Key aspects of IFFCO Tokio General Insurance include a wide product range encompassing car, two-wheeler, health, travel, home, and commercial insurance, with specialized covers like liability and property insurance also available. The company emphasizes customer-centricity by offering innovative and customized insurance solutions and maintains a wide network of garages and hospitals for cashless claim settlements. IFFCO Tokio claims to have a quick claim disbursal process and a decent claim settlement ratio, offering features like quick claim settlement for minor claims in health insurance and a QCS (Quick Claim Settlement) process for motor insurance at network garages. They have a user-friendly online presence through their website and mobile apps for policy purchase, renewal, and claim registration, aiming to make insurance accessible and convenient. Their significant network comprises over 4300 garages and 7000+ hospitals across India for providing cashless services. Financially, IFFCO Tokio is considered a strong and reliable insurer committed to ethical business practices.
In summary, IFFCO Tokio General Insurance is a well-established player in the Indian general insurance market, offering a diverse range of products with a focus on customer service and efficient claim settlement, leveraging technology to provide convenient access to their services.
Latest News on IFFCO TOKIO
IFFCO Tokio Introduces Comprehensive Home Insurance Policy for Homeowners and Tenants Alike.
IFFCO-Tokio, a leading general insurer, has launched a new home insurance product called “Comprehensive Home Protector”. This policy is designed to cover the risk of loss or damage to physical assets, interests, and liabilities of the insured and their family, leaving no insurance gap. The policy is guided by the Insurance Regulatory and Development Authority of India (IRDAI) and offers de-bundled fire coverage, allowing policyholders to choose “Basic Fire Cover” and opt for additional coverage for natural and human-made disasters.
The policy also covers personal money and important documents lost outside the insured’s home, and provides for the cost of reproducing lost or damaged documents and items. Additionally, it covers damages to contents when changing homes from one geographic location to another, including damages due to fire, lightning, and robbery.
Other standout features of the policy include coverage for loss of jewelry and valuable items, damages to fine arts, and breakdown of domestic appliances. The policy also provides loan payment protection in case of death or disablement, and personal liability insurance. Furthermore, it takes care of tenant’s liability towards home owners against damages to buildings and contents.
To celebrate the launch, IFFCO-Tokio is offering a 10% early bird discount on policy premiums to those who buy the policy directly from the company. According to Ms. Niharika Singh, Executive Director of Marketing at IFFCO-Tokio, the launch of Comprehensive Home Protector marks a significant milestone in the company’s journey. The policy is designed to provide peace of mind to policyholders by covering a wide range of risks associated with home ownership.
IFFCO-Tokio General Insurance Company Limited is a joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and Tokio Marine Group, one of the world’s largest insurance companies. The company offers a range of retail and corporate insurance products through its wide distribution network, including motor, health, travel, and personal accident insurance. With the launch of Comprehensive Home Protector, IFFCO-Tokio aims to provide comprehensive protection to home owners and tenants, and promote peace of mind among its policyholders.
Ahmedabad District Commission Holds Iffco Tokio General Insurance Co. Liable For Wrongful Repudiation Of Valid Claim
The Additional District Consumer Disputes Redressal Commission in Ahmedabad, Gujarat, has held Iffco Tokio General Insurance Co. Ltd. liable for wrongly repudiating a valid claim made by a policyholder, Mr. Amrutlal Thakkar. The policy in question was a ‘Corona Kavach’ policy with a sum assured of Rs. 5 Lakh. Mr. Thakkar had undergone treatment for COVID-19 at Aartham Hospital, incurring an expenditure of Rs. 2,01,512/-. However, when he submitted a claim to the insurance company, they only disbursed Rs. 1,55,378/-, deducting the remaining amount without a valid cause.
The insurance company justified the deduction by citing the ‘Ayushman Maharashtra’ circulars, which they claimed allowed them to limit the payment to the approved package rates. However, the commission disagreed with this interpretation, stating that the circulars were not intended to override the terms of the policy. Instead, they were meant to ensure affordable treatment for the economically weaker sections who did not have insurance coverage.
The commission observed that the insurance company had arbitrarily deducted part of the claim, which was unjustified. They directed the insurance company to pay the remaining Rs. 46,134/-, along with Rs. 3,000/- as compensation and Rs. 2,000/- as legal costs to the complainant. The complaint against the hospital was dismissed, as the contractual obligation was solely with the insurance company.
The commission’s decision emphasizes that insurance companies cannot use government guidelines as an excuse to deny legitimate claims of policyholders. The ‘Ayushman Maharashtra’ circulars are intended to provide affordable treatment to those who cannot afford it, not to limit the payments to insured individuals. The case highlights the importance of insurance companies adhering to the terms of their policies and not misinterpreting government guidelines to their advantage.
The case, Amrutlal T. Thakkar vs Iffco Tokio General Insurance Co. Ltd. and Anr., is a significant precedent for consumers who have been wrongfully denied claims by insurance companies. It emphasizes the need for insurance companies to act in good faith and honor their contractual obligations. The decision also underscores the role of consumer courts in protecting the rights of policyholders and ensuring that insurance companies are held accountable for their actions.
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo.
The report analyzed data from various insurance companies and found that public sector insurer New India Assurance had the lowest claims repudiation ratio of 0.2%. Other private insurers with lower rates of claims rejection include HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram. The Insurance Regulatory and Development Authority of India (IRDAI) makes it mandatory for insurance companies to publish settlement and rejection data on their websites, which helps policyholders make informed choices.
The report categorized general insurers into four categories: public sector general insurers, large private sector general insurers, other private sector insurers, and standalone health insurers. In the health insurance category, New India Assurance had a claim-settlement ratio of 95%, followed by Aditya Birla Health with a ratio of 95%. Iffco Tokio and Bajaj Allianz were among the top large private sector general insurers with a claims-to-settlement ratio of 90% or more.
However, experts point out that the data is combined for group and individual policies, and claim-rejection rates are historically lower for corporate policies. They argue that separate claim-settlement data for individual health insurance policies is needed to get a true picture. Incomplete or false disclosure at the time of policy purchase also contributes to claim rejections.
The report also highlighted the low insurance penetration in India, which is at 30%, compared to developed countries like the US, where it is over 90%. The high 18% tax on insurance premiums is also a concern, as it makes insurance unaffordable for many people. Experts suggest that reform measures are needed to reduce taxes and provide segregated data on claim-settlement ratios to help people make informed choices. Additionally, there is a need for better infrastructure and social security nets to support the growth of the insurance industry and provide relief to policyholders.
IFFCO-Tokio General Insurance Marks Quarter Century Milestone, Reinforces Pledge to Achieve IRDAI’s Ambitious Goal of Insurance Penetration for All by 2047.
IFFCO-Tokio General Insurance is celebrating its 25th year of operations, marking a significant milestone in its journey to provide customer-centric insurance solutions. The company was founded in 2000 as a joint venture between IFFCO and Tokio Marine Group, with the goal of making insurance accessible to every individual, household, and business. Since its inception, the company has grown rapidly, with a GWP of ₹6 crore in 2000 expanding to ₹10,000 crore in 2024, serving millions of customers across India, including in rural areas and smaller towns.
As the company marks its Silver Jubilee year, it reaffirms its commitment to achieving the Insurance Regulatory and Development Authority of India’s (IRDAI) goal of “Insurance for All by 2047.” The company has been working towards this goal through its customer-centric approach, corporate social responsibility initiatives, and commitment to innovation.
Mr. Subrata Mondal, Managing Director and CEO of IFFCO Tokio, emphasized the company’s focus on education and skill development, as well as healthcare and sustainable practices, to empower rural communities. The company has trained over 5,000 women agents and has a network of over 34,000 agents, enabling it to reach a wider audience.
The company has received several awards and recognition for its exceptional leadership, innovation, and commitment to the insurance industry. IFFCO Tokio has been awarded the “Healthcare Insurance Company” award, the “Best Use of AI in Insurance” award, and the “Smart CISO” award, among others.
As the company looks to the future, it is committed to continuing its mission of making insurance accessible to all, with a focus on rural development, education, and corporate social responsibility.
Recent Updates
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.