident cover subject to a maximum of Rs.2 Lakhs for other anonymous passengers in your vehicle, for instance your family members, kin, acquaintances etc.
Tailor your insurance policy with extra covers:
You can insure electrical and/or non-electrical devices installed in the car individually. For instance: music system, fog lamps.
If you equip your car with bi-fuel system like Diesel/Petrol and LPG/CNG, allowed by the associated Regional Transport Office, the LPG/CNG kit installed in the car is to be insured individually at an extra premium of 4% on the price of that equipment. You have to particularly state this in the proposal form.
Sum Insured with IDV (Insured’s Declared Value)
The cars are insured at a specific value, known as the Insured’s Declared Value (IDV). IDV is estimated on the basis of the listed selling price of the car decided by the manufacturer (together with the listed price of any equipments) following the yearly deduction for depreciation as stated by the schedule given by the Indian Motor Tariff.
If the rate of any electronic and/or electrical equipment fixed in the car is not incorporated in the listed selling price of the car manufacturer, then the precise cost (following depreciation) of this equipment can be clubbed with the amount insured on top of the IDV.
2. Two wheeler insurance policies from IFFCO Tokio General Insurance Company
ITGI offers a comprehensive insurance policy for two wheelers, which covers damage or loss to the two wheeler insured, third party liability, and personal accident.
What is covered by a two wheeler insurance policy?
Damage or loss to your two wheeler:
Damage or loss to the insured two wheeler, third party liability, and personal accident because of the following factors:
Man made events: Theft, burglary, strike, riot, malevolent activities, accident from outside factors, any damage or loss in transit by rail, road, inland watercourses, elevator, lift, or air.
Natural calamities: Explosion, fire, lightning, self-ignition, flood, earthquake, hurricane, typhoon, tempest, storm, cyclone, inundation, frost, hailstorm, rockslide, and landslide.
The personal accident cover by IFFCO Tokio two wheeler insurance offers mandatory personal accident cover of Rs.1 lakh for individual owner driver of the two wheeler insured at the time of driving, getting on or getting down from the vehicle. In addition, you can go for a personal accident cover for pillion riders.
Third party legal liability:
Offers assured protection from third party legal liability resulting from accidental losses, any long-term injury/death of an individual and/or any damage created to the property of any other individual/third party.
Key Benefits
Given below are the salient benefits offered by IFFCO Tokio two wheeler insurance:
Cashless claim services at cashless garage network throughout India.
No Claim Bonus: If you have not made a claim throughout the term of the policy, you can get a No Claim Bonus (NCB) at the time of renewal of the policy. The discount can be as big as 50%.
However, you will be entitled to the NCB only if you renew the policy within 90 days of the expiry date of the earlier policy.
Transfer your NCB:
You can shift all the benefits of a No Claim Bonus while you switch your two-wheeler insurance policy from another insurer to IFFCO Tokio General Insurance Company. The rate of discount will stay unchanged, given that you furnish the documents that you are eligible for No Claim Bonus from your earlier car insurance policy. For this purpose, you have to furnish any of the following:
- Letter validating the NCB (No Claim Bonus) claim from the earlier insurance company or
- Notice of renewal or
- NCB confirmation
Additional discounts
You can also avail the following discounts:
If you are a member of an approved automobile association in India, then you can qualify for a discount of 5% on the OD (Own Damage) Premium of up to Rs.50.
Discount for Anti-theft Devices: If you have equipped your two wheeler with Automobile Research Association of India (ARAI)-approved anti theft device, you can avail a discount of 2.5 % on the OD (Own Damage) Premium of up to Rs.500.
Contact Details:
Corporate Office:
IFFCO Tower
4th & 5th Floors
Plot No.3, Sector 29
Gurgaon-122001
Haryana (India)