Now, India’s First Policy to Protect Bank Locker launched
IFFCO Tokio General Insurance Company has launched a 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.
IFFCO Tokio General Insurance Company has launched a 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. In an official release. IFFCO Tokio today said, "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," it added. Even as bank lockers are considered to be safest place for valuables, there have been incidences of burglary in the country.Customers buying bank locker facility are often not aware of the fact that the locker hiring agreement does not cover compensation in case of untoward incidents.
IFFCO Tokio's Bank Locker Protector policy aims to bridg the gap offering protection to valuables stored in a bank locker.
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.”
Watch this Zee Business News
— Zee Business (@ZeeBusiness) February 28, 2019
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."
How to buy
The release said that the process to buy the new policy 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," it said.
Bank Locker Protector Policy: What's on offer
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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.