IFFCO Tokio Launches Bank Locker Protector Policy

IFFCO Tokio General Insurance launched ‘Bank Locker Protector Policy’ to safeguard the valuables such as jewellery, valuable assets, and so on. With an add-on cover, customers can insure crucial documents like invoice, proofs etc., as well. The launch has come in the view of a few robbery incidents.

It is the first stand-alone cover for bank locker. The primary objective of this policy is to offer coverage against the risks comprising burglary, earthquake, fire, terrorism, infidelity by bank professionals, etc. The policy could be sold as a group policy for banks and as a retail one with seven sum insured options ranging between Rs. 3 Lakh to Rs. 40 Lakh and above.

The policy is confined to offer coverage only when the treasures are in possession of the bank. Hence, policyseekers will have to pay Rs. 2,500 as a premium to seek the cover for Rs. 40 Lakh. The policyholders are required to declare the list of valuables without any valuation. But, if the value of an individual item exceeds Rs. 10 Lakh and sum insured crosses Rs. 40 Lakh, the valuation is needed.