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Now, an insurance cowl to protect contents of your bank locker


Now, an insurance cowl to protect contents of your bank locker


The coverage gives seven options of the 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.

Now, an insurance cowl to protect contents of your bank locker 2

This is the first such cover in the enterprise, in particular for financial institution lockers. A gift, a list of domestic coverage covers, offers protection for the contents of the bank locker. 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 that can arise within the financial institution and lack of cash and contents. But since locker contents aren’t declared to bank officials with the aid of individuals previously deposited, it’s far tough to restore a liability on the jewelry or precious gadgets stored inside the lockers.

IFFCO Tokio General offers a cover in opposition to various risks, including fireplace, earthquake, burglary, infidelity with the aid of financial institution personnel, or any act of terrorism. Apart from jewelry and valuables, one also can ensure essential files are 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 of buying 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 effectively where a man or woman item value is greater than Rs 10 lakh. The overall sum insured exceeds Rs forty lakh for a character.

They only require simple documents for filing a claim, just like the declared form alongside assisting documents, including invoices and proof.

The policy offers seven alternatives of the 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.

Mattie Fowler

I am a blogger who specializes in personal finance and insurance. My writing topics range from tips and tricks on saving money to more complicated topics like the stock market and investing. I also review financial products such as bank accounts, mutual funds, and life insurance plans. You can also visit my website, moneychill.biz.