IFFCO-Tokio has introduced the ‘Flexi Home Protector Policy’, building upon the success of the Bharat GrihaRaksha standard product launched in the FY 2021-22. This new offering is designed to provide customers with increased flexibility and affordability, addressing their diverse needs and preferences.
Salient Features of the Flexi Home Protector Policy:
Opt-Out Options: One of the key highlights of this policy is the flexibility it offers customers to opt out of specific risks such as Earthquake, STFI (Storm, Tempest, Flood, and Inundation), and Terrorism. This choice can be exercised at the time of policy purchase or renewal, providing customers with control over their coverage.
Building Sum Insured Options: Customers have the option to choose between reinstatement value basis or realizable market value basis for building sum insured, catering to their individual requirements and preferences.
Policy Tenure: The policy offers flexible tenure options, allowing customers to opt for an annual policy or a long-term policy extending up to 10 years, providing convenience and stability in their insurance planning.
Built-In Sum Insured for Home Contents: To simplify the insurance process, the policy includes a built-in sum insured for home contents, equivalent to 25% of the sum insured for the building, up to Rs. 10 lakhs, if not specifically declared by the customer.
It’s important to note that the original Bharat GrihaRaksha Policy will continue to be available alongside the Flexi Home Protector Policy, ensuring continuity and choice for our customers.
Scope of Cover
Inbuilt Covers: The Flexi Home Protector Policy provides comprehensive coverage against a wide range of risks, including: Fire, Forest, Jungle and Bush fires, Impact Damage, Riot, Strike, Malicious Damages, Bursting or overflowing of water tanks, apparatus and pipes, Leakage from automatic sprinkler installations, Subsidence, Landslide, Rockslide, Explosion or Implosion, Lightning, Missile Testing operations, Theft within 7 days from the occurrence of any of the above events.
Covers can be Opted Out: Customers have the flexibility to opt out of the following covers:
- Earthquake (Fire and Stock)*, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami ,Flood and Inundation* Sabotage and Terrorism Damage*
Inbuilt Benefits:- The policy also includes various inbuilt benefits to enhance the customer experience, such as:
- Professional Fees – towards architect, surveyor, consulting engineer fees – upto 5% of Claim amount, Clearance and removal of Debris clause – upto 2% of the claim amount, Complete waiver of underinsurance, Loss of Rent, Rent for Alternative Accommodation, Nil Deductible.
Optional Covers:-Additionally, customers have the option to enhance their coverage with the following optional covers:
- Valuable content: Agreed Value Basis (under Home Contents cover) with a valuation certificate. (Valuation Certificate is not required for Sum Insured up to Rs. 5 Lakh and Individual item value does not exceed Rs. 2.5 Lakh.(Valuable contents shall not exceed 5% of total SI)
- Personal Accident (PA) cover – Accidental Death to Insured or his/her family (Rs. 5 lacs per person) due to insured perils.
