Why one should avail Home Insurance Plan?
Own a home is one of the major milestones of life. It takes your hard-earned money and ample time to build a home of your dreams. Home is the biggest asset of anybody's life. Investment in your house is an investment for a lifetime. Therefore, to safeguard your home is of utmost importance. It is essential to save your house from some unavoidable man-made or natural calamities. It is a very costly affair to repair your house after the casualty; even you can become homeless in certain circumstances, for instance, earthquake or fire.
Home Insurance is thus a plan to provide cover to your home and its content against unforeseen tragedies. This policy may cover losses occurring to your home, its content, or loss of the other personal belongings of the house owner. It also covers any legal liability on house owner for the accidents which may happen at the policy territory.
IFFCO Tokio Home Insurance Policy
Home insurance policy from IFFCO Tokio provides a comprehensive plan to cover a broad range of risks and perils. This policy protects your home, its content, assets, liability, interest, and those of their family.
Two types of Home Insurance Plans are provided by IFFCO Tokio:
- All in One Home Protector Policy
- Home Suvidha Policy
All in One Home Protector Policy:-
This policy understands that your home and family are very important to you. Your love, care, money, and time are invested in your house. You can’t guard your home against all the possible risks, but you can take the steps to overcome these risks by providing total protection cover. IFFCO Tokio's All in One Home Protector Policy is a comprehensive plan to protect against all sorts of possible uncertainties.
It is an All-in-one plan which provides you the insurance cover to your home, its entire assets, liabilities, and interest of yours as well as of your family members.
What is the insured?
IFFCO Tokio provides a discount on premium if you opt for multiple cover options by selecting their various section of the policy. This plan consists of 12 different sections, under which a range of properties are covered, and you have to opt at least three of these. Below mentioned are the properties which are covered under this plan:
- Household Appliances
- Television/VCR/DVD Player
- Computer, mobile phones
- Glass fittings
- Jewelry and other valuable stuff
- Other household article
- Pedal Cycle
Benefits and Features of IFFCO TOKIO Home Insurance
- Premium is reasonably priced and pocket friendly.
- Rebates/discounts on the premium are available.
- This plan protects your home and its content like electronic appliances, fine arts, and other valuable items.
- This plan also has an option to provide personal accident cover.
- This plan also has an option to provide public liability cover.
- This plan also provides baggage insurance (optional)
- Covers breakdown of Domestic appliances.
- A special feature of this plan is it provides the coverage of the contents that are kept with children who are living outside to study.
What is covered?
The coverage of this plan is divided into 12 different sections of which a policyholder has to select at least three:
Section 1- Fire & Allied Perils: -
As per section -1 your building as well as the different contents of the building is covered against fire, bursting, explosion, overflowing of water tanks, strikes, malicious damage, riots, earthquake, cyclone, flood, landslide, etc. This section also covers-
- Cost to meet the terms of building regulations after damage.
- If contents moved to any other place to be used as a short-term residence.
- After the wedding of any member of your family, there will be an automatic increase in the amount of sum assured for 15 days before and after the wedding without any extra charges.
This section also covers the below-mentioned features with some extra premium-
- It covers the Surveyor, Architect, and engineers’ cost during reinstatement after damage.
- Cost for debris removal.
- To guard against the inflation there will be an escalation in sum assured amount throughout the year.
- Additional expenses on rent whether you are a tenant or landlord, and covers loss of rent for landlords.
Section 2- Burglary and other Perils: -
As per this section, your building as well as the different contents of the building is covered against housebreaking, robbery, burglary, or dacoity. It also covers collision damage by falling trees, lamp posts, electric poles, breakage or collapse of television or radio aerials or satellite dishes, and any damage by civic authorities in avoidance of fire.
Section 3- All Risk: -
This section provides cover to valuable items such as Jewellery, Gold, silver, other precious metals or stones, clocks, watches, video cameras, photographic instruments, microscopes, telescopes, cameras, musical instruments, sports equipment which also includes guns against accidents or calamity in anywhere in India
Section 4- Fixed Glass and Sanitary Fittings: -
This section provides cover to fixed plate glass and sanitary fittings in the house/premises of the proposer against any accidental breakage. It also includes frames or frameworks, lettering or painting, etc.
Section 5- Electronic Equipment: -
This section provides cover to electronic equipment installed at your home such as a computer, data-carrying material, fax machine, accessories, etc.
Section 6 - Home Entertainment Equipment, portable computers, and mobile phones, and Pedal Cycle: -
This section covers all the home entertainment equipment breakdown of the domestic appliance such as a portable computer, mobile phones, and data carrying material, etc against any unintentional or unanticipated damage worldwide.
This section provides covers the loss or damage to pedal cycles against Accidents or misfortunes by external means, including Third Party bodily/ personal injury or third-party property damage caused by the pedal cycle.
Section 7- Break down of Domestic Appliances: -
This section covers all the mechanical or electrical breakdown of electronic or mechanical devices such as refrigerator, Air conditioner, washing machine up to 7 years of age against any unintentional or unanticipated damage.
Section 8- Personal Accidents: -
This section covers the physical damage or death of the insured by any accident, violence, or any other external and evident means which is mentioned in the policy. This section also covers additional benefits such as ambulance charges, education funds, dead body carriage cost, damage to cloths, and rehabilitation cost to the insured person to get rid of the shock of injury, also cost for modification or repair of house or vehicle after an accident.
Section 9 – Loan Payment Protection: -
This section protects repayment of your monthly EMI for a loan against the home, vehicle, or any consumer durables, etc for a maximum period of one year in case of total disablement of the insured person due to sickness or accidental injury
Section 10- Baggage: -
This section provides cover to the baggage carried by the insured person and his/her family members against accidental loss or damage while traveling anywhere in the world for business purposes or holidays.
Section 11 – Liability Insurance: -
This section covers the legal liability of the insured person for any physical injury or loss or damage to the property of a third party. This section also covers the Workmen's Compensation liability of the insured to domestic servant working in the premises of the Insured person. This policy also covers your liability as a tenant to your landlord under the tenancy agreement for damage to the building or electrical fittings or installation due to perils covered under section 1 and section 2.
Section 12 – Increased Living Expenses: -
This section covers the cost of migration for you, your family and domestic help, emergency medical treatment cost up to a certain limit, cost of hiring furniture, and cost of removal of house content, emergency accommodation to guest house or hotel followed by damage to your home.
Important Clause: -
- A minimum of 3 sections needs to be covered.
- If you opt for 6 or more sections, you will get a discount in premium.
- For Section 1, 2, 3,4,5,6, and 7 the insurance is on replacement value subject to a maximum of Sum Assured.
- Section 1 and section 2 does not apply to clothe and linen items.
- There are not any maximum limits specified for sum assured under any section excluding a few sub-limits for specific items.
- Under sections 1, 2,4,5,6, and 7 if the value of the property is greater than the sum assured at the time of damage than the claim would be paid in the same proportion.
Exclusion under IFFCO Tokio Home Family Protector Policy:
- Damage, deconstruction, or loss caused by war, the act of a foreign enemy, hostilities, invasion, or warlike operations.
- Damage, deconstruction, or loss to property caused by any act of terrorism.
- Damage, deconstruction, or loss to property is insured by – i) ionizing radiation or contamination by radioactivity from nuclear fuel or wastage from the combustion of nuclear fuel. ii) The radioactive toxins or any other hazardous properties of explosive nuclear assembly or component thereof.
- Loss or damage caused using downgrading of the article or wear and tear or depreciation.
- Permanent or temporary dispossession of property resulting from exclusion, commandeering, requisition or deconstruction by order of any lawful or government authority.
IFFCO Tokio Home Suvidha Policy:
It's a complete protection plan which protects your family from a wide range of perils and risks. Different Sum Assured is available under various categories; one can opt for any category as per the extent of risk.
Coverage under the Policy:
- Fire and Allied Perils (Contents)- Contents of the building are covered against fire, bursting, explosion, overflowing of water tanks, strikes, malicious damage, riots, earthquake, cyclone, flood, landslide, etc.
- Burglary and other perils (Contents)- Different contents of a building is covered against housebreaking, robbery, burglary, or dacoity.
- Television and Video Equipment
- Personal Accident- This section covers the physical damage or death of the insured by any accident, violence, or any other external and evident means which is mentioned in the policy.
- Fire and Allied Perils-Building
- Personal Computers- This section provides cover to electronic equipment installed at your home such as a computer, data-carrying material, fax machine, accessories, etc.
Exclusion under IFFCO Tokio Home Suvidha Policy:
- WAR RISK- Damage, deconstruction, or loss caused by war, the act of a foreign enemy, hostilities, invasion, or warlike operations.
- TERRORISM DAMAGE- Damage, deconstruction, or loss to property caused by any act of terrorism.
- NUCLEAR RISK- Damage, deconstruction, or loss to property is insured by – i) ionizing radiation or contamination by radioactivity from nuclear fuel or wastage from the combustion of nuclear fuel. ii) The radioactive toxins or any other hazardous properties of explosive nuclear assembly or component thereof.
- If the damage caused to the property is insured by its fermentation, impulsive combustion, or natural heating.
- WEAR AND TEAR- Loss or damage causes by mean of downgrading of the article or wear and tear or depreciation.
- CONFISCATION- Permanent or temporary dispossession of property resulting from exclusion, commandeering, requisition, or deconstruction by order of any lawful or government authority.
- Permanent or temporary dispossession of property resulting from unlawful activity by the person.
- CONSEQUENTIAL LOSSES- Any indirect losses or damage like loss of earnings, loss by delay, loss of market.
- In respect of computer 5% of the claim amount subject to a minimum of Rs. 2500/-.
- Due to defects or faults in the commencement of insurance which is known to you or your family.
- For manufacturing defects
- Damage to rented or hired equipment for which the owner is responsible.
- The cost incurred in the movement of equipment outside the policy territory except for the cost of delivery of the damaged part.
- Damage to consumable items like bulbs, tubes, ribbons, fuses, belts, wires, chains, etc.
- Damage while dismantling, repair, or adjustment by an unauthorized representative
- Limit of Liability- The maximum limit of liability for any damage is limited to the collective sum insured specified in the schedule.
- Basis of Claim Settlement- For damage of insured equipment necessary expenses will be repaid which is required to restore the product in the previous form or will pay the market value of the same if the repair cost exceeds replacement cost.
- Repair Basis-
- No deduction of depreciation for replaced parts except for products with limited life.
- The cost of provisional repair will be borne by the company if it is part of the final repair.
- Reimbursement will be done after submissions of proper bills and documents.
- Value of salvage to be taken into account in case of replacement.
- Total Loss Basis-
- Market value will be calculated after deducting the depreciation amount from the actual replacement value of the item.
- If you are unable to replace the damaged item for any reason no need to submit the bills and document for the same.
- If the damaged item subject to total loss is outdated than all the necessary costs to replace the item with the follow-up item will be reimbursed.
If any damaged item will be kept in operation without being repaired to the company's satisfaction or temporary repairs are carried out without the company's consent, then the companies' liability under any section of the policy for this damaged item will be ceased.