IFFCO Tokio Home Insurance Plan offers two excellent home insurance plans for 2023 that are affordable and highly recommended. The Home Suvidha policy protects your house and provides financial security for your family. It covers damages caused by natural or man-made factors and offers assistance in choosing the right coverage option for you.
IFFCO Tokio Home Insurance Plan 2023
The house can experience various types of damage, ranging from minor repairs to complete reconstruction. It’s crucial to have the best home insurance policy that covers the structure of your house. The insurance should consider the size of the built-up area and the total cost of construction. This is known as the reinstatement value, which determines the ideal home insurance plan based on the overall house construction cost and the land area it occupies.
The indemnity value of a property is determined by considering both the construction cost and the decrease in value over time due to its age. It’s common to underestimate the cost of rebuilding a house, which is why the insurance plan has strict and comprehensive policies. These policies may even exclude certain types of houses from coverage. Therefore, it’s important to carefully read the policy documents to determine if your house is covered by the insurance plan.
IFFCO Tokio Home Insurance Policy
IFFCO Tokio offers a comprehensive home insurance policy that provides coverage for a wide range of dangers and risks. This policy protects your home, its contents, assets, liabilities, interests, and your family.
IFFCO Tokio provides two types of home insurance plans:
- All in One Home Protector Policy: This plan offers complete protection for your home and everything inside it.
- Home Suvidha Policy: This plan is designed to ensure the safety of your home and provide financial security for your family.
All in One Home Protector Policy
This policy understands the importance of your family and your home. Your home represents your investment of time, money, love, and care. While it’s impossible to protect your home from every possible threat, you can minimize these risks by opting for comprehensive coverage. The All in One Home Protector Policy by IFFCO Tokio offers a complete package that safeguards your home, its assets, liabilities, and interests, including those of you and your family, against various uncertainties.
Why one should avail Home Insurance Plan?
Owning a home is a significant achievement in life. It takes a lot of time and money to build the house you’ve always dreamed of. Your home is your most valuable asset, representing a lifetime of financial investment. Therefore, it’s crucial to prioritize the protection of your home.
Home insurance is designed to safeguard your home and its contents from unexpected events. It provides coverage for damages to your home, its contents, and your personal belongings. Additionally, the policy includes coverage for the owner’s legal responsibility in case of accidents that occur on the property.
Unforeseen disasters, such as fires or earthquakes, can lead to costly repairs and even render you homeless. Having a home insurance plan ensures that you are financially protected and can recover from such situations.
What is the insured IFFCO Tokio Home Insurance Plan?
By selecting multiple coverage options from IFFCO Tokio’s range of policy sections, you can save money on your premiums. To qualify, you need to choose a minimum of three sections from the plan, each covering different types of properties. Here are the properties included in this plan:
- Household Appliances
- Television/VCR/DVD Player
- Computer and mobile phones
- Glass fittings
- Jewelry and other valuable items
- Other household articles
- Pedal Cycle
By customizing your coverage and selecting the sections that suit your needs, you can enjoy cost savings on your insurance premiums.
Benefits and Features of IFFCO TOKIO Home Insurance
Here are the benefits and features of IFFCO TOKIO Home Insurance
- Affordable Premium: The insurance premium is reasonably priced, making it pocket-friendly for homeowners.
- Rebates and Discounts: You can avail rebates and discounts on the premium, helping you save money.
- Comprehensive Coverage: This plan protects your home and its contents, including valuable items, electronics, and artwork.
- Personal Accident Cover: The plan offers an option to include personal accident cover, providing financial protection in case of accidents.
- Public Liability Cover: You can opt for public liability cover, which safeguards you against legal responsibilities for accidents on your property.
- Optional Baggage Insurance: The plan also offers the choice to add baggage insurance, ensuring your belongings are protected while traveling.
- Domestic Appliance Breakdown: The policy covers the breakdown of domestic appliances, offering assistance and coverage for repair or replacement.
Overall, IFFCO TOKIO Home Insurance provides affordable premiums, comprehensive coverage, and additional options to tailor the plan according to your needs.
What is covered IFFCO Tokio Home Insurance Plan
The IFFCO Tokio Home Insurance Plan is designed to provide coverage for your home and belongings in case of theft, fire, and other accidents. It also includes protection against damages caused by you or any guests you have. This policy offers several valuable features, including 24/7 emergency assistance, damage assessment services, and personal accident cover. If you’re seeking a comprehensive home insurance policy that offers excellent value for your money, the IFFCO Tokio Home Insurance Plan could be the right choice for you.
The coverage of this plan is divided into 12 different sections, and as a policyholder, you need to select at least three of them. Here’s an overview of the first section, Fire & Allied Perils:
This section provides protection for your building and its contents against risks like fire, explosions, water damage from overflowing tanks, riots, earthquakes, floods, and more. It also covers the expenses associated with meeting building regulations after damage occurs. If you have to temporarily relocate due to the damage, the plan covers the cost of using an alternate residence.
Additionally, this section offers extra features at an additional premium:
- Coverage for surveyor, architect, and engineer expenses during the restoration process.
- Coverage for debris removal costs.
- Automatic increase in the sum assured to account for inflation.
- Additional coverage for rental costs, whether you are a tenant or a landlord, including compensation for landlords who lose rent.
In simple terms, the IFFCO Tokio Home Insurance Plan provides comprehensive coverage for your home and belongings against various risks. It includes additional features like debris removal, increased sum assured, and coverage for rental costs, making it a valuable choice for homeowners.
Burglary and Other Perils:
This section provides coverage for your building and its contents against burglary, robbery, housebreaking, and damage caused by falling trees, lamp posts, electric poles, or television/radio antennas. It also includes damage caused by municipal authorities while preventing a fire.
Under this section, valuable items such as jewelry, gold, silver, clocks, watches, cameras, musical instruments, and sports equipment, including guns, are covered against accidents or disasters anywhere in India.
Fixed Glass and Sanitary Fittings:
This section protects fixed plate glass and sanitary fittings in your home or premises against accidental breakage, including lettering, painting, frames, and frameworks.
Coverage is provided for home-installed electronic devices such as computers, fax machines, data storage devices, and their accessories.
Home Entertainment Equipment, Portable Computers, Mobile Phones, and Pedal Cycle:
This section covers the protection of home entertainment equipment, portable computers, mobile phones, and data storage media against accidental damage anywhere in the world. It also includes coverage for pedal cycles against external accidents or misfortunes that cause bodily/personal injury or property damage.
Breakdown of Domestic Appliances:
Coverage is provided for mechanical and electrical breakdowns of appliances like refrigerators, air conditioners, and washing machines. This section also covers accidental or unexpected damage and includes protection for children up to the age of seven.
This section offers coverage for physical injury or death resulting from accidents, violence, or other external means as specified in the policy. Additional benefits include coverage for ambulance costs, education expenses, transportation of a deceased body, damage to clothing, rehabilitation for the injured person, and the cost of repairing or replacing the house or car after an accident.
In simple terms, the IFFCO Tokio Home Insurance Plan includes coverage for burglary, damage, and accidents. It protects your belongings, electronic devices, glass fittings, personal valuables, and even provides coverage for personal accidents and breakdown of domestic appliances.
Loan Payment Protection:
This section ensures that if the insured person is unable to work due to illness or an accident, they will receive financial assistance to make monthly loan payments on their home, vehicle, or other consumer goods for up to one year.
Under this section, the insured person is covered for their legal responsibility in case of physical injury, property loss, or damage to a third party. It also covers the insured’s obligation for Workmen’s Compensation to a domestic servant working in their premises. Additionally, it provides coverage for the insured’s liability to their landlord for damage to the building or electrical fittings caused by covered perils, as per the tenancy agreement.
Increased Living Expenses:
This section covers various costs incurred due to home damage, including the cost of temporary relocation, emergency medical treatment up to a specified limit, furniture rental, moving house contents, and accommodation expenses in a guest house or hotel.
- At least three sections must be covered.
- Selecting at least six sections qualifies for a premium discount.
- The insurance for Sections 1, 2, 3, 4, 5, 6, and 7 is based on replacement value, up to a maximum Sum Assured.
- Clothes and linen are not covered under Sections 1 and 2.
- There are no maximum limits for the Sum Assured in any section, except for specific items that have sublimits.
In simpler terms, the IFFCO Tokio Home Insurance Plan includes protection for loan payments in case of inability to work, liability coverage for third-party injuries or property damage, and coverage for increased living expenses after home damage. There are certain clauses to consider, such as the requirement to cover at least three sections, the possibility of premium discounts for selecting more sections, and the coverage based on replacement value.
Exclusion under IFFCO Tokio Home Family Protector Policy
- The policy does not cover damage, destruction, or loss caused by war, actions of foreign adversaries, hostilities, invasion, or similar military operations.
- Any harm to property, destruction of property, or loss of property related to terrorism is not covered.
- Damage or loss caused by ionizing radiation, contamination from radioactivity due to nuclear fuel or waste combustion, or any hazardous properties of explosive nuclear assembly or its components is not covered.
- Loss or damage resulting from depreciation, wear and tear, or downgrading of an item is not covered by the insurance.
In simpler terms, the IFFCO Tokio Home Family Protector Policy excludes coverage for damages caused by war, terrorism, radiation or nuclear incidents, as well as losses due to the depreciation or wear and tear of items.
IFFCO Tokio Home Suvidha Policy
Coverage provided by the policy includes:
- Protection against Fire and Allied Perils (Contents): This covers the contents of your building against risks like fire, explosion, water overflow, strikes, riots, earthquakes, floods, and more.
- Coverage for Burglary and other perils (Contents): This protects the different contents of your building against risks such as housebreaking, robbery, burglary, or dacoity.
- Coverage for Television and Video Equipment: This ensures that your television and video equipment are covered against damages or losses.
- Personal Accident Coverage: This provides protection in case of accidents resulting in physical harm or death.
- Fire and Allied Perils (Building): This covers the building itself against risks like fire, explosion, and other allied perils.
In simpler terms, the IFFCO Tokio Home Suvidha Policy is a comprehensive insurance plan that safeguards your family by providing coverage for various risks such as fire, burglary, personal accidents, and more.
Exclusion under IFFCO Tokio Home Suvidha Policy:
The following events or circumstances are not covered by the IFFCO Tokio Home Suvidha Policy:
- War-related Damage: Any damage, destruction, or loss caused by war, acts of foreign enemies, hostilities, invasion, or warlike operations.
- Terrorism-related Damage: Any damage, destruction, or loss to property caused by acts of terrorism.
- Nuclear Hazard: Damage, destruction, or loss caused by ionizing radiation, contamination from nuclear fuel, or waste resulting from the combustion of nuclear fuel. This also includes damage caused by radioactive toxins or other hazardous properties of nuclear assemblies.
- Wear and Tear: Loss or damage caused by the natural depreciation, wear and tear, or deterioration of an item.
- Seizure: Permanent or temporary confiscation of property due to legal or government authority action or unlawful activities.
- Consequential Losses: Indirect losses or damages, such as loss of earnings, loss due to delays, or loss of market value.
- Computer Clause: A deductible of 5% of the claim amount, subject to a minimum of Rs. 2500/-, applies for computer-related claims.
- Known Defects: Damage resulting from defects or faults known to you or your family members at the time of obtaining the insurance.
- Manufacturing Defects: Damage caused by manufacturing defects of the insured equipment.
- Damage to Leased Equipment: Damage to equipment that is leased or hired, for which the owner is responsible.
- Construction Costs: Costs incurred for the construction of equipment outside the policy territory, except for the cost of delivering the damaged part.
- Damage to Consumables: Damage to consumable items such as bulbs, tubes, strips, wires, belts, chains, etc.
- Unauthorized Repairs: Damage caused while dismantling, repairing, or altering equipment by an unauthorized person.
- Limit of Liability: The maximum limit of the insurer’s liability for any damage is restricted to the sum insured mentioned in the policy schedule.
- Basis of Claim Settlement: For damaged insured equipment, the insurer will reimburse the necessary expenses to restore the item to its original condition or pay its market value if the repair cost exceeds the replacement cost.
- Repair Basis: No deduction for depreciation will be made for replaced parts, except for products with limited life.
- Temporary Repairs: If necessary for the final repair, the cost of temporary repairs will be borne by the company.
- Reimbursement Process: Reimbursement will be done upon submission of appropriate bills and documents.
- Salvage Value: Salvage value will be considered in case of replacement.
If any damaged item is kept in operation without being repaired to the satisfaction of the company or if temporary repairs are carried out without the company’s consent, the company’s liability for that damaged item under any section of the policy will cease.