• 1Reputation and Trust: IFFCO Tokio General Insurance is a well-established company with a strong reputation in the insurance industry. It is a joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and Tokio Marine Group, one of the largest insurance groups in the world. This partnership brings stability and reliability to their offerings.

• 2Wide Range of Products: IFFCO Tokio offers a comprehensive range of general insurance products to meet various needs, including motor insurance, health insurance, travel insurance, home insurance, agriculture insurance, and more. This wide range of offerings allows customers to find suitable coverage for their specific requirements.

• 3Customized Solutions: IFFCO Tokio provides customized insurance solutions tailored to individual needs. Whether you're looking for basic coverage or need specialized protection, IFFCO Tokio offers options to suit different preferences and budgets.

• 4Customer Service: IFFCO Tokio is known for its customer-centric approach and efficient customer service. They have a dedicated team to assist customers with queries, claims processing, and policy-related matters, ensuring a smooth and hassle-free experience.

• 5Innovative Technologies: We leverages innovative technologies to enhance our services, such as online policy issuance, claim tracking, and digital payment options. This makes us convenient for customers to manage their insurance policies and claims processes efficiently.

• 6Financial Strength: IFFCO Tokio General Insurance has a strong financial standing, backed by the financial stability of its parent companies. This instills confidence in customers that their claims will be settled promptly and fairly, even during challenging times.

• 7Commitment to Sustainability: IFFCO Tokio is committed to sustainability and social responsibility. They actively participate in various community development initiatives and promote environmental conservation efforts.

Here are some key features of general insurance in India:

• 1General insurance covers are generally opted for a year or for a short-term structure.
• 2Certain general insurance policies are compulsory in India e.g. Third Party Motor Insurance.
• 3Some general insurance policies are subjected to deductions if specified on the policy document.
• 4Unlike life insurance, general insurance covers offer protection against unforeseen situations like accidents, theft, natural disasters, or other mishaps.
• 5General insurance policies give you the flexibility of choosing a different policy or premium according to your requirements.

• 1Peace of mind: A general insurance plan gives you assurance that you would be covered for financial losses arising due to an unfortunate circumstance.
• 2Mandatory by law: Certain general insurance plans like motor insurance are legally made mandatory by the government and cannot be avoided.
• 3Tax benefit: If you have a health insurance plan, the premium paid towards your plan makes you eligible for tax benefit which can be availed under Section 80D of the Income Tax Act.
• 4Financial protection: If you take a general insurance plan, you get yourself and other valuable belongings covered against any damage or loss which can otherwise drain your savings.

• 1 Premium – You need to pay a certain amount to the insurer to enjoy the coverage of a general insurance policy. This amount that you pay is known as a premium. It can be paid monthly, quarterly, yearly, etc. depending on the type of plan you have.
• 2 Policy Coverage – Policy coverage includes all the terms and conditions associated with your insurance plan with details on the type of risks covered and any exclusions. It's important to thoroughly read the policy wording before purchase for maximum coverage against uncertainties.
• 3 Claim- It is the compensation amount reimbursed to the policyholder by the insurance company against any loss incurred.
• 4 Sum Insured- Sum insured is the maximum amount for which the policyholder can claim from the insurer. Sum insured differs from policy to policy and majorly depends on the sort of risk involved.
• 5 Policy- The time period for which a policy is valid is known as the tenure. The benefits of any insurance policy can be availed up to a specified date only. You can choose to renew your policy if you wish to enjoy the benefits for a longer period of time.
• 6 Network Hospital / Garage- When you visit a hospital/garage that is associated with the insurance company, you can get cashless services.
• 7 Rider- It is an add-on offered by many insurance companies to enhance your protection against risks.

• 1Who Needs General Insurance?
  Ans. We all need general insurance in some form or the other. For instance, health insurance holds immense value for each and every one of us, especially with healthcare expenses going through the roof.
  If you own a car or a bike or a commercial vehicle, then you need to get motor insurance to meet legal mandates and safeguard yourself against the perils of the road. If you love going on holiday or make several work trips in a year, it makes sense to get the protection of a travel insurance plan. Finally, if you own a house or rent an apartment, then home insurance provides financial protection against unfortunate events such as theft, fire, vandalism, etc. that can damage the structure or the contents of your home. As such, general insurance plans offer value to almost everyone. You should definitely look at the various plans available in the market and see which ones can help protect the things you hold dear to you.

• 2Why Is General Insurance Important?
  Ans. A general insurance policy protects the things you value such as your home, your health, your motor vehicles, and even your travel plans. With a good general insurance plan by your side, you are safeguarded against the financial impact of numerous unfortunate events that can cause harm to you and/or your valuables.

• 3What Is A No-Claim Bonus?
  Ans. You can think of No Claim Bonus (NCB) as a reward for not making a claim against your policy. This reward is usually a percentage discount on the premium amount of your policy. However, in some cases, it can also be an increase in the coverage amount of your plan.

• 4What Is An Ombudsman?
  Ans. An ombudsman is an authorized person who is appointed to represent the interests of the customer through impartial investigation against any claims of violation of rights or maladministration. An ombudsman is appointed usually by the government and is fairly autonomous in his or her function to arrive at impartial facts of a case or claim. Many companies appoint unofficial ombudsmen to comply with local laws and instil confidence in customers.

• 5What Does Indemnity Mean In The Context Of Insurance?
  Ans. Indemnity in insurance usually means compensation in case a third party makes a claim against the policyholder. For example, a customer may make a claim for injury against a gym owner. It is most often found in business insurance.

• 6What Does Insurance Coverage Mean?
  Ans. Insurance coverage is the maximum compensation the policyholder is entitled to receive by way of their insurance policy. For example, if you have a home insurance plan with a coverage amount of Rs. 50 lakhs, then you will receive payouts up to the said amount in case your home is damaged due to an unfortunate event covered by your policy.

• 7What Does The Term Surrender Value Mean?
  Ans. Surrender value is the amount that is payable to a policyholder at the time of policy maturity or closure. Once a policy is closed the surrender value is paid to a policyholder, and the policy ceases to exist.

• 8Can A Policyholder Claim Any Amount Of Compensation Irrespective Of The Extent Of Loss?
  Ans. No, one cannot claim any amount of compensation irrespective of the extent of the loss. This is because, in most cases, the insurance company will dispatch a surveyor to ascertain the extent of damage caused and the corresponding compensation to be provided. Moreover, the compensation amount will be limited to the coverage amount of the policy.

• 9What Is Utmost Good Faith?
  Ans. Utmost Good Faith is a key founding principle of insurance. The policyholder is obliged to voluntarily disclose all information factually and accurately to the insurance provider that may or may not have a bearing on the type of insurance required.

• 10What Does The Term Annuity Mean?
  Ans. The term annuity usually means an amount paid by the insurance company to the insured at regular intervals as defined in the policy document. It is normally found in retirement plans that supplement income once a policyholder is no longer capable of working.

• 11What Is The Difference Between An Agent And A Broker?
  Ans. In the business of insurance, an agent represents only one insurance company, while an insurance broker can sell policies of multiple insurance companies.

• 12What Is A TPA And What Is Its Role?
  Ans. TPA is short for Third Party Administrator. TPAs are IRDAI authorized entities that act as intermediaries between the general insurance company & the policyholder. They provide policyholders with numerous services such as claim guidance, issuance of photo identity cards, providing approval for cashless claims, guidance for rejected claims, and so on.
  To understand exactly about the policy coverage, exclusions, etc. please read the Policy Wording carefully.

• 13What Is Meant By Insurable Interest?
  Ans. A customer has the right to insure anything that has personal value, and the loss of which will result in a financial loss. This is known as insurable interest.

• 14Who Is A Beneficiary?
  Ans. The beneficiary is someone who is nominated by the insured to receive the insurance claim in case of any unforeseen circumstance. For example, in the case of life insurance, a wife may be nominated to receive the insurance amount of her husband’s policy, but in the case of home insurance, the beneficiary is the customer who has taken an insurance policy for his or her home.

• 15What Is Meant By The Term Deductible?
  Ans. A deductible is usually an amount that has to be mandatorily borne by the customer in case of a claim. Let’s take an example to better understand this. Say you have a standard motor insurance policy with a deductible of Rs. 1,000. Now, in case of a claim of Rs. 10,000 you have to pay the Rs. 1,000 (as deductible) while the insurance company will cover the remaining Rs. 9,000.

• 16What Do The Terms Insurer And Insured Mean?
  Ans. A general insurance policy is a contract between two entities – the insured and the insurer. The insured is the policyholder who enjoys the benefits of the insurance policy and the insurer is the company that provides the insurance coverage.

• 17What Are The Different Types Of Insurance Categories?
  Ans. Insurance plans in India can be divided into two broad categories:

  1. General insurance
  2. Life Insurance
  All non-life insurance plans such as motor, home, health, travel, etc. are categorized as general insurance plans.

   

• 18What is Insurance premium?
  You need to pay a certain amount to the insurer to enjoy the coverage of a general insurance policy. This amount that you pay is known as a premium. It can be paid monthly, quarterly, yearly, etc. depending on the type of plan you have.
  The premium of your general insurance policy depends on numerous factors. Keeping this in mind, most general insurance companies in India have premium calculators on their websites. General insurance calculators are simple online tools that compute the premium of your insurance plan based on your personal details & your coverage needs.