IFFCO-Tokio General Insurance Company Limited was incorporated in 2000. It is a merge of the two biggest entities of India and Japan. It is named as the very first company in India to underwrite Mega policies.
It withholds the name as one of the well-known insurance companies since the last two decades, with Indian Farmers Fertiliser Cooperative Limited (IFFCO) holding a share of 51% and the rest 49%share is held by Tokio Marine group.
It has diversified with its versatile outlook of insurance for both the urban and rural areas. Keeping aside the traditional products it offers niche products such as Cyber Insurance, Credit Insurance, Fine Arts Insurance, P & I Insurance, Errors & Omission Policy for the IT Sector, etc.
Not to forget about all the awards and recognition that it bagged. The special mention needs to be the 2018-2019 Asian Awards for the Best Company Initiative for the first private insurer to establish Bima branches to increase insurance penetration in rural areas.
Choices of Two-wheeler Insurance Plans Offered by IFFCO Tokio Two-wheeler Insurance
1. Comprehensive Insurance Plan:
The comprehensive Bike Insurance Plan is always in-demand for two-wheelers as it provides a total cover for your bike. A comprehensive plan not only covers you from third-party damages but also provides a cover for damages to your bike. So, a comprehensive bike insurance plan covers both third party liability as mandated by the Government of India and own damage to the vehicle. It acts as a defence to your bike for every unexpected event that might emerge accidentally and damage the two-wheeler.
There is also a list of several add-ons that can be added to your comprehensive policy just to make your bike insurance stronger.
IFFCO Tokiosuggests two types of Comprehensive Insurance Plans for your bikes which follows the below list:
2. One Year Comprehensive Two-Wheeler Insurance Plans-
This plan provides a cover for only one year for both third party liability and your damage. Given that the third party liability cover is mandated by the government in India, this comprehensive plan is also called package insurance. As a matter of fact, your vehicle remains protected from theft and burglary. The damage of an insured two-wheeler is also protected under the coverage.
3. Comprehensive Plan with Zero Depreciation Cover-
The comprehensive plan can also include one zero depreciation cover in Bike Insurance. With the zero depreciation cover, damage leading to part replacements are all reimbursed without any deduction.
4. Third-Party Liability Only Insurance Plan –
The Motor Vehicles Act 1988, makes it mandatory for all two-wheeler owners to sign-up for a third-party two-wheeler insurance policy. Third-party insurance liability is purchased for protection against the claims of another (third party).
This is the only insurance plan which usually protects one against any financial losses that one may suffer owing to accidental death, injuries, or damages caused to a third party, vehicle, or property while riding your two-wheeler. The best example that can be specified is that automobile insurance will compensate or reimburse the insured if another driver causes damage to the insured's car.
The engine-capacity of the two-wheeler’s engine becomes the whole determining factor for the base premium for the third-party liability coverage. The base premium is revised every year by the Insurance Regulatory and Development Authority of India (IRDA). As per the new guidelines set by the Insurance Regulatory and Development Authority of India, the insurance companies are instructed to offer third party liability coverage for five years, in the case of new two-wheelers.
IFFCO Tokiooffers two types of Third-Party Liability Only Insurance Plan. Below is the list:
A) Liability the Only Plan For One Year:
This covers the third-party liability for one year only.
Benefits of IFFCO Tokio Two-wheeler Insurance:
The following benefits can be kept in mind of IFFCO Tokio when one is choosing the plan for their two-wheeler insurance.
1. Online Instant Policy:
The digital benefit of IFFCO Tokio policies is a substantial attraction. To buy the policies online or digitally has always been the cakewalk. The online policy issuance process for your bike or scooter is simple and immediate in IFFCO Tokio. To get the policy issued online, one just has to visit the IFFCO Tokio website, fill up your credentials with the generic details, choose the preferred plan, and pay the premium.
The policy would be hence issued instantly, and the e-policy documents shall be emailed to your email id. Keeping the issuance of the policy aside, one can also renew or enhance their plan after the issuance, check the status, and initiate your claim online. You can make your payment using your preferred mode of online payment modes like debit or credit card, net banking, Google Pay, UPI, or through online wallets like Paytm and others which is safe.
2. Hassle-Free And High Claim Settlement Ratio:
IFFCO Tokio comes up with a very effortless and hassle-free claim settlement process as it is anticipated that in case one is in need to place a claim for your vehicle, one would naturally be in an utmost stressful state of mind.
In case claiming reimbursement of expenses, one can simply get in touch with the insurance company, click clear pictures of the damage and send them to the insurance company as asked. The claim shall be reimbursed after the correct assessment of the damages.
In case it is a cashless claim in a network garage, one simply needs to inform the insurer and they will contact the garage and clear all the dues, as necessary.
Coming to the point of the claim settlement ratio for IFFCO Tokio it stands with a brilliant percentage of 92.65% which is extremely high as per the industry standards. Also, this company has a policy of settling a two-wheeler insurance claim within 4 hours so that the repair work can also be done quickly.
3. Large Network of Cashless Garages:
IFFCO Tokio offers a wide range of 4300+ cashless garages, which is evenly spread across the country, where you can repair the damages of the bike without having to layout any single penny from your own pockets. All you need to do is notify the company and get a cashless settlement done from any of the listed network garages.
4. Wide Range of Add On Covers:
IFFCO Tokio provides a wide range of add on covers through which one can easily customize their two-wheeler insurance as per their own claimed requirements or thought of convenience.
5. Emergency Assistance And Helpful Customer Service:
IFFCO Tokio policies offer assistance for 365 days from 8:00 am to 10:00 pm, which caters most of the hours of the day just in case the customer can get in touch according to the convenience. One can call on toll-free numbers for any emergency, claims, and queries and they will be answered by the polite and efficient support team.
What Is Covered Under IFFCO Tokio Two-wheeler Insurance Plans?
Let’s dig deep into the points at what is covered under the IFFCO Tokio Two-wheeler Insurance plans:
- Third-Party Losses:
IFFCO Tokio liability insurance covers all damages caused to third party liability, which includes damages caused to vehicle, property, or person. However, Comprehensive two-wheeler insurance plans offered by IFFCO Tokio also cover this type of loss.
- Cover For Your Vehicle:
A comprehensive plan of IFFCO Tokio not only provides cover for third party liability but also for the damages incurred to your bike. It also covers the injuries incurred by the rider in a bike accident.
- Accidental Damage:
Any damages caused to the bike owing to an accident like dents, broken parts, scratches, etc. are covered under the Comprehensive Plans of IFFCO Tokio. You can place a claim for such damages owing to a bike accident.
- Theft And Burglary:
As per statistics, around 75% of the stolen vehicles in India are two-wheelers. In case your vehicle gets stolen, the insurance company will pay for your losses so that you can replace your old bike with a new bike.
- Natural Disasters:
If any damage is incurred to your scooter or bike owing to any natural disasters like earthquakes, floods, cyclones, lightning, landslides, tsunamis, etc, they are covered under the IFFCO Tokio two-wheeler Insurance Policy.
- Man-made Disasters:
IFFCO Tokio's two-wheeler Insurance Policy covers any losses incurred to your two-wheeler owing to accidental fires, strikes, riots, etc.
What Is not Covered Under IFFCO Tokio Two-wheeler Insurance Plans?
To all this list of things that are covered under the wide range of insurance policies provided by IFFCO Tokio, there are certain exclusions in the Two-wheeler insurance policy which must be kept in mind always while opting for a claim just in order the claim is not returned.
Let’s look into the following list;
1. Damage Due To Drunk Driving:
In case the driver is under the intoxication of alcohol or any other banned drug, then IFFCO Tokio Bike Insurance Policy will process no claim either for third party liabilities or personal injuries and damages.
2. Damage Due To Driver Underage Or Driving Without A Valid License:
In case the driver is not above the age of 18 years or does not have a valid driving license in his possession or is under the influence of any alcohol or drugs thus no claim for damage of the vehicle (either own or third party) or any personal injury or damage, shall not be entertained by IFFCO Tokio’s policy.
3. Depreciation / Regular Wear And Tear:
Vehicles are bound to face losses due to regular wear and tear and depreciation of the vehicle. However, these losses are not covered under any policy or plan of IFFCO Tokio. The cost of regular servicing of the bike to ensure its smooth run has to be borne by the owner of the bike.
4. Mechanical Or Electrical Breakdown:
Any of the Mechanical or Electrical breakdowns of the bike are not covered under IFFCO Tokio's two-wheeler Insurance Policies.
5. Damages When The Policy Is Inactive:
In case of an inactive policy, or your policy has lapsed or expired then no claims will be processed for the policy to cover any damage occurring either to the vehicle or the rider.
How to Apply for IFFCO-Tokio Two-wheeler Insurance Policy?
The following simple steps need to be followed to apply/purchase an IFFCO Tokio Two-wheeler Insurance Policy:
Step 1: Visit The IFFCO-Tokio Website:
You need to visit the website of IFFCO-Tokio Insurance, explore through all the available plans, choose a plan as per your requirement and choices, you need to also take a look at the prices and settle for the best-suited policy according to your choice for your two-wheeler.
Step 2: Fill In Your Details To Apply:
Once the selection of the perfect plan is done, you need to fill in all the generic details asked for, as ex: your name, address, contact number, etc. It would also need some basic details of your vehicle like the make, model, and the number of your bike.
Step 3: Submit Your Documents:
Your ID Proof and a KYC document are the only requirements to be uploaded for issuance of the policy.
Step 4: Payment Of Premium:
Pay your premium for the selected policy via any suitable mode like net banking, debit/credit cards, UPI, Google Pay, or through online wallets like PayTM or others.
Once the premium is paid successfully, the IFFCO- Tokio e-policy document is sent to your registered email id, instantly.
Alternately you can opt to renew your bike insurance plan through any of the comparison websites where the plans across companies can also be compared.
The traditional way to buy an IFFCO Tokio Two Wheeler Insurance Plan is to directly go to the branch and submit the form and the documents physically.
IFFCO Tokio Two-wheeler Insurance Claim Process
The step-by-step process for claims is as follows:
Step 1: Inform The Insurer:
The insurer needs to be informed about the damage and the subsequent need for the repair, within 24 hours from the time when the accident has taken place.
Step 2: Click And Upload Photos:
You would need to click and upload clear pictures of the damage and the necessary documents as asked by the insurer to make your claim valid and claimable.
This can be done through the QCPS App for claims upto INR 20,000 only.
Step 3: Sending The Vehicle To A Network Garage:
The moment the documents are verified, and the damage is assessed, you would need to send the vehicle to a network garage for evaluating the cost of repair of the damages. If found suitable and within the coverage limits, below are the following ways.
In Case of cashless claims: The insurer will make a direct payment to the garage for the repairs as needed.
In case of a reimbursement claim: You need to submit the bills and receipt of the payments made to the garage, once the documents and photos are found suitable and the expenses incurred are within the limits of the policy, the amount will be reimbursed to your bank a/c as you had to bear the expenses from your pocket.
Please remember, the assessment of the damage and the evaluation of the cost of repair essentially has to be done by a surveyor appointed by IFFCO TOKIO before sending the vehicle to the garage for repair work. If the repair work is done and then the vehicle is evaluated, then the claim will not be valid.
Please remember in case you incurred an expense higher than the evaluated amount by the network garage, then the additional amount will have to be borne by you. Also, you will not get the claim if the amount of expense for repair exceeds the actual value of your bike.
Reviving a Lapsed/Expired Policy
In case you fail to pay the premium on the specified date and time of your premium date despite the repeated reminders from the insurer team, then your two-wheeler policy might lapse or expire. In case it is within the grace period, then you can simply pay the premium and revive your policy.
In case the grace period from your payment date has lapsed, you need to get in touch with your insurer as the policy cannot be reinstated. They will re-evaluate the condition of your vehicle through a survey and offer a new quote for the premium of a new policy.
IFFCO Tokio Two-wheeler Insurance Customer Care Number
IFFCO- Tokio Two-Wheeler Insurance Company can easily be reached out at 1800-103-5499. This toll-free number is available from 08:00 am to 10:00 pm at your service.
- CROP INSURANCE QUERIES:1800-103-5490
- CONNECT ON Whatsapp:7036300041
IFFCO Tokio Two-wheeler Insurance Contact Information:
|Registered Office Address||Corporate Office|
Plot No. 3, Sector 29, Gurgaon - 122001,
|Email Id:||firstname.lastname@example.org or email@example.com|
IFFCO-Tokio Two-wheeler Insurance Review:
FFCO Tokio General Insurance Company Limited is a company that provides a wide range of products other than all the conventional products it offers products such as Cyber Insurance, Credit Insurance, Fine arts insurance, P&I insurance, Errors & Omission Policy for all the IT sectors.
On the other hand, it has reached its constant heights from its roots with launching products and plans such as Sankat Haran Bima Yojana, Mahila Suraksha Bima Yojana, and Janata Bima Yojana for the general classes of the masses.
It has been glued to its position for most of the awards since 2005. Starting from the journey of being in the second position on overall performance in 2005-2006 to ranking number one in motor insurance across the industry in the customer satisfaction survey in the very next fiscal year of 2006-2007. It bagged the award for the fiscal year of 2020-2021 for most of its leaders.