About IFFCO Tokio General Insurance Company Limited

IFFCO Tokio is the 4th largest private insurance company in India. IFFCO Tokio General Insurance Company Limited is a joint venture between the Indian Farmers Fertilizer Co-operative Limited (IFFCO) and Tokio Marine Group. It was formed in the year 2000. IFFCO and Tokio Marine Group share 51 percent and 49 percent shareholding respectively.

IFFCO Tokio has spread across rural areas and Tier 2, 3, and 4 towns. It established Bima Kendras which are single-person operated centres. The company offers a one-stop solution for different insurance products like health insurance, travel insurance, two-wheeler insurance, and home insurance. There are corporate policies too like liability and property insurance. 

Claim settlement ratio 95.82%

NCB* 20%, up to 50%* of SI

PED Waiting 48 months

Network Hospital 7000+

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IFFCO Tokio Health Insurance Company Plan(s) Plan Type Entry Age

Key Highlights of IFFCO Tokio General Insurance Company Limited

Some key highlights of the company are as follows:
Network Hospital 7000+ Hospitals
Network Garages 4300+ Garages
Claims Settled Over 11.79 Lakhs Claims in FY 2022-23
Claim Settlement Ratio Over 95.82%
Gross Direct Premium Rs. 10,044 Crore in FY 2022-23
No. Of Employees Over 5500 employees
No. of policies issued 98.22 Lakhs in 2022-23

Awards and Achievements of IFFCO Tokio

For the last two decades, IFFCO Tokio has been fulfilling the needs of its customers and maintaining its position to become the top brand in the retail and corporate sectors. IFFCO Tokio has achieved various awards and accolades in its journey. Some of them are as follows:
  1. Insurance Asia News Award awarded IFFCO Tokio as P & C Insurer of the Year.
  2. In the 4th Annual India's Best & Emerging General Insurance Company, IFFCO Tokio was awarded Best Insurance General Company in claim management.
  3. Nav Bharat Group has awarded IFFCO Tokio as the Best Health Care Insurance provider.
  4. IFFCO Tokio has received many awards at the SKOCH Awards.
  5. In the year 2018-19, IFFCO Tokio was recognized as the Most Desired Company of the Year.

Features of IFFCO Tokio health insurance plans

IFFCO Tokio health insurance plans offer different types of coverage features, depending on the policy that you choose. However, some of the most common coverage benefits available under most plans are as follows –
Coverage benefits Meaning 
Hospitalization cover Under this cover, 24-hour hospitalization and its associated costs are covered. If you are hospitalized for 24 hours or more and incur medical costs on room rent, doctor’s fee, nurse’s fee, etc. such costs would be paid
Pre- and post-hospitalization cover Before you are hospitalized and after you are discharged, you might incur medical expenses on consultations and diagnostic tests. These medical expenses are covered under pre- and post-hospitalization coverage respectively. The coverage is available for a specific number of days
Domiciliary hospitalization Hospitalization done at your home falls under this cover. The coverage is available if your condition is not stable enough to be moved to a hospital or if there is no vacancy in any hospital
Ambulance cover If you need ambulance services, the cost of hiring the ambulance would be covered by the policy up to specified limits
Organ donor cover If you are receiving an organ, the hospitalization cost of the donor and the cost of harvesting the organ would be covered under the policy
AYUSH cover AYUSH includes non-allopathic treatments that are taken through natural or alternative sources of medicine. Many health plans allow coverage for AYUSH treatments
Free health checks IFFCO Tokio allows free preventive health check-ups to its policyholders at specific intervals so that you can monitor your health
No claim bonus If you don’t raise a claim in your policy, you are rewarded at the time of renewals in the form of a no-claim bonus.

Exclusions in IFFCO Tokio health insurance plans

Despite being comprehensive in their scope of coverage, IFFCO Tokio health insurance plans have exclusions wherein claims are not payable. The exact list of exclusions is policy-specific. However, some of the most common exclusions include the following –
  • 30-day exclusion for all illnesses occurring immediately after buying the policy
  • A specific waiting period for specified treatments like cataracts, fissures, tonsillectomy, etc.
  • A waiting period ranging from 12 months to 48 months for pre-existing conditions
  • Cosmetic treatments
  • Cost of consumables
  • HIV, AIDS, or sexually transmitted illnesses
  • Claims due to war, nuclear perils, mutiny, etc.
  • Unproven medical treatments
  • Treatments due to alcoholism, drug abuse, self-inflicted injuries and criminal acts
  • Participation in hazardous or adventure sports

IFFCO Tokio health insurance plans

While IFFCO Tokio offers different types of plans, some of the most popular plans offered by the company, also available at PayBima, are as follows –

  • Health Protector
Offered both as Individual Health Protector and Family Health Protector plans, this is a comprehensive policy that allows coverage for you and your family. The salient features of the plan are as follows –

  • Coverage for critical illness
The policy covers specific critical illnesses. If you suffer from any of the covered illnesses, the sum insured is doubled up to provide additional assistance to cover the expensive treatment costs.

  • Vaccination cover
The policy covers the cost of vaccinations up to specified limits.

  • Emergency services
If you suffer from an emergency medical condition, you get a range of emergency services like medical consultation and evaluation, repatriation, evacuation, cash coordination, etc.

  • Daily cash allowance on hospitalization
In the case of hospitalization for 24 hours or above, a daily cash benefit is paid. This benefit is equal to 0.15% of the sum insured up to Rs.1000/day

  • Sum insured restoration
In the case of an emergency medical need, the sum insured is restored if you have used it on a previous claim. This gives you additional coverage so that you can meet the costs of the emergency treatment without worrying about the coverage.

Eligibility conditions

Sum insured Rs.1.5 lakhs to Rs.30 lakhs
Entry age Adults – 18 years to 65 years Dependent children – 1 day onwards provided either of the parents is insured
Pre-existing waiting period 48 months
Premium payment frequency Annual Half-yearly Quarterly Monthly
 
  • Corona Kavach policy
This is a standardized health insurance plan offered to cover COVID-related medical complications. The salient features of the policy are as follows –

  • Coverage for home treatments
If you are taking treatments at home because of the unavailability of a hospital bed or because your condition does not allow hospitalization, the costs incurred on the treatments taken would be covered.

  • AYUSH cover
You get coverage for treatments taken through non-allopathic modes like Ayurveda, Unani, Siddha, and Homeopathy.

  • Full family cover
You can avail coverage for yourself, your spouse, dependent children, dependent parents, as well as dependent parents-in-law.

  • Optional hospital cash coverage
You can opt for an optional benefit of daily cash allowance wherein a daily benefit is paid for each day of hospitalization at 0.5% of the sum insured that you have chosen.

Eligibility conditions

Sum insured Rs.50,000 to Rs.5 lakhs
Entry age Adults – 18 years to 65 years Dependent children – 1 day to 25 years
Policy term 3.5 months, 6.5 months, 9.5 months
Pre-existing waiting period 15 days

How to buy the IFFCO Tokio Insurance Plan?

PayBima offers all types of insurance-related services through its online portal for hassle-free work. Any type of IFFCO Tokio health insurance plan can also be bought from www.PayBima.com online in a simple way. The process is discussed below:

  • Select your plan online 
Visit PayBima at www.paybima.com and select health insurance from the options available.

  • Calculate the premium by providing relevant details
Fill in the required personal and coverage-related details so that the available plans can be collated. Some of the common details include your name, age, gender, the number of members to be covered, the sum insured needed, medical history, etc.

  • Compare the different plans
PayBima shows a list of health plans based on the details that you have entered. IFFCO Tokio plans are also displayed in the list. You can compare the plans on their coverage and premium and then choose the best policy that matches your needs.

  • Fill proposal form
Once you have shortlisted the policy, you are required to fill out the online proposal form with all your details. Make sure to provide all the details correctly so that the policy can be successfully issued.

  • Premium payment and policy issuance
Submit the proposal form and pay the premium online. The policy is issued instantly after premium payment if there is no adverse health declaration. However, if there is an adverse medical declaration, a pre-entrance health check-up would be needed.

  • Pre-entrance health check-up
Some insurers might require you to undergo a pre-entrance health check-up if you are old or you have opted for a high sum insured. Moreover, in the case of an adverse medical declaration in the proposal form too, a check-up becomes important before the policy is issued. So, undergo the medical check-up that is conducted at a networked facility.

IFFCO Tokio health insurance plan renewal

To enjoy uninterrupted coverage in your health insurance plan, renew it online before the expiry (due) date. You may note that you are given a grace period of over 30 days after the due date expires during which you can renew the policy without it getting lapsed. Although coverage is not allowed during the grace period, if you renew the policy during this period, you can enjoy the renewal benefits. At the time of renewal, you can also make changes to your existing plan. Some of these changes may require an additional premium. Pay the updated renewal premium and the policy is renewed instantly. The renewal can be done online through PayBima. You can contact PayBima by calling at 1800 267 67 67 or drop an email at paybima.care@mahindra.com and we will help you renew the policy without any hassle.

IFFCO Tokio health insurance plan claim process

The claim process of the IFFCO Tokio insurance policy is easy and simple. The process is discussed as follows:

  • Find and get admitted to a networked hospital
Locate the nearest network hospital of IFFCO Tokio. You can locate the hospital online or call the company’s claim department or helpline number to find one. A cashless claim can be easily availed at a network hospital. Get admitted by showing identity proof and the health card issued by the company for cashless claims.

  • Inform the insurer
You should register your claim with IFFCO Tokio beforehand. Inform the insurer of the claim and get it registered.

  • Submit the pre-authorization claim form
To get approval for a cashless claim, fill out and submit a pre-authorization claim form. The form is available online on the company’s website as well as at the hospital. Complete the form, sign it, and submit it to get approval for a cashless claim.

  • Getting the treatment
Once the approval from the insurance company has been received for a cashless claim, the hospital will begin the treatment. The hospital bills would be handled by the insurer directly.

  • Reimbursement claims
If your cashless claim is not approved, you can file a reimbursement claim. Moreover, if you get admitted to a non-network hospital, your claim would be settled on a reimbursement basis. In such cases, you have to pay the medical bills yourself. Thereafter, post-discharge, file the claim and submit all the original medical documents. The claim would be verified and the insurer would reimburse you for the costs that you have incurred. You can contact PayBima for easy claim settlement of the IFFCO Tokio Insurance policy. You can either dial 1800 267 67 67 or mail us at paybima.care@mahindra.com and we will help you with claim settlement. Certain documents are required to be submitted to the insurance company along with the claim form for a successful settlement of your claim. The documents include the following:
  • Pre-authorisation claim form
  • ID proof of the insured individual
  • Original Company bills and reports
  • Original bills and receipts
  • Policy Papers of the insurance.
  • Bank details of the insured to make the payment of reimbursement claim
  • Consultation notes

IFFCO Tokio General Insurance Company Limited Review

IFFCO Tokio offers different types of insurance plans with comprehensive coverage and competitive pricing. Other highlights of the company are as follows -
  • There are different types of premium discounts that you can avail of
  • The company offers insurance plans for the urban as well as the rural segments of the society
  • IFFCO Tokio is well-known for speedy claim settlement. It boasts of settling its claims within 4 hours

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Frequently asked questions

The Family Health Protector policy offers a 10% discount if you are an existing customer of the company. Furthermore, a 20% discount is allowed to the members of a group health insurance policy that has been issued by the insurance company itself.

Yes, the Corona Kavach policy covers pre- and post-hospitalization expenses for 15 and 30 days respectively.

Yes, free look cancellation is available under all health insurance plans offered by IFFCO Tokio. Under the Health Protector policy, the period is 30 days from the policy purchase date. If you cancel the policy during the free look period, your premium will be refunded after deducting some relevant costs associated with issuing the policy and providing coverage for the period the policy was active.

The room rent sub-limit depends on the policy that you choose. Under the Corona Kavach policy, there is no sub-limit. However, under the Health Protector policy, the sub-limit is applicable if the sum insured is up to Rs.7 lakhs. For higher sum insured levels, the actual room rent is covered.

The premium that you pay qualifies for a deduction under Section 80D. The limit is Rs.25,000 if you are aged below 60 years. If, however, you are a senior citizen, the limit is Rs.50,000. If you also pay premiums for your parents’ health coverage, you get an additional deduction. This deduction limit is Rs.25,000 if your parents are below 60 or Rs.50,000 if your parents are aged 60 years and above.

* The accumulated cumulative bonus or the NCB shall not exceed 50% of the Sum Insured on the Renewed Policy as specified in the policy terms.

# Ailments diagnosed within 48 months before the policy issuance date or any medical treatment received within 48 months before the issue date of the policy