IFFCO Tokio General Insurance Company today announced the launch of Bank Locker Protector Policy, which is the first policy in the industry to protect the contents of a bank locker such as jewellery and other valuables.
The policy offers seven options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above. The premium rate is affordable with a cover of Rs 3 lakh available at just Rs 300, which is less than Rs 1 per day.
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.
Bank lockers are considered to be safest place for valuables. Despite the tight security, however, there have been incidences of burglary in the country. Lesser known fact is that the locker hiring agreement does not cover compensation in case of such untoward incidents. The Bank Locker Protector policy bridges the gap offering protection to valuables stored in a bank locker.
Commenting on the launch of the new product, Anamika Roy Rashtrawar, Whole Time Director (Marketing), IFFCO Tokio General Insurance 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.”
Warendra Sinha, MD & CEO, IFFCO Tokio General Insurance said, "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."
The process to buy is simple and easy, as it just needs a self-declaration upto a specified limit. Valuation report from government approved valuers is required only where value of an individual item is more than Rs 10 lakhs and where the total sum insured exceeds Rs 40 lakhs for an individual.
The claim process is also smooth and hassle-free requiring basic documents like claim form, along with supporting documents such as invoices and proof.