IFFCO Tokio General Insurance Company Limited is a leading general insurance provider in India. The company was founded in the year 2000 as a joint venture between IFFCO (Indian Farmers Fertilizer Co-operative) and Tokio Marine Group. While IFFCO boasts of being the world’s largest co-operative society, Tokio Marine Group is the largest insurance group of Japan which is listed. Both these giants lend their expertise to IFFCO Tokio General Insurance Company making the company a reputed name.
Here are some important facts about the company which you should know –
Among the list of general insurance products offered by the company, two-wheeler insurance plans are also offered which provide coverage to your bike. The Motor Vehicles Act, 1988 mandates a valid two-wheeler insurance policy on every bike registered in India. Thus, every bike owner needs an insurance cover on his/her bike to drive the vehicle on Indian roads. IFFCO Tokio two wheeler insurance plans offer this necessary coverage to bike owners and take care of their financial security in times of bike-related losses.
IFFCO Tokio two wheeler insurance plans have the following salient features –
Coverage under IFFCO Tokio two wheeler insurance plans depends on the type of policy that you choose. There are two types of policies and each one has a different coverage structure. They are as follows –
Under any of these damages, you face a financial liability to compensate the third party for the loss caused. This financial liability is taken care of by third party liability insurance. In case of death and physical injury, unlimited coverage is provided. However, for property damages, claims up to INR 7.5 lakhs are paid under IFFCO Tokio two-wheeler insurance policies.
Third-party liability policies do fulfil the legal requirement of bike insurance but they do not cover the damages suffered by your bike. This is where a comprehensive policy steps in. Comprehensive bike insurance plans cover both third party legal liabilities as well as the damages suffered by your bike. Thus, their scope of coverage includes the following instances
There is also a personal accident cover of INR 15 lakhs under both types of IFFCO Tokio two-wheeler insurance plans. This cover is also mandatory and has to be taken either with a third party liability or comprehensive policy. The cover secures the financial loss suffered if the owner or driver of the bike faces accidental death or accidental total and permanent disablement. In such cases, a lump sum benefit is paid to take care of the financial loss suffered.
There are some instances of damages and liabilities which are not covered under IFFCO Tokio two-wheeler insurance policies. These are called exclusions and they include the following –
IFFCO Tokio offers different types of two-wheeler insurance policies. These types are as follows –
This policy covers only third party liability and is offered for one year.
This is a comprehensive two-wheeler policy which is offered for one year
This is a long term policy which is available for three years. Moreover, if the bike is bought on or after 1st September 2018, you can also avail 5-year long term third party coverage. This coverage would offer third party insurance for five years.
This policy is a comprehensive coverage policy which covers both third party liability and the damages suffered by the bike. The policy is available for three years. Moreover, if you bought the bike on or after 1st September 2018, there is also coverage for 5 consecutive years wherein you can enjoy comprehensive coverage for five years without having to renew the plan annually.
Under this policy, coverage for third party liability is offered for 5 years and coverage for own damage is offered for one year. This policy is suitable for cars bought on or after 1st September 2018 who need a mandatory third party cover for 5 continuous years.
If you buy comprehensive two-wheeler insurance policies from the company, the company would offer you a choice of add-ons to enhance the coverage. These add-ons include the following –
Under this add-on, if the owner or driver of the bike suffers an accident or injury due to the bike, compensation is paid to cover the financial loss suffered.
The parts of the bike face wear and tear in the normal usage of the bike. This wear and tear is not covered under two-wheeler insurance policies. As such, in case of a claim, IFFCO Tokio deducts the relevant depreciation from the bike’s parts and then settles the claim. The depreciation deducted is as follows –
Parts of the bike
Rate of depreciation
Rubber, plastic or nylon parts
Tyres and tubes
As per the depreciation of the Insured Declared Value of the car
This depreciation reduces the claim amount and you have to pay the deficit claim yourself. Zero depreciation add-on removes this depreciation deduction. If the add-on is selected, IFFCO Tokio pays the actual cost of the parts which have been repaired or replaced without deducting depreciation. Thus, you get a higher claim pay-out.
Under your comprehensive IFFCO Tokio two wheeler insurance plan you can avail the following attractive discounts –
No claim bonus is allowed when you do not make claims in your policy in a year. This discount helps in reducing your renewal premium. Moreover, if you do not make claims in successive years, the discount goes on increasing. The applicable no claim discount under IFFCO Tokio two wheeler insurance plans is as follows –
Claim –free years
No claim discount
One claim-free year
Two successive claim-free years
Three successive claim-free years
Four successive claim-free years
Five successive claim-free years
IFFCO Tokio offers different types of two-wheeler insurance policies which can be taken by individuals for their bikes. If you want long term coverage the company offers different forms of long term plans. There are third party liability plans as well as comprehensive plans allowing you to decide the type of coverage that you need. The network of cashless garages ensures speedy and hassle-free cashless repairs. Moreover, the premium discounts also work in your favour making the premiums low and affordable.
If you want to buy IFFCO Tokio two-wheeler insurance policy, there are two main ways of doing so. They are as follows –
You can apply for an IFFCO Tokio two wheeler insurance policy offline in any one of the following ways
IFFCO Tokio has a widespread network of branches in India. You can visit the branch which is nearest to your home or office and apply for an IFFCO Tokio two wheeler insurance policy from there. You would have to fill up an application form and submit it to apply for the policy. The premium should also be paid after which the policy would be issued.
Many individuals act as intermediaries and sell insurance policies of IFFCO Tokio. You can find an IFFCO Tokio agent and buy the policy from him/her. Under this process also you would have to fill up an application form and pay the premium and the policy would be bought.
Another, an easier alternative is to buy IFFCO Tokio two-wheeler insurance policy online. You can simply visit the company’s website at https://www.iffcotokio.co.in/, choose ‘Two-wheeler insurance’ and then choose ‘Buy Now’. Provide the details of your bike to check the premium that you would have to pay. Pay the premium online and the policy would be issued.
You can also buy IFFCO Tokio two wheeler insurance through Turtlemint. Turtlemint is an online platform which is tied-up with IFFCO Tokio and sells its policies online on its platform. Turtlemint gives you the ease of buying a two-wheeler insurance policy. You can also get your queries solved through the company’s executives. Moreover, Turtlemint is tied-up with other different bike insurance providers which allow you to compare the different bike insurance policies and choose the best.
To buy IFFCO Tokio two wheeler insurance policy through Turtlemint, here are the steps –
Renewal of IFFCO Tokio two wheeler insurance policies can also be done in the same manner as buying the policy. Here’s how –
You face a two-wheeler claim when your two-wheeler is damaged or stolen or when you face third party liability. The claim process which you should follow for these contingencies is as follows –
Alternatively, if you have bought your IFFCO Tokio two wheeler insurance policy from Turtlemint, you can inform Turtlemint and the company would get your claim settled easily. Just call 1800 266 0101 or send an email to email@example.com. The company would, then, handle your claims and get you a settlement at the earliest.
To get the settlement of your IFFCO Tokio two-wheeler insurance policy, submit the following documents to the company –
Under comprehensive two-wheeler insurance policies, the sum insured is called the Insured Declared Value (IDV). IDV is determined by deducting depreciation from the market value of the bike. Depreciation depends on the age of the bike and is deducted at the following rates –
Age of the bike
Up to 6 months
More than 6 months but less than 1 year
More than a year but less than 2 years
More than 2 years but less than 3 years
More than 3 years but less than 4 years
More than 4 years but less than 5 years
After deducting the depreciation, the value that you get is the IDV of the policy.
A compulsory deductible is the amount of claim which you have to pay yourself every time when a claim occurs. This deductible is fixed for all two-wheeler insurance plans.
The premium for IFFCO Tokio two wheeler insurance policies depend on the following factors –
IFFCO Tokio Bike Insurance