The coverage gives seven options of sum insured starting from Rs three lakh to Rs forty lakh and above
Any robbery or break-ins right into a financial institution department could mean that your jewelry and other valuables within the locker are at risk. To shield in opposition to that, non-existence insurance employer IFFCO Tokio General Insurance has launched a bank locker protector coverage.
This is the first such cover in the enterprise in particular for financial institution lockers. At gift, a list of domestic coverage covers offer protection for contents of the bank locker as well. However, those have sub-limits of around Rs 1-2 lakh. This manner that says most effective up to that quantity can be payable.
Bankers additionally take liability rules that cover any capacity thefts which can arise within the financial institution, along with lack of cash and contents. But since locker contents aren’t declared to bank officials with the aid of individuals previous to being deposited, it’s far tough to restoration a liability on the jewelry or precious gadgets stored inside the lockers.
IFFCO Tokio General’s offers a cover in opposition to various risks which include fireplace, earthquake, burglary, infidelity with the aid of financial institution personnel or any act of terrorism. Apart from jewelry and valuables, one also can insure essential files saved in a locker as an upload-on cowl. The coverage may be offered both as a retail and a group policy for banks.
Narendra Sinha, MD, and CEO, IFFCO Tokio General Insurance, stated, “Given the demand from numerous of our clients, we have launched this progressive standalone product for people, who do now not want to membership the objects within the bank locker together with some other conventional insurance product.”
The manner to buy is simple and easy because it just wishes a self-declaration as much as a certain restriction. Valuation file from authorities accepted valuers is needed most effective where a value of a man or woman item is greater than Rs 10 lakh and in which the overall sum insured exceeds Rs forty lakh for a character.
For filing a claim, they only require simple documents just like the declared form along side assisting documents including invoices and proof.
The policy offers seven alternatives of sum insured starting from Rs 3 lakh to Rs forty lakh and above. The top rate charge is low priced, with a cover of Rs 3 lakh to be had at Rs three hundred.
IFFCO-Tokio General Insurance is a 51:49 joint project between the Indian Farmers Fertiliser Co-operative (IFFCO) and Japan’s Tokio Marine Group.