IFFCO Tokio General Insurance Company Ltd. has completed 25 years of service, marking a significant milestone in its journey. The company has received congratulatory messages from across the cooperative and insurance sectors, celebrating its contribution to rural India, particularly farmers and cooperatives. K J Patel, MD of IFFCO, expressed pride in the company’s journey, recalling the strong foundation upon which the joint venture was built. One of the company’s notable initiatives is the Sankat Haran Bima Yojana, an accidental insurance scheme linked with every bag of IFFCO fertilizer, which has provided protection and financial security to farmers and their families.
IFFCO Tokio’s journey began in 2000, after the Government of India opened the insurance sector. The company was formed through a partnership between IFFCO and Japan’s Tokio Marine & Nichido Fire Insurance Company Ltd., blending global expertise with India’s cooperative ethos. Over the years, the company has created a successful business venture and laid the groundwork for a legacy that continues to strengthen. Patel stated that the 25-year journey reflects trust, protection, and steadfast support to India and its farmers, and encouraged the team to look ahead with greater ambition.
Recently, the Ministry of Cooperation reviewed IFFCO Tokio’s progress in cooperative onboarding, emphasizing the need for expanding insurance coverage within the cooperative network and accelerating tie-ups with banks. The company has reported premium generation of Rs 162 crore in the current fiscal year, with Rs 148 crore coming from existing cooperatives and Rs 14 crore from new tie-ups. The Ministry has stressed the need for deeper outreach and targeted strategies to bring more cooperative banks under insurance coverage.
As IFFCO Tokio steps into its next phase of growth, the Silver Jubilee celebration marks not just a successful past but also a promise of a brighter future for the insurance cooperative ecosystem in India. The company’s commitment to rural India, particularly farmers and cooperatives, remains strong, and its initiatives continue to inspire pride across the organization. With its strong foundation and global expertise, IFFCO Tokio is poised to continue its growth and expansion, providing protection and financial security to more farmers and their families. The company’s journey is a testament to the power of collaboration and cooperation, and its legacy will continue to shape the insurance landscape in India for years to come.