IFFCO Tokio Launches India’s First Policy to Protect Bank Locker

IFFCO Tokio General Insurance Company today announced the launch of Bank Locker Protector Policy, which is the first policy in the industry to protect the contents of a bank locker such as jewelry and other valuables.

The policy offers a cover against various risks including fire, earthquake, burglary, holdup, infidelity by bank staff or any act of terrorism. Apart from jewelry and valuables, one can also ensure important documents kept in a locker as an add-on cover. The policy can be sold both as a retail and a group policy for banks.

Bank lockers are considered to be the safest place for valuables. Despite the tight security, however, there have been incidences of burglary in the country. A lesser-known fact is that the locker hiring agreement does not cover compensation in case of such untoward incidents. The Bank Locker Protector policy bridges the gap offering protection to valuables stored in a bank locker.

Commenting on the launch of the new product, Anamika Roy Rashtrawar, Whole Time Director (Marketing), IFFCO Tokio General Insurance said, “This is the first of its kind policy in the industry, which is simple and easy to understand with a streamlined claim process. The policy offers comprehensive cover to bank locker contents at very affordable rates.”

Warendra Sinha, MD & CEO, IFFCO Tokio General Insurance said, "In view of the demand from several of our customers, we have launched this innovative standalone product for people who do not want to club the items in the Bank Locker along with any other conventional insurance product."

The process to buy is simple and easy, as it just needs a self-declaration up to a specified limit. Valuation report from government-approved valuers is required only where the value of an individual item is more than Rs 10 lakhs and where the total sum insured exceeds Rs 40 lakhs for an individual.

The claim process is also smooth and hassle-free requiring basic documents like claim form, along with supporting documents such as invoices and proof.

The policy offers seven options of the sum insured ranging from Rs 3 lakh to Rs 40 lakh and above. The premium rate is affordable with a cover of Rs 3 lakh available at just Rs 300, which is less than Rs 1 per day.

OPTIONS (in Rs.)	1	2	3	4	5	6	7
Sum Insured/ Limit of Liability	3 Lacs	5 Lacs	10 Lacs	20 Lacs	30 Lacs	40 Lacs	Sum Insured above 40 lacs
Premium (Excl. GST)	300	500	1,000	1,500	2,000	2,500	Rs. 0.60 per mille

About IFFCO Tokio General Insurance

IFFCO-Tokio General Insurance is a 51:49 joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO), one of India's biggest cooperative society which is wholly owned by Indian Cooperatives., and Tokio Marine Group, which is the largest listed insurance group in Japan. The company was incorporated on 4th December 2000 and is currently the fourth largest private insurance company in the country. 

IFFCO Tokio General Insurance offers retail products like motor, health, travel, home, and personal accident insurance and corporate products like property, marine and liability Insurance through its wide distribution network.