IFFCO Tokio launches policy to protect bank lockers

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IFFCO Tokio launches policy to protect bank lockers
Aparajita Gupta - 28 February 2019

New Delhi, February 28: IFFCO Tokio General Insurance Company on Thursday announced the launch of Bank Locker Protector Policy to protect the contents of a bank locker such as jewellery and other valuables.

The policy offers a cover against various risks including fire, earthquake, burglary, holdup, infidelity by a bank staff or any act of terrorism. Apart from jewellery and valuables, one can also insure important documents kept in a locker as an add-on cover. The policy can be sold both as a retail and a group policy for banks, a statement said.

“This is the first of its kind policy in the industry, which is simple and easy to understand with a streamlined claim process. The policy offers comprehensive cover to bank locker contents at very affordable rates,” said Anamika Roy Rashtrawar, Whole Time Director (Marketing), IFFCO Tokio General Insurance.

"In view of the demand from several of our customers, we have launched this innovative standalone product for people who do not want to club the items in the bank locker along with any other conventional insurance product," said Warendra Sinha, MD and CEO, IFFCO Tokio General Insurance,

Valuation report from government approved valuers is required only where value of an individual item is more than Rs 10 lakh and where the total sum insured exceeds Rs 40 lakh for an individual.

The policy offers seven options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above.

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