Overview of IFFCO Tokio Bharat Griha Raksha Policy
IFFCO Tokio Bharat Griha Raksha Policy is a standard home insurance policy that covers residential properties in India at the most affordable rates. The policy ensures that the homeowner is covered for any damage or loss caused to their insured house structure and belongings.
IFFCO Tokio Bharat Griha Raksha Policy: Key Features
Categories |
Key Benefits |
Policy Tenure |
Minimum – 1 year and Maximum – 10 years |
Buildings Covered |
Residential Properties |
Key Specifications* |
The policy will be issued on the reinstatement value basis Affordable premiums |
Coverage* |
Auto escalation of 10% based on SI No underinsure is applicable There is NIL excess in this BGR policy |
Policy Cancellation |
Available |
*Disclaimer- The above table is for illustration purposes only. Kindly review the policy wording on the insurer's official website to understand the policy coverage and its benefits.
Inclusions of IFFCO Tokio Bharat Griha Raksha Policy
The IFFCO Tokio Bharat Griha Raksha Policy offers financial protection to your insured property and its belongings against several unforeseen circumstances. Here are the common inclusions-
- Loss due to fire, implosion, or explosion
- Loss or damage due to landslide, rockslide, and subsidence
- Loss due to several types of fire, including forest fire, bush fire, and jungle fire
- Loss or damage due to overflowing or leakage of water pipes, tanks, automatic sprinkler installations, and apparatus
- Damage or destruction caused due to missile testing operations, riots, malicious damage, strikes, and vandalism
- Loss or damage caused due to nature's fury, such as earthquakes, storms, tempests, cyclones, hurricanes, tornadoes, tsunamis, inundation, and floods
- Loss or destruction caused due to acts of terrorism
- Impact damage due to collision, external physical objects such as falling trees, vehicles, aircraft, walls, etc.
- Coverage if the insured site suffers a loss due to theft within 7 days from the occurrence caused by any of the above-insured events.
Exclusions of IFFCO Tokio Bharat Griha Raksha Policy
IFFCO Tokio Bharat Griha Raksha Policy does not cover damages or loss caused by the below-mentioned reasons-
- A deliberate or willful act that causes damage to the insured property and its belongings
- Loss caused due to war, warlike operations, nuclear radiation, or similar operations
- Damage caused to pollution or contamination
- Damage or loss to the missing content of the house whose disappearance cannot be connected to any identifiable event
- Loss of income, consequential losses, etc.
- Loss due to a reduction in the market value of the insured property after the reinstatement or repair is initiated
- The cost or fees incurred for preparing the claims
- Loss to the unset precious stones, manuscripts, bullion, drawings, securities, bullion, cheques, coins, cash, and vehicle
- Any addition, alteration, and extensions to the insured home structure that increases its carpet area by more than 10%
*Disclaimer- Kindly refer to the policy wordings of the insurer to understand the exact policy coverage.
You may also read- Go Digit Bharat Griha Raksha Policy
Add-on Covers in IFFCO Tokio Bharat Griha Raksha Policy
Besides the basic coverage, there are some essential add-on covers that you can purchase while buying your IFFCO Tokio Bharat Griha Raksha Policy. The below-mentioned optional covers will help in extending the protection to your insured house-
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Valuable Content Cover on Agreed Value Basis
This add-on cover under the BGR policy helps you to insure the valuables up to the agreed value by you and the insurer. You must submit a valuation certificate if the agreed value is more than ₹ 5 Lakh (Rupees Five Lakh). However, if the SI is up to ₹ 5 Lakh and the cost of an individual item is not more than ₹ 1 Lakh, there is no need for the valuation certificate.
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Personal Accident Cover
A Personal Accident (PA) cover in IFFCO Tokio Bharat Griha Raksha Policy offers coverage to the policyholder in case of their death or of their spouse due to any insured event. The policy provides compensation of ₹ 5 Lakh/person.
Cancellation and Termination of IFFCO Tokio Bharat Griha Raksha Policy
If you have purchased a BGR policy and are unsatisfied with the coverage or the insurer's services, you can cancel it anytime.
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Cancellation by the policyholder at any time
- You can cancel the BGR home insurance policy anytime by writing a notice to your insurer.
- You if choose to cancel your policy any time after the purchase, you will receive the premium refund in the following manner-
Policy Period |
Refund of Premium (in %) |
15 days |
90% |
1 month |
85% |
2 months |
70% |
3 months |
60% |
4 months |
50% |
5 months |
40% |
6 months |
30% |
7 months |
25% |
8 months |
20% |
9 months |
15% |
More than 9 months |
Nil |
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Cancellation by the insurer
- The insurer only cancels the policy during the policy period for misrepresentation, non-disclosure of material facts, non-cooperation from the policyholder, or fraud.
- Suppose there is a Total Loss (TL) of your insured building structure in a long-term policy where you have decided not to reinstate your home structure in favor of a cash settlement of your claim. In that case, the insurer will cancel the policy for the remaining policy tenure. In addition, the insurer will refund the proportionate premium for the remaining policy years after grossing up the premium paid by you towards a long-term discount, if any.
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Automatic termination of the policy
Your IFFCO Tokio Bharat Griha Raksha Policy will automatically end in the following cases-
- Your policy will automatically end up in 7 days after your home structure is destroyed or damaged by reasons other than the insured perils.
- Your policy will terminate automatically if the insured home structure, additional structure, or building contents are lost, stolen, or is a Total Loss.
- Your BGR policy will be terminated in case if you change the use of your insured home content from personal residence to any other purpose.
- Your BGR policy will be terminated in case if you change the use of your insured home content from personal residence to any other purpose.
- Your policy will end when you surrender or sell your home building and/or home contents.
*Disclaimer- Please refer to the policy wordings of the insurer to understand the terms & conditions of the policy cancellation
Who Should Buy IFFCO Tokio Bharat Griha Raksha Policy?
All residential property owners and tenants can buy the IFFCO Tokio Bharat Griha Raksha Policy. For tenants, it is recommended to purchase a content cover, as it will financially protect their belongings or home contents from several unforeseen risks.
Claim Procedure for IFFCO Tokio Bharat Griha Raksha Policy
As soon as you suffer any loss or damage due to insured perils, it would help if you inform the insurer on early notice. By following the below steps, you can raise a claim under an IFFCO Tokio Bharat Griha Raksha Policy-
- As the emergency hits your insured structure, immediately inform the legal authorities. They will take all the necessary actions to prevent further losses.
- In case of riots, malicious activities, strikes, or acts of terrorism, it is your responsibility to inform the police. In addition, you must inform the police authorities if there is a theft within 7 days following insured perils.
- Intimate your insurer for all the physical damage or loss caused due to the insured events.
- Take all the preventive measures so that you can stop further loss. Do not dispose of or sell any damaged items without informing the insurer.
- Download the claim form from the insurer's official website, fill it out, and submit the signed form at the earliest to your insurer but at least within 30 days from the event date.
- The insurer will assign a surveyor to evaluate the damages and create an assessment report. According to that report, you will be compensated for the losses.
FAQs about IFFCO Tokio Bharat Griha Raksha Policy
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Ans: No, there is no capping in the SI of the BGR policy.
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Ans: No, the IFFCO Tokio Bharat Griha Raksha Policy is only available for a maximum tenure of 10 years.
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Ans: Yes. You can easily cover your building contents under IFFCO Tokio BGR Policy. Moreover, purchasing only building content coverage is advised if you live in a rented place.