IFFCO Tokio Home Suvidha Policy

Introduction

Your home or its content becomes susceptible to various risks. Some risks become financial burden. Although it is not possible to insure your house from all risks, you can take adequate steps to alleviate the loss.

The Home Suvidha policy from IFFCO Tokio ensures complete coverage to your family against all types of perils. It is a simple policy wherein there are different options for sum insured are available. You can opt for the most suitable one, depending on the requirement.

Coverage available under Home Suvidha Policy

Mainly the policy offers the coverage against following-

  • Fire and Allied Perils
  • Burglary and Allied Perils
  • Television/video equipments
  • Personal Accident
  • Fire and Allied Perils (Building)
  • Personal Computer

What is Not Covered?

There are some situations or risk which remain uncovered and these are-

  • Nuclear Risk
  • War Risk
  • Wear and Tear
  • Consequential Loss
  • Existing Damage
  • Terrorism Damage

Points to Remember

  1. In any loss/damage, the maximum amount of liability for any damage under the policy will be restricted to the aggregate sum insured specified in the insurance policy.
  2. If the insured equipment gets damaged, the insurer will pay for expenses which are necessary to restore the damaged equipment back to its original state or pay the market cost of the item if the repairing cost is more than the market value of the item.
  3. In case of repair basis settlement, the insurer will keep the following points in consideration-
  • No deduction will be made for depreciation in case of parts which are replaced, except those which have limited life.
  • If the repairing is done at a workshop of your choice, the insurer will pay the cost of materials along with the wages incurred for the repairing purpose along with the reasonable percentage to cover all overhead charges.
  • Value of salvage will be considered by the company to compute both repair and total loss basis if there is a replacement of items. 

What If I Cancel the Policy?

A policyholder can cancel the policy by giving 15 days written notice to the insurer. The company will refund the premium after retaining the premium on the basis of the following table, provided no claim has been made. 

Coverage Period up to

Annual Premium Rate (%)

15 days

10%

1 months

15%

2 months

30%

3 months

40%

4 months

50%

5 months

60%

6 months

70%

7 months

75%

8 months

80%

9 months

85%

Exceeding 9 months

100%