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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.
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|
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:
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 –
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 –
Some of the most popular car insurance plans offered by IFFCO Tokio, which are also available at PayBima, include the following –
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:
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 firstname.lastname@example.org.
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:
You are required to submit some documents for easy settlement of your claim. The documents include:
Some highlights of IFFCO Tokio car insurance plans are as follows:
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.
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
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
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.
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.
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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