IFFCO Tokio General Insurance
IFFCO Tokio General Insurance Co. Ltd. was established in 2000 and is essentially a merger between Tokio Marine Group, and IFFCO - Indian Farmers Fertilizer Cooperative. In the IFFCO Tokio General Insurance Company Limited, a 51% stake is held by India based IFFCO, and the Tokio Marine Group owns 49%.
The insurer offers a wide range of insurance products under IFFCO Tokio General Insurance category including car, health, two-wheeler, home and travel insurance, and commercial risk management solutions like property and liability insurance. They are the pioneering insurance firm in India for underwriting mega plans for a fertiliser and automobile company.
In addition to traditional insurance plans, through them, one can also invest in specific IFFCO Tokio Insurance policies, such as:
- Credit Insurance
- Errors and Omission plans for the Information Technology sector
- Cyber Insurance
- Protection and indemnity insurance, and so on
IFFCO Tokio General Insurance Co Ltd also has also taken certain village centric initiatives by developing products like the following:
- Mahila Suraksha Bima Yojana
- Sankat Haran Bima Yojana
- Janta Bima Yojana
IFFCO Tokio General Insurance: Present Position
IFFCO Tokio General Insurance is dedicated to being a brand and company of an expansive reputation that is developed based on its well-defined aims of delivery and performance through the following:
- It has emerged as an industry leader in the domain of insurance with the help of swift, transparent and fair response.
- Tokio General Insurance Company Limited is also focused on protecting the cooperative and international investors, corporate, and citizens of the nation.
- IFFCO Tokio General Insurance Co Ltd believes in providing true value to their patrons while maintaining a healthy competition with other insurance companies.
Major Highlights of IFFCO Tokio General Insurance
Claim settlement ratio
Gross Direct Premium (Globally)
General Insurance Products Approved FY 2018-19
Health Insurance Products Approved During FY 2018-19
No. of network hospitals
No. of network garages
Health Insurance (Excluding Travel - Domestic/Overseas And Personal Accident)
No. of policies (in Actuals)
No. of Persons Covered ( No. of Persons in '000)
Gross Direct Premium ( Gross premium in Lakh)
IFFCO Tokio Insurance: Products and Services
The company extends its services in the health insurance and motor insurance sectors with a diverse portfolio of policies.
The insurer offers an extensive range of health insurance products to cater to the various needs of the individuals at their different stages of life. They are briefly explained below:
- IFFCO Tokio Family Health Protector Policy- This family health plan provides coverage for pre & post hospitalisation expenses, hospital bills, diagnostic tests, and other healthcare expenses. This plan covers all members of a single family under one premium, with a sum insured amount ranging from Rs 1.5 lakh to Rs 30 lakh. Alternate treatments like Ayurveda and Homeopathy, health checkups and vaccinations are also covered.
- IFFCO Tokio Individual Health Protector Policy-This is a comprehensive health insurance cover for individuals in the 18-65 years age group. It has a range of features and add-ons. All types of hospitalisation expenses for accidents, 11 critical illnesses, 160 plus day care procedures, vaccinations, AYUSH treatments, and ambulance and check-up charges are covered.
- IFFCO Tokio Swasthya Kavach Policy- This policy provides sum insured from Rs 2 lakh to Rs 5 lakh and is available as a family floater plan for the whole family. It provides 2 types of coverage –Base Plan and Wider Plan, as additional Critical illness cover. The policy covers all types of hospitalisation, day care procedures, provides HospiCash benefits, and even pacemaker and artificial limbs expenses.
- IFFCO Tokio Individual Medishield Policy– This is an individual medicare plan available for anyone in the age group of 3 months-80 years. No pre-medical checkups are required until 45 years. Sum insured options ranging from Rs 50,000 to Rs 5 lakh. The coverage includes hospitalisation and nursing expenses, OT charges, costs incurred for blood, oxygen, dialysis, pacemaker, and chemotherapy, etc. daily hospital cash up to Rs. 150 is also provided with this policy.
- IFFCO Tokio Individual Personal Accident Policy-This policy is designed to offer a specific accidental cover in case of death or disablement due to accidents. It covers all people from 5 to 70 years as individuals, family floater plan and even a group cover. The plan also provides employment and education benefits that cover the education cost of the dependents in case of unforeseen circumstances.
- IFFCO Tokio Critical Illness Insurance-This health plan is specifically designed to provide coverage for Critical Illnesses like cancers, bypass surgery, paralysis, coma, kidney failure, total blindness and organ transplant etc. Any person till 60 years of age can purchase this policy with a sum insured amount up to Rs. 1 crore.
- IFFCO Tokio Health Protector Plus-This plan is available in various variants as an individual, floater plan, top-up or super top-up options, as per choice. Anyone from 18-65 years can be covered under eight sum insured options. It provides you with extended health coverage in case of hospitalisation costs that exceed the deductibles. Hospital expenses, daycare treatments, ambulance charges, alternate medicinal therapy, organ donation expenses, and home hospitalisation are also covered.
- IFFCO Tokio Swasthya Raksha Bima-A health plan with low premiums, it covers emergency medical costs for low-income groups or those staying in semi-urban areas in an affordable manner. The cover ranges from Rs 1 lakh to Rs 5 lakh. The coverage list includes in-patient hospital and nursing charges, ambulance and domiciliary expenses, OT charges, costs incurred for blood and oxygen transfusions, dialysis, chemotherapy, etc.
- IFFCO Tokio Critical Illness Benefit-The insurer provides a lump sum benefit amount if the policyholder is diagnosed or hospitalised on account of critical illnesses at least 30 days after the policy purchase. It covers illnesses like cancers, kidney failures, brain tumours, kidney or liver failure, Parkinson’s or Alzheimer’s disease (before 50 years), and surgical procedures like Open heart surgery, or the surgery of the aorta, or CABG. Medical events like total blindness or deafness, loss of speech and severe burns are also covered.
- IFFCO Tokio MOS-BITE Protector Plan- The policy offers coverage for seven vector-borne diseases like Malaria, Dengue, Kala Azar, Zika Virus, etc. It pays you the sum insured as a lump sum amount in case the policyholder gets hospitalised for at least 48 hours on account of illness due to mosquito bites, at least after 30 days of the policy. Any adult between 18 and 65 years of age can be covered.
- IFFCO Tokio Aarogya Sanjeevani Policy-This is a standardised health insurance plan as per government guidelines to fit every budget. The maximum sum insured is Rs 5 lakh. The policy covers 30-days pre-hospitalisation expenses, and up to 60-days post hospitalisation. Road ambulance, OT charges, medical bills, and even AYUSH treatment costs are covered.
- IFFCO Tokio Corona Rakshak Policy- This is a customized policy that pays a lump sum amount if the insured person gets COVID-19 and requires hospitalization. It covers the hospital expenses along with the high medical bills and ICU charges and saves you from the financial stress of this unexpected hospitalization.
- IFFCO Tokio Corona Kavach Policy-This policy is an extension to the existing health cover. It provides a protective shield against costly medical bills along with the treatment charges. The plan covers pre- and post-hospitalization care, hospitalization expenses, and home treatment for COVID 19 as per the sum insured guaranteed by the policy.
IFFCO Tokio Motor Insurance
IFFCO Tokio motor insurance policies are categorised as Car Insurance, Two Wheeler Insurance, Commercial Vehicle Insurance and Value Auto Coverage.
IFFCO Tokio Car Insurance Plans
Under this category, the insurer offers certain comprehensive plans including:
- IFFCO Tokio Comprehensive Car Insurance Policy- This Comprehensive insurance policy provides extensive cover for private cars in case of loss or damage to the vehicle due to theft, fire, floods, explosion, accidents, or other natural calamities. It also covers any third-party liability arising due to accidental damage to a third person or his vehicle or property.
- IFFCO Tokio Third-Party Liability Car Insurance Policy- This policy provides the coverage for the third party liability caused due to accident by the insured vehicle, causing loss or damage to a third party or their vehicle or property. Comprehensive Insurance with Zero Depreciation Cover: This is an add-on cover that offers complete protection against depreciation. The expenses reimbursed without taking the depreciating into account.
IFFCO Tokio Two-wheeler Insurance Plan
This policy offers comprehensive two-wheeler insurance coverage for the loss due to theft, accidents, natural calamities and third party legal liabilities. It also provides various add-on covers like zero depreciation cover, Return to Invoice, No Claim Bonus Protection cover etc. Under two wheeler category, the insurer offers:
- Third Party Liability Cover
- Comprehensive or Own-damage Cover
- Comprehensive with Zero Dep. Cover
IFFCO Tokio Commercial Vehicle Insurance
This policy covers the insured commercial vehicle against the loss or external damages, third party liabilities and personal damages. The policy also covers the employee or drivers who are hired to drive the vehicle.
IFFCO Tokio Value Auto Coverage
This is an add-on to the Standard Auto policy that attempts to fill in the gaps left by the Comprehensive Motor Insurance policy that already covers loss, damage and accidental breakdown of the insured vehicle along with third-party liabilities. The features of this cover include covers like Depreciation Waiver, Medical Expenses, New Vehicle Replacement, loss of personal belongings, personal accident cover, NCB protector, Towing/Storage cost and repatriations of repaired vehicle etc. It also provides Full Personal Accident Coverage, including permanent total and partial disability with additional benefits.
IFFCO TOKIO’s On-Road Protector Add-on
This add-on plan provides coverage for your vehicle in case of accidental damage or vehicle immobilisation. It covers towing charges up to the nearest repair centre, emergency fuel fill-up, and cost of alternative transport till 50 km from the accident location.
IFFCO Tokio General Insurance Policy Renewal Process
The policies offered by the IFFCO Tokio General Insurance can be renewed easily through Paisawiki.com. The policyholders just have to follow the steps mentioned below to do so:
- Log into the official website of Paisawiki.com.
- Insert the relevant details about the existing policy, as well as certain specific details based on the insurance product you have invested in.
- Once the required details are filled up the, there comes the renewal option.
- Verify all the details present on the page, and if it is correct and proceed with the next step.
- Once the policy details are verified, the person shall be redirected to the payment page.
- The payment can be made through net banking, debit/credit card.
- As soon as the insurance renewal payment is completed, a soft copy of the policy document on the registered email id will be sent.
- In case of any issue faced during this process, one must contact the customer service desk of the insurance company to get the required assistance.
This way people can opt to renew their IFFCO Tokio General Insurance Policy in a simple and hassle-free manner through the Paisawiki.com website.
Documents Required for IFFCO Tokio General Insurance Renewal
Any IFFCO Tokio General Insurance policy, whether for health insurance or motor insurance, does not require submission of documents generally. However, in case the policy lapses on account of delayed renewal within the policy specified time, the policyholder has to go through the entire process of policy purchase as before along with the regular submission of personal documents like identity proofs, address proof documents, and passport size photographs of all members insured under the product.
Claim Process of the IFFCO Tokio General Insurance
Individuals can file a claim for IFFCO Tokio General Insurance online with ease. They simply have to visit the official website of the insurance provider, and subsequently register their claim. Diverse types of insurance products have distinguished claim processes. On the website of this insurer, one can register their claim, fill up the relevant IFFCO Tokio Claim Form, upload the necessary documents, and get the needed insight on the IFFCO Tokio Claim Status.
The following points underline the specific steps involved in the motor and health insurance claim process of the company.
Steps Involved in a Motor Insurance Claim
Motor insurance claim can be registered for cashless or reimbursement claim. The steps involved are:
- The insurer must be immediately intimated about any loss or damage.
- Subsequent to the intimation, the company would provide IFFCO Tokio Claim Form to the policyholder.
- The policyholder needs to orderly fill-up the form and submit it to the insurance company, along with estimated documents including details of the total loss occurred to the insured vehicle.
- The insurer will then arrange an inspection session to evaluate the total damage suffered by the car or two-wheeler.
- The policyholder needs to be present at the time of the inspection, along with the documents needed to validate the extent of the loss mentioned.
- The claim is ultimately settled after the policyholder, and the insurer reaches an agreement about the claim amount.
Steps Involved in a Health Insurance Claim
People can file a reimbursement or cashless claim for their IFFCO Tokio General Insurance health insurance policy.
- The insurance company has to be intimated at least 3 days before a planned hospitalisation. In case of an unplanned hospitalisation, one should inform the insurer after the hospital admission through their toll-free customer helpline number.
- The insurance health card should be shown at the hospital desk, along with an ID proof.
- The hospital shall verify the identity details, and the policyholder would be required to submit a complete pre-authorisation request form with their signature to the TPA of the insurance firm.
- In case the request has been approved, an approval letter shall be received by the hospital from the insurer.
- Cashless treatment will begin once the verification process of the pre-authorisation request is completed.
- The approval for a cashless claim is typically sent within a span of 24 hours of the receipt of the relevant documents.
- If the cashless claim request is denied due to any network problem or if the hospitalisation takes place at a non-network hospital, then the insured would have to pay the hospital bills out of his/her own pocket.
- The reimbursement request has to be submitted within a span of 7 days from getting discharged.
- The claim form needs to be submitted by the person along with other needed documents at any local branch of the insurer.
- If the documents have undergone the verification process successfully, the insured will receive the claim sum through a cheque within 20 days of receipt of the documents.
In certain conditions, a claim made to the insurance company might be rejected as well. Here are few of the common reasons for IFFCO Tokio General Insurance claim rejection:
- The relevant policy has been cancelled or expired.
- The premium cheque given for the policy has been dishonoured, thereby making the plan invalid.
- The date of loss or accident falls outside the policy term.
- Individual driving the vehicle during the time of the accident was under the influence of alcohol or drugs or was not carrying a valid driving license.
- If the ownership of the vehicle has been changed, still, no information has been provided to the insurer within 14 days of such a change, or the claim has been made for damages existing before policy investment.
Premium Payment Process of IFFCO Tokio General Insurance
People can pay a premium for their IFFCO Tokio health and motor insurance policies online. When paying their insurance premium online, people would get the option to make their payments through multiple channels, among which they can choose the one that is feasible for them. Here are the channels that people can use to make their online premium payments:
- Online wallets
- Internet banking
- Debit cards
- Credit cards etc
Alternatively, people can also make their IFFCO Tokio General Insurance Premium Payment through Paisawiki.com. The Paisawiki website has a simple premium payment process for diverse insurance policies.
- Mobile Portal: IFFCO Tokio General Insurance Co. Ltd has a mobile portal through which one can renew motor policies. This portal shall be accessible on any Windows, Symbian, Android, or ios enabled phones. To get the link of this app, one needs to send RENEW to 575758.
- At a Branch: Policyholders may even pay the IFFCO Tokio insurance premium at their relevant issuing branch. One can even use the paisawiki.com branch locator to find the nearest branch of the insurer to make their premium payments.
IFFCO Tokio General Insurance: Achievements and Awards
The various awards and recognitions received by the company are:
- BFSI Digital Innovation Award 2019-20 by Express Computers, Indian Express Group
- Digital Insurer of the Year, 2019 by Insurance Asia News Awards for Excellence
- Emerging Asia Business Award 2019-20 by ICC, Kolkata
- Most Admired Company of the Year at the 2018-19 Global Leaders Awards in Insurance Sector
- Best HealthCare Insurance Provider2018-19 by NavBharat Group
- P & C Insurer of the Year Award 2018-19 by Insurance Asia News Awards
- National Award for the successful RSBY implementation in 2013-2014 by the Ministry of Labor, Government of India
- CIO100 Super Achiever 2012-2013 Award
- The "Best Employer Brand " By IPE BFSI in 2012-2013
- The AITA E-commerce Award in 2012-2013
Ans. The IFFCO Tokio General Insurance renewal for car insurance plans can be done online easily. The renewal of such plans can be made before 60 days of the date of your policy expiration. In case your policy renewal date has expired, you must contact the insurer as soon as possible.
Ans. In case your existing health insurance plan is unsatisfactory, then you may surely switch to the IFFCO Tokio insurance, for some extra charges. According to the IRDAI regulations, the existing waiting period of yours would be retained. Even with the extra charges, switching would be a good idea to acquire superior benefits.
Ans. People can easily invest in the following types of IFFCO Tokio General Insurance policies online:
- Motor insurance
- Health insurance
- Travel insurance
- Home insurance
Ans. You may make a claim if your vehicle meets with an accident while you were not driving it in case you meet the following criteria:
- Your vehicle should be covered by a valid motor insurance policy.
- In case you have taken insurance for any paid driver, have been making premium payments on a regular basis, and the vehicle has been driven after your approval.
- Individual driving the car had a valid license, as the insurance policy tends to be issued as per seating capacity, including the one sitting in the seat of the driver.
Ans: Subsequent to investing in a new health insurance plan, a waiting period of 30 days shall be applicable, starting from the policy issuance date. The company shall settle no hospitalisation costs during this period.
Ans. There is no limit on the claims that can be made during the policy period. However, you must remember that the sum insured is the max limit under the health insurance plan, up to which only the insurer will pay, no matter how many claims are there.
Ans. Yes. There are certain percentages of savings available for car insurance policies offered by this company. They are:
- Voluntary deductible: Provided for sharing of the claim expenditures
- No claim bonus (NCB): Providing for having a year with no claim
- Voluntary deductible: Provided for sharing of the claim costs
- Installation of an anti-theft device: Offered for installing ARAI approved anti-theft device
- AAI membership: Provided for the purpose of having a membership of Automobile Association of India
- Savings on own damage: Provided for an experience of risk exposure
*Savings offered by the insurer are as per the IRDAI approval. Standard T&C apply.
Ans. No. You do not have to pay more when buying insurance plans online.
Ans. Yes. You may check the claim status of your IFFCO Tokio car insurance plan for up to Rs 20,000 with the help of the Quick Claim Settlement or QCS platform. However, to avail this facility, you would have to register with the QCS team.
Ans. Here are a few simple elements that you must keep in mind when planning to invest in IFFCO Tokio House policy:
- Fill-up the proposal form carefully and submit it yourself.
- Make sure not to hide any pertinent details or information about your property at the time of policy investment.
- Put the correct valuation of the property in order to avoid any kind of disputes at the time of home insurance claims.
Ans. Yes. You may download an IFFCO Tokio Claim Form for their motor insurance plan online through the website of the company.
Written By: Paisawiki - Updated: 16 December 2020