IFFCO Tokio General Insurance

IFFCO Tokio General Insurance company was established in 2000. It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates (Tokio Marine and Nichido Fire Group).

The company provides a list of insurance products to its customers. One of the best among them, IFFCO Tokio Health Insurance, offers broad coverage to look after the healthcare indemnities of individuals and families.

Awards and Recognitions

• Asia's Top Most Influential Insurance Leaders Award - by Insurance Alerts, 2020
• Business leader of the Year Award by TechCircle Business Transformation Symposium & Awards 2020
• BFSI Digital Innovation Award 2019
• Digital Insurer of the year Award 2019
• Emerging Asia Business Award by ICC

Key Features of IFFCO Tokio General Insurance

In these unprecedented times, health care has been majorly affected by inflation, and health insurance has become a necessity that caters to your medical requirements. With around 30 insurance companies available in the market, selecting one is quite a difficult task. But we have made it easy for you.

We have shortlisted top health insurance companies at PolicyX and have ranked them based on certain parameters such as market share, network hospitals, solvency ratio, and claim support (within 3 months).

Let's look at the key features of the company that will help you lead a financially happy and secure life.

1. Renewability

   IFFCO Tokio Health Insurance offers a lifetime renewability option. With this feature, the policyholder ensures that the policy can be renewed for lifelong without any age limit or other restrictions.

2. Network Hospitals

   Buying health insurance is a necessity these days, but while buying a policy what are your major requirements? If we think like a consumer, then you will always look for a company that takes care of all your medical needs within the budget. However, checking network hospitals is an important factor while selecting an insurer as this will give you an idea of how easily you can avail of cashless facilities at the time of medical emergency/ hospitalization.

   IFFCO Tokio has a huge network of 6400+ network hospitals across India, providing hassle-free and smooth cashless facilities where you don't have to pay a single penny at the hospital. The medical expenses will be directly managed by the insurer, thus it lowers the financial stress on your pocket.

   If you want to check the IFFCO Tokio Health Insurance company list as per your state/region, you can find the IFFCO Tokio health insurance hospital list. Here is a graph showing the network hospitals of IFFCO Tokio and its competitor insurance companies.

   Network Hospitals of IFFCO Tokio with other top companies

   

   **Data from IRDAI Annual Reports

   But what if you get hospitalized to a non-network hospital that is not listed with your insurance company. You don't have to panic. IFFCO Tokio has the option of reimbursement where the amount paid by the insured person at the time of hospitalization will be refunded after 10-12 days by the company.

3. Claim Support (within 3 months)

   One should always go for a company that settles claims quickly and smoothly. Now, the question arises what does claim support determine? Claim support determines the claim settling ability of an insurance company. Having health insurance that does not settle claims on time is useless. Therefore, before selecting an insurance company make sure the company has a good track record of settling claims.

   At PolicyX.Com we have shortlisted top companies, where we have considered claim support (within 3 months) as one of the parameters. As per IRDAI Annual Report, IFFCO Tokio has settled 81.67% of claims within 3 months. It is clear from the IRDAI data that the company cares about its customers at the time of a medical emergency.

   Claim Support (within 3 months) of IFFCO Tokio and other Insurers

   

   **Data from IRDAI Annual Report 2019-20

   As per the graph, the claim support of IFFCO Tokio is less in comparison to other insurers. The ratio does not give you the probability of your claims being settled but tells you about the claims that have been settled in the past years. Thus, high claim support does not give a surety that your claim will be settled. Let's understand the claim support (within 3 months) of the last 4 years i.e., from 2016-2020.

   Claim Support (within 3 months) from FY 2016-2020

   

   **Data from IRDAI Annual Reports

4. Solvency Ratio

   A company's solvency ratio plays an important role in determining the ability of a company to meet its long-term obligations. This factor is a basic measure of how financially sound an insurance company is and also about its ability to pay claims. Solvency ratios are available in the Insurance Regulatory and Development Authority of India (IRDAI) Annual reports. IRDAI prescribed various standards such as insurers are required to maintain a solvency ratio of 1.50 i.e., a healthy solvency ratio. The solvency ratio of IFFCO Tokio for 2019-20 is 1.6 that is matching with the criteria of IRDAI standards.

   Solvency Ratio of IFFCO Tokio Health Insurance from FY 2016-20

   

   **Data from IRDAI Annual Reports

   As discussed above, we have assessed the solvency ratio of IFFCO Tokio for the last four years and as per our results, IFFCO Tokio has always matched the set standards of IRDAI in terms of solvency ratio. With the help of the graph, we can say that IFFCO Tokio is a financially sound company, and has enough resources to pay off the claims to the customers. Hence, you can choose this company, if you are considering solvency ratio as one of the important factors.

   IRDAI publishes solvency of four months for a year i.e., from June 2019- March 2020. Let's understand this with the help of a graph.

   Solvency Ratio of IFFCO Tokio of FY 2019-20

   

   **Data from IRDAI Annual Reports 2019-20

   It is always important to compare your insurer with other companies. So for a better comparison, we have prepared a graph of IFFCO Tokio's solvency ratio with other competent insurers.

   Solvency Ratio of IFFCO Tokio Insurance and other general insurers

   

   **Data from IRDAI Annual Reports 2019-20

5. Market Share

   In the last few years, IFFCO Tokio health insurance has shown significant growth that indicates a good volume of business and the preference of consumers for a product over other similar products available in the market. As per IRDAI Annual Report 2018-19, the annual gross premium was 799.81 crores but now in 2019-20, it has been increased to 1315.81 crores. The higher business volume means greater sales, thus making IFFCO Tokio a trusted insurer among its consumers. It is also important to see how many companies match up to IFFCO Tokio Insurance's market share. IFFCO Tokio commands 2.59% of the market share in comparison to other insurers.

   Annual Gross Premium of IFFCO Tokio Health Insurance from FY 2016-20

   

   Data from IRDAI Annual Reports 2019-20

   We have summarized the above information. Go through the data carefully and choose your plans wisely.

   Network Hospitals	6400+
   Solvency Ratio	1.6
   Claim Support (within 3 months)	81.67
   Annual Gross Premium 2019-20 (in Crores)	1315.81
   Market Share (in %)	2.59
   Renewability	Lifetime
   Number of members	5 members (up to 3 children and adults)

   **Last Updated on May, 2021

Why Choose IFFCO Tokio General Insurance?

There are a number of plans available in the market that provide amazing benefits and discounts to their customers. The selection of insurers depends on your requirements and medical needs.

IFFCO Tokio General Insurance is a trustworthy company among customers in the field of insurance in India. With the tie-up of 6400+ network hospitals and 20,000 agents and branches, they have managed to maintain claim support of 81.67%. IFFCO Tokio is a health insurance company that makes health insurance policies easily accessible to everyone at affordable premium rates with customized coverages. For your better understanding, we have listed a few benefits to ease up policy selection for you.

1. Pre and Post Hospitalization

   The plan covers the medical expenses incurred for 60 days before the hospitalization and 60 days after the discharge from the hospital.

2. AYUSH Cover

   The medical expenses for AYUSH treatment that involves Ayurveda, Unani, Siddha, and Homeopathy are also covered under this plan.

3. Medical Health Check-up

   After the completion of 4 claim-free years, the expenses on health check-up are reimbursed. The amount that is reimbursed is up to the maximum of 1% of the average sum insured.

4. Daycare Procedures

   It covers the daycare procedures for 140+ treatments listed under the plan that requires hospitalization for less than 24 hours.

5. Ambulance Charges

   The ambulance charges are also covered for transportation of an insured person from one hospital to the other.

6. 24x7 Call Support

   IFFCO Tokio has a facility of dedicated 24X7 call assistance for settling claims related to health insurance.

7. Portability

   The policyholder with any other insurer has the option to switch their policies to IFFCO Tokio.

8. Cover For Critical Illnesses

   Under this plan, critical illnesses such as cancer, stroke, heart surgery, major burns which are life-threatening and require immediate treatment are also covered.

9. Tax Benefits

   Get the tax benefit on paid premiums under section 80(D) of the Income Tax Act, 1961.

10. Prescribed Drugs

    The expenses incurred on prescribed medication which are required during treatment are covered under this policy.

Types Of IFFCO Tokio Health Insurance Plans

To cater to the different needs of the customers, the company has come out with a wide range of health insurance plans. Read below.

Let's understand each IFFCO Tokio health insurance plan in detail.

1. IFFCO Tokio Family Health Protector Policy

   IFFCO Tokio Family Health Protector provides security to the whole family of the insured with the best medical treatment assistance along with numerous benefits at affordable premium rates.

   Key Features:

   • The policy covers the hospitalization expenses for room rent, treatment, surgery, nursing, organ transplantation, etc.
   • It offers coverage for pre-hospitalization and post-hospitalization expenses (45 and 60 days).
   • Coverage for 160+ daycare procedures is also provided.
   • Ambulance charges (Rs. 2500 or 0.75% of SI, whichever is less) are covered by the policy.

   Eligibility Criteria:

   Entry Age	18 - 65 years
   Sum Insured	Rs. 1,50,000 - 30,00,000

   **Last Updated on May, 2021

   Sample premium rates of IFFCO Tokio Family Health Protector Policy

   This graph illustrates the premium payable by an individual (assuming the age to be, Self: 30 years and Spouse: 28 years) at the different sum insured. Let's understand this with the help of a graph.

   

2. IFFCO Tokio Individual Health Protector Policy

   IFFCO Tokio Individual Health Protector Policy offers coverage for healthcare expenses like hospitalization, treatment, medicines, etc. on an individual as well as a family floater basis.

   Key Features:

   • The pre-hospitalization charges for 45 days along with post-hospitalization charges for 60 days are covered under the policy.
   • Vaccination and health check-up charges are included in the policy.
   • For each claim-free year, 5% of the basic sum insured at each renewal will be added as a cumulative bonus in the policy. But this bonus can be added up to a maximum of 50% of the basic sum insured of the expiring policy.
   • Daily allowance (0.20% of SI) is offered under the policy.

   Eligibility Criteria:

   Entry Age	18 - 65 years
   Sum Insured	Rs. 50,000 - 20,00,000

   **Last Updated on May, 2021

3. IFFCO Tokio Swasthya Kavach Policy

   IFFCO Tokio Swasthya Kavach Family Health is a family floater health insurance plan that takes care of medical emergencies and ensures that the policyholder gets the best treatment and care without any financial hassles and compromises.

   Key Features:

   • Policyholders (up to 60 years of age) do not need to undergo any medical check-up to buy the policy.
   • It offers coverage for normal room expenses (1% of basic sum insured) and intensive admissions (2% of basic sum insured) in the base plan.
   • Policyholders can avail of the benefit of the daily allowance (Rs.150/250 per day) at the time of hospitalization.
   • Dental surgery and treatment expenses (caused by an accident) are covered.

   Eligibility Criteria:

   Entry Age	Adults: 18 - 65 years Children: 3 months to 23 years
   Sum Insured	Rs.2,00,000 - 5,00,000
   Member Covered	Up to 5 members

   **Last Updated on May, 2021

4. IFFCO Tokio Individual Medishield Policy

   IFFCO Tokio Individual Medishield Policy offers medical coverage to the policyholders and their families for the expenses that are incurred due to hospitalization, surgeries, organ transportation, etc.

   Key Features :

   • The plan offers critical illness cover by paying the additional 30% amount of the basic premium.
   • AYUSH treatment expenses (up to 10% of SI) are covered under the plan.
   • The plan provides coverage against the nursing expenses incurred during pre and post-hospitalization.

   Eligibility Criteria:

   Entry Age	18 - 65 year
   Sum Insured	Rs. 50,000 - 5,00,000
   Policy Term	1 year

   **Last Updated on May, 2021

5. IFFCO Tokio Individual Accidental Insurance Policy

   IFFCO Tokio Individual Accidental Insurance offers essential financial support to the claimant in case of the untimely death of the policyholder because of an accident. The plan also offers coverage in case of permanent total disability, permanent partial disability, and temporary total disability.

   Key Features :

   • If the policyholder dies because of an accident, the nominee is paid death benefits.
   • The plan covers ambulance costs and provides coverage for the loss of employment of the policyholder.
   • The plan offers education benefits to the dependent children of the policyholder if (s)he dies in an accident.

6. IFFCO Tokio Critical Illness Insurance Policy

   IFFCO Tokio Critical Illness Policy assists the policyholder by offering financial support to cope with the health contingencies against the 25 listed critical illnesses.

   Key Features:

   • Daily allowance benefits (up to Rs. 1000 per day) covering cancer, bypass surgery, etc.
   • Individuals up to 50 years of age can opt for the policy without any pre-policy medical check-ups.
   • The policyholder can enjoy a sum insured of up to Rs. 1 crore.
   • Avail tax benefits under 80(D) of the Income Tax Act, 1961.

7. IFFCO Tokio Health Protector Plus Policy

   IFFCO Tokio Health Protector Plus Policy offers financial aid to the individual and his/her family to cope with high medical expenses against serious illnesses.

   Key Features:

   • It offers a daily cash allowance (0.1% of the sum insured) for miscellaneous expenses during the hospitalization of the policyholder.
   • Pre and post-hospitalization expenses (60 and 90 days) are covered under the plan.
   • Ambulance charges (up to Rs. 3000/claim) are also covered by the plan.

   Eligibility Criteria:

   Entry Age	18 - 65 year
   Sum Insured	Rs.2,00,000 - 25,00,000
   Policy Term	1 year

   **Last Updated on May, 2021

8. IFFCO Tokio Swasthya Raksha Bima

   IFFCO Tokio Swasthya Raksha Bima policy is an affordable family floater plan especially designed for people dwelling in small towns and cities. The policy covers 2 adults together with dependent children (up to the age of 23 years) at low premium rates.

   Key Features:

   • Ambulance expenses (up to Rs. 750) are covered by the plan.
   • Domiciliary hospitalization costs are covered (20% of the sum insured).
   • The plan takes care of 161 daycare treatment expenses.
   • The plan also provides coverage for organ transplantation expenses.

   Eligibility Criteria:

   Entry Age	Minimum- 18 years Maximum- 65 years
   Sum Insured	Rs.1,00,000 - 5,00,000
   Policy Term	1 year

   **Last Updated on May, 2021

9. IFFCO Tokio MOS-BITE Protector Policy

   IFFCO Tokio MOS-BITE Protector Policy is designed to provide comprehensive protection against listed vector-borne diseases.

   Key Features:

   The plan provides coverage against 7 vector-borne diseases:

   • Dengue fever
   • Malaria
   • Lymphatic Filariasis
   • Kala-azar
   • Chikungunya
   • Japanese Encephalitis
   • Zika Virus

   Unlike other health insurance policies, the policy pays the sum insured in case the policyholder is hospitalized for 48 hours.

   No pre-policy medical screening is required to purchase the policy.

   Eligibility Criteria:

   Entry Age	Adults: 18 - 65 years Children: 91 days - 23 years
   Sum Insured	Up to Rs.1 lakh (in multiples of Rs. 5000)

   **Last Updated on May, 2021

10. IFFCO Tokio Arogya Sanjeevani Policy

    IFFCO Tokio Arogya Sanjeevani is a standard health policy that offers coverage to individuals and their families against medical expenses. The policy offers coverage of up to Rs.5 lakhs.

    Key Features:

    • AYUSH treatment taken in any AYUSH hospital is covered (up to SI) by the plan.
    • The plan takes care of pre and post-hospitalization expenses (30 and 60 days).
    • With every claim-free year, the cumulative bonus will increase by 5% (maximum 50% of SI).
    • Fees of surgeons, anesthetists, specialists or medical practitioners are also covered.

11. Corona Kavach Policy

    Corona Kavach Policy shields against the expenses incurred due to COVID-19 related hospitalization/home care treatment.

    Key Features:

    • The policy looks after pre and post-hospitalization expenses (15 and 30 days).
    • Telemedicine consultation charges are covered under the policy.
    • If the policyholder needs in-patient care for AYUSH treatments, its expenses will be taken care of by the plan.

    Eligibility Criteria:

    Entry Age	Adults: 18 - 65 years
    Sum Insured	Rs.50,000 - 5,00,000
    Policy Period	105 days, 195 days, and 285 days

    **Last Updated on May, 2021

12. Corona Rakshak Policy

    Corona Rakshak Policy provides a lump-sum benefit (equal to 100% of the SI) to the insured on the positive diagnosis of COVID-19. The insured should be hospitalized for a minimum continuous period of 72 hours to avail of the coverage.

    Eligibility Criteria:

    Entry Age	Adults: 18 - 65 years
    Sum Insured	Rs.50,000 - 2,50,000
    Policy Period	105 days, 195 days, and 285 days

    **Last Updated on May, 2021

What is Not Covered by IFFCO Tokio Health Insurance?

There are some medical conditions and health care expenses that are not covered under this policy. Here are the major exclusions:

• Pre-existed diseases/illnesses/medical conditions are covered only after the waiting period of 3-4 years.
• Any type of injuries or expenses related to it that involves self-infliction or self-harm or suicide attempt are not covered under this policy.
• The procedures or treatment to enhance the facial appearance is not covered under this plan. If in case of injury or accident when plastic surgery is required, after approval from the hospital, the expenses are covered.
• Pregnancy-related conditions such as childbirth and lawful termination are pre-existing diseases. Before the waiting period, they are required to be covered.
• The situation of accidents/injuries due to war and nuclear explosion.
• Congenital injuries are also not covered in this policy.

How To Purchase IFFCO TOKIO Health Insurance Online?

Online insurance buying can be tricky. You need a smooth and secure navigation process to buy health insurance. Luckily, two parties can provide you the preferred health insurance plan with absolute comfort. Let's check them out.

From the Company's Official Website:

• Visit the official website of IFFCO Tokio General Insurance and click on 'Buy' under the 'Health' tab.
• Enter the details and tap on 'Submit'.
• Fill in the details to calculate the premium. Enter your details and medical history.
• Make the premium payment and the policy document will be sent to your registered email address.

From PolicyX.com:

• Visit the top of this page and fill the form 'Calculate IFFCO Tokio Health Insurance Premium'.
• Different quotes from the health insurance companies will pop on your screen.
• Choose the desired IFFCO Tokio health plan and pay the premium.
• A soft copy of the policy will be shared on your registered email ID.

What Is the Claim Process of IFFCO Tokio Health Insurance?

There are two ways to file an IFFCO Tokio health claim. Let's have a look.

Cashless Claim

• Inform the TPA about the hospitalization. For planned hospitalization, inform at least 3 days before the admission.
• Report to the insurance helpdesk of the hospital with the IFFCO Tokio health card, IFFCO Tokio health claim form, and other documents (photo ID, cashless request, etc.).
• Send all the documents to the TPA.
• On approval, TPA will settle all the bills with the hospital.

Note: Approval for the cashless claim will be sent within 24 hours of receiving the required documents.

Reimbursement Claim

• Get hospitalized and pay the bills. Once done, inform the company within 7 days of discharge.
• Download the claim form from the company website and file for reimbursement.
• Dial (1800 543 5499) to get the address of your local IFFCO office. Send all the relevant documents to that address.
• The company will check the claim request and settle the claim if everything is in process.

Documents Required

• Properly filled and signed claim settlement form
• All original documents associated with admission, treatment, and discharge of the patient
• KYC information like age and address proof (e.g. Aadhaar card, voter ID card, passport, driving license, etc.)
• Medical bills, receipts, prescriptions, and payment details
• Account details
• Others requested by the company

How to renew IFFCO Tokio Health Insurance?

Follow the below-given steps for the IFFCO Tokio Health Insurance renewal process:

• Visit the official website of IFFCO Tokio, click on the 'Renew', and select 'Health'.
• Enter your name and policy number, and click on 'Proceed'.
• On the next page, you will get the premium details of your policy.
• Make the online payment and continue to enjoy the benefits of your health insurance.

IFFCO Tokio health insurance Review

With a wide network of 6400+ hospitals, IFFCO Tokio's Family health insurance plans are quite priced and the premiums are affordable. They provide a range of coverage options that are easy to understand and are specially designed to suit the varying needs of the policyholder.

How To Contact IFFCO TOKIO General Insurance Company?

Contact Address:

IFFCO Tokio General Insurance Company, Corporate Office, IFFCO Tower, Plot No. 3, Sector 29, Gurgaon - 122001, Haryana, India.

Customer Support:

IFFCO Tokio Health Insurance Customer Care Number : 1800-103-5499

E-mail: websupport[at]iffcotokio[dot]co[dot]in