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IFFCO Tokio General Insurance Company Limited

The Indian Farmers Fertilizer Co-operative (IFFCO) and its associates formed a joint venture with Tokio Marine and Nichido Fire Group from Japan to incorporate IFFCO Tokio General Insurance Company Limited.

It is the only insurance company with 100% owned distribution channel.

The company came into existence on 4th December 2000 and has been active in the general insurance market ever since. Besides offering individual general insurance plans, IFFCO Tokio also offers various general insurance plans to businesses and corporates. It offers customized plans with a wide range of clients.

Interesting Facts about IFFCO Tokio General Insurance

  • In 2013-14, the company won the National Award for implementing RSBY successfully. The award was given by the Ministry of Labor.
  • The company is present throughout India having 78 Strategic Business Units (SBUs), 171 Lateral Spread Centers (LSC) and 400 Bima Kendras.
  • The company’s Gross Written Premium grew from Rs.213 crores in 2001-02 to Rs.3537.2 crores in 2015-16.

Product Portfolio – IFFCO Tokio General Insurance

Motor Insurance

A third-party motor insurance policy is a legal requirement as mandated by the Motor Vehicles Act, 1988. Whether it is a private car, private two-wheeler or any commercial vehicle, it should be covered under a valid motor insurance policy. IFFCO Tokio General Insurance Company Limited offers both third-party and comprehensive motor insurance policy for both private cars and two-wheelers and commercial vehicles. The details of the policies offered by IFFCO Tokio are mentioned in brief below:

Car Insurance Policy: IFFCO Tokio offers an online car insurance policy which can be easily purchased and renewed without any hassles. The policy covers loss or damage to the car due to fire, earthquake, lightning, self-ignition, flood, typhoon, riots, burglary or theft, landslide, accidental means, etc. If the car causes any bodily damage to any third party or damages any third party property, the financial liability arising out of such damages caused is also covered by the car insurance policy. Moreover, there is an inbuilt Personal Accident cover under the policy for a Sum Insured of Rs.2 lakhs meant for the owner-driver. This benefit covers the owner-driver of the car against any accidental death or disability while driving, mounting in or dismounting from the car. For towing the car to the nearest garage, a reimbursement expense up to Rs.1500 is also payable under the policy. IFFCO Tokio also offers additional add-on covers.

Two-wheeler Insurance Policy: IFFCO Tokio also offers a comprehensive motor insurance policy for a two-wheeler. The policy covers damages sustained by the two-wheeler due to natural calamities or man-made causes. Third party legal liability is also covered if the two-wheeler causes bodily injury or property damage of a third party. There is a personal accident cover of Rs.1 lakh for the owner-driver of the policy. The policy grants a No Claim Bonus discount if there is no claim in any policy year. The discount is applicable on the renewal premium and goes as high as 50% for five claim free year.

Commercial Vehicle Insurance: This motor insurance policy covers vehicles which are used for business purposes. A comprehensive insurance coverage is provided on commercial vehicles. The policy covers legal liability to third parties as well as damage incurred by the insured vehicle.

Health Insurance

The rising medical cost has made medical treatments unaffordable. It becomes difficult for an average middle-class man to afford such high hospital bills for any medical contingency. Thus, it has become necessary to have a healthcare plan which will provide financial aid. IFFCO Tokio General Insurance Company allows different types of health insurance policies meant for individuals as well as their families. These policies provide a comprehensive scope of coverage and spare you high medical costs. With 4300+ hospital network, IFFCO Tokio ensures that the needs of their customer are met at every step.

Family Health Protector Policy: This is a family floater health plan which can be taken to cover not only your immediate family but also your siblings, brother or sister-in-law, nephews, nieces or any relatives dependent on you. Entry age for this policy is between 18 – 65 years old. The sum insured under this plan is upto Rs.7 lakh. The policy covers AYUSH treatments, vaccination expenses, provides emergency assistance services and covers domiciliary hospitalization among others. One of its kind policy that offers an optional cover for 11 critical illnesses. These 11 critical illnesses are covered with a higher Sum Insured under a single family floater plan. The Sum Insured is also reinstated if it is exhausted in any policy year so that the cover never runs out.

Individual Health Protector Policy: This is an individual health plan which has a comprehensive scope of cover. An individual of age between 18 – 65 years can opt for this policy. The coverage is upto Rs. 7 lakh. AYUSH treatments are covered up to the Sum Insured while domiciliary hospitalization is limited to 20% of the coverage amount. The plan also offers an optional cover for 11 critical illnesses and allows a higher Sum Insured for these illnesses. Other coverage features include daily allowance, ambulance charge, 121 day care treatments, restoration of Sum Insured, free health check-ups after every 4 years, etc. Moreover, senior citizens are provided specialized grievance management services.

Swasthya Kavach Policy: The policy comes in two variants of Basic Cover and Wider Cover. The Base plan comes with a sum insured in the range of Rs. 2 lakh to Rs. 5 lakh. It covers hospitalization and related expenses, domiciliary treatments, organ donor expenses, etc. The Wider plan covers these features and more. Some unique aspects of the plan are that the plan covers individuals of any nationality and can be taken for self, spouse and three dependents. The maximum Sum Insured is Rs.5 lakhs but if you want a higher sum insured, you can issue multiple policy. There is a No Claim Bonus of 5% increase in the Sum Insured every claim-free year up to a maximum of 50%. Lastly, if the insured also has a two-wheeler insurance policy from IFFCO Tokio, the plan allows a premium discount.

Individual Medishield Policy: This is an individual health insurance policy. Besides covering the cost of hospitalization, the policy also provides daily allowance for hospitalization, covers organ donor expenses, day care treatments, etc. The sum insured ranges from Rs. 50K to Rs. 5Lakh. The entry age is up to 80 years and no pre-entrance health check-ups are required till 45 years of age. There is an optional critical illness cover which can be taken by paying an additional premium. This add-on covers 10 illnesses and pays a lump sum amount on diagnosis of any illness.

Personal Accidental Insurance Policy: This is an insurance plan which provides coverage against accidents which are unforeseen and result in a physical and financial loss. The plan covers accidental disability and death. The payable compensation depends on the injury suffered. The policyholder is provided with 100% sum insured in case of total permanent disability. And 50% in case of a partial permanent disability. IFFCO Tokio provides 100% sum insured to the nominee/beneficiary in case of the death of the insured. The payouts in case of injuries are paid weekly to tackle loss of income.

Critical Illness Insurance Policy: This is a critical illness health insurance plan which pays benefits if the insured gets diagnosed with any of the critical illness during the plan tenure. The plan is also available as a group policy for recognized groups. The illnesses covered under the plan include renal failure, cancer, major organ transplant, coronary artery disease, which requires a bypass surgery, paralytic cerebral stroke and accidental injuries, which result in a loss of limbs. If the insured suffers any of these ailments, the hospitalization expenses are reimbursed by the company. However, if the illness is a result of any pre-existing illness, the plan pays no benefits.

Health Protector Plus Policy: Due to the medical inflation, the cost of medical treatments has gone over the head. You need a plan with a higher Sum Insured to meet your medical bills sufficiently. Since a high Sum Insured also includes a higher premium, it is not usually feasible. IFFCO Tokio’s Health Protector Plus Policy comes in handy in these situations. This is a top-up or super top-up policy with a Sum Insured and a deductible. Claims which exceed the chosen deductible are paid by the plan. The plan allows the policyholder to take the policy as a top-up plan where each claim would be matched against the deductible. Alternatively, the plan can also be taken as a super top-up plan where aggregate claims are matched against the deductible limit.

Travel Insurance

A travel insurance policy makes sense when you are travelling and face contingencies. Since a travel is planned on a budget, facing any additional financial contingencies might eat into your savings. Moreover, medical treatments taken abroad are very expensive and thus a valid travel insurance policy is required to meet any medical costs which might incur if you face any medical contingency when travelling.

Overseas Travel Insurance Policy: This plan covers overseas travels and provides benefits in case of any contingency faced when travelling. The plan has five variants of Bronze, Silver, Gold 100, Gold 250 and Gold 500 and the Sum Insured ranges from $50, 000 to $500,000. Coverage includes medical treatments, dental treatments, transportation of mortal remains or cost of burial, loss or delay of checked in baggage, hijack distress allowance, personal liability, financial emergency assistance, personal accident, etc. IFFCO Tokio has a 24*7 helpline assistance for making any claims from anywhere in the world.

Pravasi Bhartiya Bima Yojana: This policy is for individuals who are emigrants and their passport bears the statement ‘Emigration Check Required. The policy provides coverage for personal accident, transportation and airfare for an attendant, hospitalization expenses, employment contingencies and repatriation and legal expenses. The cover can be taken for a 2 or 3 year tenure. The premium is fixed and is Rs.500 with relevant taxes for a 2 year plan and Rs.750 plus tax for a 3 year plan.

Other Plans offered by IFFCO Tokio

  • Home Suvidya Plan
  • Home Family Protector Plan
  • Trade Suvidya Plan
  • Trade Protector Plan
  • Business Insurance
  • Micro & Rural Insurance
  • Speciality Insurance

IFFCO Tokio General Insurance Claim Process

Claim Process

Different types of general insurance plans have a different claim process. Mentioned below are the basic procedures which should be adopted for making different types of insurance claims.

Health Insurance Claims

Health insurance claims can be claimed either cashless or through reimbursement. Moreover, the policyholder can also choose to make a health insurance claim from the company itself or from the TPA with which IFFCO Tokio has a tie-up. The claim process is different for emergency hospitalization and for planned hospitalization.

  • In case of emergency hospitalization, the TPA should be intimated on their toll-free number immediately after hospitalization. The policyholder has to provide his membership id mentioned on the health card. The cashless request form is to be then filled, certified by the treating doctor and then faxed with the relevant medical records. The TPA then scrutinizes the form submitted and sends approval. After approval the hospital bills would be settled directly at the hospital.

  • For planned hospitalization, the TPA should be informed 3 days before hospitalization. The health card membership Id is to be provided for intimation. Then the policyholder should fill the cashless request form, certify it from the attending doctor and fax it along with the relevant medical bills. The TPA then scrutinizes the form submitted and sends approval. After approval the hospital bills would be settled directly at the hospital.

  • A reimbursement claim is available in case treatment is taken in a non-network hospital or if it is not a cashless treatment. For reimbursement claim, IFFCO Tokio should be informed on 1800 103 5499 within 7 days of being discharged from the hospital. The Policy Certificate Number is required for such intimation. The policyholder should avail treatments and settle the medical bills. The bills are then required to be submitted to the company with the claim form.

Motor Insurance Claims

  • For filing a motor insurance claim, any loss or damage should be immediately notified to the insurance company.
  • After intimation, the insurance company forwards a claim form which should be filled in by the policyholder and submitted with an estimate of costs.
  • The insurance company would arrange for a surveyor to assess the loss.
  • The insured would then have to submit the relevant documents and the claim would be settled.

Travel Insurance Claims

  • IFFCO Tokio has a tie-up with PHM Global for settling all travel insurance related claims.
  • The policyholder should reach out to PHM Global at Paramount Healthcare Management Pvt.Ltd., Travel Health Dept., Elite Auto House, 1st Floor, 54-A, M.Vasanji Road, Chakala, Andheri(E), Mumbai- 400093. The phone number is 022 40004216 / 40004219. Within USA, the toll free number is 1 866 978 5205.
  • The claim can also be faxed at 022 67021259 / 260 or mailed at travelhealth@phmglobal.com.
  • If you want to contact IFFCO Tokio, the helpline number is 022 67515551.
  • The company also provides country specific contact numbers for making travel-related claims from the country you are in.

Review of IFFCO Tokio General Insurance Company Limited

Since 2000, IFFCO Tokio has come a long way in providing insurance policies at a cost effective price. Be it a motor insurance, health plan, or a travel plan IFFCO Tokio got you covered. With 2000 cashless garage network, 4300 hospitals and 24*7 claim assistance service at your side, comprehensive plans offered by IFFCO Tokio should be on your top list. If you are interested in knowing and buying the different general insurance plans offered by IFFCO Tokio General Insurance Company Limited, you can contact Coverfox at 1800-209-9970 for all required details and to buy the plans.

Contact Details of IFFCO Tokio General Insurance Company Limited

You can contact the company through various ways which are discussed below:

Postal Address – You can write to the company at - Corporate Office, IFFCO Tower, Plot No. 3, Sector 29 , Gurgaon -122001, Haryana(India).

Toll-free contact numbers – 1800-103-5499 is a toll-free number of the company

Chargeable contact number – You can, alternatively, call a chargeable number which is 0124-428 5499

Email ID – email can be sent to websupport@iffcotokio.co.in

Twitter ID -https://twitter.com/iffco__tokio

Facebook ID -https://www.facebook.com/iffcotokio/

FAQs on Iffco Tokio

Is there any waiting period when my medical expenses will not be settled by Iffco Tokio, in case of any emergency?

After getting a new health insurance policy, starting from the date of the policy issuance, a waiting period of 30 days would be applicable. During this period, no hospitalization charges would be settled by Iffco Tokio. However, this 30 days waiting period is not applicable for contingencies like accidental hospitalization and during policy renewal period.

I own a Swift Dezire. Last weekend my vehicle met with an accident, but I wasn’t driving. Will Iffco Tokio Company settle my claim?

You can certainly make a claim, provided you meet the criteria mentioned below:

  • You should have a valid motor insurance policy for your vehicle
  • If you have taken insurance for a paid driver and have been paying the premiums regularly and the car is being driven with your approval
  • The person driving the car has a valid license because the insurance is given as per the seating capacity, which also includes the person on the driver’s seat .

Who is a Third Party Administrator?

The IRDAI (Insurance Regulatory and Development Authority of India) appoints specialized health care service providers in every hospital for the patients to avail cashless treatments. These health care services are known as the Third party administrator (TPA). They render services like arranging for cashless hospitalization, networking with hospitals and processing the claims on time.

How many claims can I make each year if I buy a health insurance plan from Iffco Tokio?

You can make any number of claims during the policy period. But, remember that the sum insured is the maximum limit under the health insurance policy.

What does your Iffco Tokio Travel Insurance Policy doesn’t cover?

Buying a travel insurance policy can help you by making your travel stress-free. But, there are situations where the insurance might not be of any help:

  • Travelling against medical advice
  • Travelling outside home country for medical treatment or cosmetic surgery
  • Going for extreme, high-risk sports, like scuba diving and bungee jumping
  • Losses when you are under the influence of narcotics or alcohol
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