IFFCO Tokio General Insurance Company Limited

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8 min read

About IFFCO Tokio General Insurance Company

IFFCO Tokio General Insurance Company was incorporated as a joint venture company between Tokio Narayan Group, Japan’s largest insurance group and the Indian Farmers Fertilizers Cooperative Limited (IFFCO), the largest fertilizer manufacturer in the world with 49% and 51% stake respectively. IFFCO Tokio General Insurance offers a comprehensive range of products for all lines of business such as two-wheeler insurance, travel insurance, health insurance, home insurance and car insurance including various corporate policies like liability insurance and property insurance.

Key Highlights of the IFFCO Tokio General Insurance Company

Some highlights of the company are:

Cashless workshops More than 4300 cashless workshops across India
Number of claims settled 11.48 lacs claim settled in the financial year 2021

Car Insurance Policy

Awards and achievements of IFFCO Tokio General Insurance

IFFCO Tokio is one of the most trusted insurance brands in India’s private sector insurance. The company has been serving its customers for 20 years and has been recognised, honoured and awarded with prominent awards in the insurance sector both Pan India and globally. Let us have a glimpse at some of its accomplishments:

  • The company received the ‘Mahatma Award’ for CSR Excellence in the financial year 2021-22
  • In the financial year 2020-21, the company received numerous awards like the Great Indian Marketing Awards for its ‘No Tobacco Day’ campaign, Best In-Future Digital Innovation Awards 2021, Technology Leader of the Year 2021, etc.
  • Several of the company’s women employees have been awarded as well. Have a look –
  • Ms Pushpa Hariharan won the Women Vice-President of the Year Award
  • Ms Mamta Ahluwalia won the Women HR Officer of the Year Award
  • Ms Garima Kripesh won the Women Underwriter of the Year Award

Features of IFFCO Tokio car insurance plans

IIFCO Tokio’s car insurance plans offer all-around protection for your car. Here are the coverage features that you can find in the policy –

  • Third-party liability cover: If you suffer any third party liability either because you have physically harmed the third party or caused a third party property damage, the policy would cover the losses that you suffer.
  • Own damage covers: If your car suffers damage due to natural or man-made calamities, the cost of repairs would be covered. The calamities covered include the following –
    • Earthquakes, lightning, subsidence or landslide, flood, hurricane, storms, etc.
    • Fire, implosion or self-explosion
    • Riots, malicious acts, strikes, etc.
  • Theft of the car: If your car is stolen, the policy would cover the financial loss that you suffer.
  • In-transit damage If your car is damaged when being transported from one place to another, such damages are covered in specific car insurance plans.
  • Personal accident cover for owner/driver: This cover extends coverage for Rs.15 lakhs which is payable in a lump sum if the owner or driver of the car suffers accidental death or total and permanent disablement.

Exclusions under IFFCO Tokio Car Insurance plans

IFFCO Tokio offers comprehensive coverage features in its car insurance policies. However, there are exclusions too wherein the claims are not paid. Here are some of the most common exclusions that can be found in IFFCO Tokio’s car insurance plans –

  • Damages suffered when driving without a valid driving license
  • Damages suffered when driving under the influence of alcohol and/or drugs
  • Damages suffered when driving outside Indian borders
  • Damages suffered when participating in hazardous acts or when committing criminal acts
  • Consequential losses
  • Electrical and mechanical breakdowns
  • Damages suffered when the policy is in a lapsed state
  • Damages suffered by the car if you have a third party policy

Types of IFFCO Tokio Car Insurance Plans

Some of the most popular car insurance plans offered by IFFCO Tokio, which are also available at PayBima, include the following –

  • Standalone third-party liability cover: This policy provides the most basic third party liability coverage which is also mandated under the Motor Vehicles Act, 1988. The salient features of the policy are as follows –
    • You can buy the policy for one year or 3 continuous years. The long-term plan, however, is available only for new cars
    • The policy also provides the personal accident cover for the owner/driver of the car
    • The premiums are affordable and are fixed by the IRDAI (Insurance Regulatory and Development Authority of India)
  • Standalone own damage cover: This policy covers only the damages that your car might suffer in an accident or the case of theft. Coverage is not allowed for third party liabilities. The salient features of the plan are as follows –
    • Coverage is allowed for damages suffered due to natural and man-made calamities
    • The personal accident cover is also available for the owner or driver of the car
    • You can customise your policy with a range of add-ons that enhance the scope of coverage
  • Comprehensive car insurance plans: IFFCO Tokio offers comprehensive car insurance plans that provide all-around protection. The features of these plans are as follows –
    • You can get coverage for both third party liability and the damages that your car suffers
    • Add-ons are available at additional premiums for enhancing the plan’s scope
    • You get no claim discount, up to 50%, if you don’t claim your policy

The process to buy IFFCO Tokio Car Insurance plans:

You can buy IFFCO Tokio car insurance policy both online and offline. PayBima offers a quick and easy process to buy a car insurance plan with the benefit of comparison with the available plans to help you select a suitable plan. The process to buy a car insurance policy through PayBima is as follows:

  • Go online: Visit the PayBima website. You can also just click on www.paybima.com and you will be redirected to its page. Select ‘car insurance’ on the page.
  • Fill in the details: After selecting car insurance, PayBima will ask you to fill in your personal as well as vehicle details to enable it to calculate the premium for your plan. Fill in the details such as your car registration number, type of policy you want to buy, your location, name and model, make, as well as the variant of your car. Also, provide your contact details to get personalised assistance to select a suitable plan. PayBima provides personalized consultation to its customers and helps to select a plan which best suits your requirements.
  • Compare available plans: After providing the details, a list of available plans along with their features would be displayed on the screen. You can find the IFFCO Tokio car insurance policy is in the list. Simply compare the plan that you are planning to buy with other leading car insurance plans available in the market. You can compare the coverage benefits of the plan vis-à-vis the premium cost and then select the most suitable policy
  • Proposal form: After finalizing the policy, fill in a simple proposal form with all the details of your car. A proposal form is a contract between you and the insurance company on acceptance of which the policy will be issued. Fill up the form correctly and completely and then submit it by affixing your signature.
  • Premium payment and policy issuance: After submitting the proposal form along with the documents, the last thing that you need to do is pay the premium online and your car insurance policy will be issued instantly.

The process to renew IFFCO Tokio car insurance plans:

Car insurance plans come with a fixed tenure. Once the tenure is over, you need to renew them. If you don’t, you lose out on the coverage benefits. Moreover, if you have accumulated any no claim bonus, it would also lapse if the renewal is not done within 90 days of coverage expiry.

Renewing your car insurance policy is quite simple. You can renew your IFFCO Tokio car insurance policy online through PayBima in some simple steps. Just enter in your car insurance policy number and any other detail that is required. You would be able to review your existing coverage. You can make changes in the coverage if you want, like changing the type of plan or adding or removing add-ons. The renewal premium would, then, be calculated and shown. Check the benefits of the plan, use the no claim bonus and renew the policy. Pay the renewal premium online and your policy would be renewed instantly.

You can also contact PayBima for assistance with the renewal process. Call PayBima at 1800-267-6767 or send an email at paybima.care@mahindra.com.

The process to make a claim for IFFCO Tokio car insurance plans

If your car meets with an accident or is lost due to theft, a claim arises. You can file a claim for your IFFCO Tokio Car Insurance plan through PayBima. PayBima is a digital platform that provides a seamless and hassle-free claim settlement process. Follow the steps to make a claim on your car insurance plan through PayBima:

  • Inform the Insurer: No sooner a claim arises, you must inform the insurance company about the claim. You can either call the insurer or file an intimation online by providing your car registration number and policy number.
  • Identify network garage: IFFCO Tokio has tie-ups with many garages across India to help you avail cashless settlement of your claim. If you take your car to a networked garage, you will not have to pay anything. The company will directly pay the garage for repairs. To avail of the cashless facility, you can identify the nearest network garage to your place of residence by visiting the website of the insurer or by contacting its claim helpline.
  • Extend of damage: Once your car reaches the network garage, the insurer will send a surveyor to assess the extent of the damage caused to your car. The surveyor will submit a report to IFFCO Tokio and only on approval of the claim from the company, the network garage will begin repairing your car.
  • Claim Form: Duly fill the claim form with your personal and car details and submit it to the company by affixing your signature to You can download the claim form online or get it at any of the branches of the company. Ensure to fill in the details of the car accurately and correctly.
  • Claim Settlement: Once your claim has been approved, you can collect your car from the garage and the insurance company will bear all the repair expenses and pay the garage directly.
  • Reimbursement of Claims:
    If you want to get your car repaired at a garage with which the company does not have a tie-up or if your cashless claim has been rejected, you can file for reimbursement of the In reimbursement, you will have to bear all the repair costs which you can get reimbursed by the insurance company by submitting a claim form and original repair bills. The company will assess your documents and bills and credit the repair cost incurred by you to your bank account.

Documents required to make a claim for IFFCO Tokio car insurance plans

You are required to submit some documents for easy settlement of your claim. The documents include:

  • Duly filled and signed claim form
  • Car registration document
  • Original driving license of the person driving the car during the accident
  • Policy Document
  • Police FIR and inspection officer’s report in case of theft of car
  • Original repair bills and Bank details in case of reimbursement claims.

IFFCO Tokio car insurance plan review

Some highlights of IFFCO Tokio car insurance plans are as follows:

  • The company has a claim settlement ratio of 95.82% as of March 2021 and promises a quick claim settlement process within 4 hours along with free roadside assistance.
  • IFFCO Tokyo was the first company in India to underwrite mega policies
  • The company has a wide presence in Tier 2, 3 and 4 towns as well as rural areas. IFFCO Tokio is the first private insurance company that has established Bima Kendra which are single-person operated centres to expand insurance services in rural areas.

FAQs on IFFCO Tokio General Insurance Company Limited

What is the sum insured in IFFCO Tokio car insurance plans?

The sum insured depends on the type of policy that you buy. In the case of third party plans, there is no sum insured. Physical injuries are covered up to an infinite amount. In the case of property damage, however, the coverage limit is Rs.7.5 lakhs.

In the case of comprehensive plans, the sum insured is the market value of the car minus depreciation. This is called the Insured Declared Value or IDV. The rate of depreciation increases as the car ages and lowers the IDV. It has been fixed and is as follows –

Age of the car Rate of depreciation
Up to 6 months 5%
More than 6 months but less than 1 year 15%
More than 1 year but less than 2 years 20%
More than 2 years but less than 3 years 30%
More than 3 years but less than 4 years 40%
More than 4 years but less than 5 years 50%

For vehicles aged 5 years and above, the IDV is calculated based on a mutual understanding between the insurance company and the policyholder.

Which add-ons are available under comprehensive plans?

IFFCO Tokio’s comprehensive car insurance plans offer the following add-ons –
o Depreciation waiver or zero depreciation cover
o No claim bonus protection cover
o New vehicle replacement cover or return to invoice cover
o 24*7 roadside assistance

Can I cancel the policy after buying it?

Yes, cancellation of the policy is allowed provided you have an active third party liability cover. Upon cancellation, a portion of your premium is refunded back depending on when you cancel the policy

Are there discounts?

Comprehensive car insurance plans offered by IFFCO Tokio offer a range of discounts like online discounts, no claim discounts, discounts for installing safety devices, discounts for membership in recognized associations, etc.

Which policy is suitable for my car?

You can buy either a third party only policy or a comprehensive plan depending on your coverage needs. A comprehensive policy is, however, recommended because it provides a wider scope of coverage and complete financial protection.

Jul 23, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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