ITGI Report2

8/6/2019 ITGI Report2

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A REPORT ON

IFFCO-TOKIOGENERAL INSURANCE CO.

LTD.

REPORT SUBMITTED ON:

28TH JULY 2011

REPORT SUBMITTED TO:

ABHINAB PRADHAN

BUSINESS DEVELOPMENT MANAGER

COMMERCIAL LINES, ITGI CO. LTD.

REPORT SUBMITTED BY:

RIKDEV BHATTACHARYA

INTERN, ITGI CO. LTD


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INDUSTRY PROFILE:

In law and economics, insurance is a form of risk management primarily used

to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the

equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.

An insurer is a company selling the insurance; an insured, or policyholder, is the person or

entity buying the insurance policy. The insurance rate is a factor used to determine the

amount to be charged for a certain amount of insurance coverage, called the

premium. Risk management, the practice of appraising and controlling risk, has evolved as

a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss

in the form of payment to the insurer in exchange for the insurer's promise to compensate

(indemnify) the insured in the case of a financial (personal) loss. The insured receivesa contract, called the insurance policy, which details the conditions and circumstances

under which the insured will be financially compensated.

Insurance can have various effects on society through the way that it changes who bears the

cost of losses and damage. On one hand it can increase fraud, on the other it can help

societies and individuals prepare for catastrophes and mitigate the effects of catastrophes

on both households and societies.

Insurance can influence the probability of losses through moral hazard, insurance fraud,

and preventive steps by the insurance company. Insurance scholars have typically

used morale hazard to refer to the increased loss due to unintentional carelessness and

moral hazard to refer to increased risk due to intentional carelessness or

indifference.[6]

Insurers attempt to address carelessness through inspections, policy

provisions requiring certain types of maintenance, and possible discounts for loss mitigation

efforts. While in theory insurers could encourage investment in loss reduction, some

commentators have argued that in practice insurers had historically not aggressively

pursued loss control measures - particularly to prevent disaster losses such as hurricanes -because of concerns over rate reductions and legal battles. However, since about 1996

insurers began to take a more active role in loss mitigation, such as through building codes.


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There are at present 21 Players in the General Insurance sector

4 Public Sector Companies

y New India Assurance

y Oriental India

y United India

y National

2 Purely Govt. Companies

y Agriculture Insurance Co. of India

y Export Credit Guarantee Corp

2 Limited to Health Products Companies

y Star Health

y Apollo DKV

3 Banks Sponsored Companies are

y ICICI Lombard

y HDFC Ergo

y Universal Sompo

8 Other private companies

TYPES OF

INSURANCE

NON LIFE

INSURANCE

MOTOR FIRE MARINE HEALTH ACCIDENT

LIFE

INSURANCE


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y Bajaj Alliance

y Tata AIG

y Reliance General

y IFFCO Tokio

y

Royal Sundramy Cholamandalam

y Future Generelli

y Shriram General

y Bharati Axa

y Raheja QBE

More Lined up Companies

y SBI General

y Religare

State Insurance Funds (Mahrashtra, Gujrat, Rajasthan etc.)

Deposit Insurance Corporation

COMPANY PROFILE:

IFFCO-Tokio General Insurance (ITGI)was incorporated on 4th December 2000 with a vision ofbeing industry leader by building customer satisfaction through fairness, transparency, and quick

response. It is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its

associates and Tokio Marine andNichido Fire Group, the largest listed insurance group in Japan.

IFFCO Tokio General Insurance has Pan India presence with 57 Strategic Business Units and a

wide network of over 100 Lateral Spread Centres and 280 Bima Kendras. It offers a wide range of

uniquely customized policies covering a wide range of customers, from farmers to some of India's

largest automobile manufacturers. From a modest Rs 213 Crores of GWP (Gross Written

Premium) in 2001-02 it has achieved an impressive Rs 1639.5 Crores in 2009-10, thereby

becoming one of Indias leading private players.

IFFCO Tokio General Insurance has got the Technical Support for underwriting and reinsurance

from Tokio Marine and on RiskManagement from Tokio Risk Consulting (TRC). It is the first

company in India to underwrite mega policies for a fertilizer and an automobile company. This

comprehensive policy is based on international rates and optimizes the premium outflow for

clients even as it offers a one-stop, all-risk cover. Other than the conventional products, it has been

able to come out with niche products like Credit Insurance, Fine Arts Insurance, P & I Insurance,


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Errors & Omissions Policy for the IT Sector etc. At the same time it has steadfastly carried out its

rural centric initiatives by launching products like Sankat Haran Bima Yojana, Mausam Bima

Yojana, Mahila Suraksha Bima Yojana and Janata Bima Yojana for the masses. Its pioneering

work using technology like RFID(Radio Frequency Identification Device) and NDVI (Normalised

Difference Vegetation Index) have made it possible to offer Cattle and Weather insurance to the

rural population at large.

It is also the only insurance company in the country to have a 100%-owned distribution channel to

service its retail customers called IFFCO-TOKIO Insurance Services Ltd (ITIS). It finds special

mention in the Capgemini World Insurance Report- 2009 as an innovative distribution channel.

Today, ITIS has a highly motivated workforce of 1400 employees in over 350 towns.

As a customer focused company, it conducts bi-annual customer satisfaction surveys through

independent agencies to gauge its operational efficiencies. This is backed by a robust IT

infrastructure, which has enabled, among other things, speedy settlement of claims.

KEY FEATURES OF THE COLLABORATING PARTNERS:

IFFCO Tokio General Insurance Co. Ltd. has been formed through a joint venture between

Indias IFFCO and Japans Tokio Marine Nichido; with a 76-24% parntnership.

IFFCO (Indian Farmers Fertilizer Co-operative Ltd.):

Worlds largest fertilizer manufacturer in the Co-operative sector

Membership of about 39,564 cooperative societies

Plants at Phulpur, Aonla Kandla, Kalol and Paradeep

Production of Fertilizers (2009-10): 81.97 Lakh MT

Turnover (20010-11): Rs. 20,000 Crore

Profit Before Tax (2009-10): Rs. 550 Crore

Profit After Tax (2009-10): Rs. 387 Crore

TOKIO MARINE NICHIDO FIRE GROUP:

A group company of Millea Holdings

Established in 1879

Japans oldest and largest General Insurance Company and one of the top ten worldwide

Net written premiums INR 1081.7 billion

Total assets of INR 7727.8 billion


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Number of employees: 28063

MISSION OF THE COMPANY:To win the trust of individuals, trade, industry and commerce and protect citizens, corporate, co-

operatives and international investors in India.

VISION OF THE COMPANY:To be the industry leader by building customer satisfaction through fairness, transparency and

quick response.

PAN INDIA PRESENCE OF IFFCO-TOKIO:

ITGI Co. Ltd. has a pan India presence with its corporate office located in Gurgaon, near New

Delhi. It has 56 Strategic Business Units(SBUs) spread across all major cities in India. The

company also boasts of 104 Lateral Spread Centres(LSCs) which mainly canvasses the Tier II

cities all across India. Apart from that ITGI Co. Ltd. has a vast network of 275 Bimakendras that

caters to the TIER III and IV towns of India.


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PRODUCT BASKET:

IFFCO Tokio offers a wide range of uniquely customized policies covering a wide range of

customers, from farmers to some of India's largest automobile manufacturers. Our Endeavour is

to spread the benefits of insurance to the masses through our specially designed insurance

products like Sankat Haran Yojana, Barish Bima Yojana, etc. The company has made a genuine

attempt to understand the rural and low-income segment of the Indian market, to tap the potential

of this largely unexplored segment and make the benefits of insurance available to the masses. We

are also making constant efforts to reach out the entire general insurance spectrum i.e.


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Commercial Lines, Retail lines and Specialty Lines. Innovations will keep on expanding to include

customised offerings for various market segments and geographies.

The product development team is constantly working to introduce products which are competent

in meeting the customer needs. IFFCO Tokio, emphasizes on understanding the need from the

market and offering the best possible products across the product lines. IFFCO Tokio approachesthe market with products that have differentiated features / benefits / service offerings.

COMMERCIAL LINES:

IFFCO-TOKIO provides a wide variety of policies that are customized to meet the customers

needs. They have been grouped as follows:

Standard Fire & Special Perils Insurance Policy

Consequential Loss Insurance Policy

Contractors All Risk Insurance Policy

Contractors Plant & Machinery Insurance Policy

Boiler & Pressure Plant Insurance Policy

Erection All Risks Insurance Policy

Industrial All Risks Insurance Policy

Machinery Breakdown Insurance Policy

Machinery Loss of Profit Insurance Policy

Product Liability Insurance Policy

Group Personal Accident Insurance Policy

Public Liability Industrial Insurance Policy

Public LiabilityNon-Industrial Insurance Policy

Marine Cargo Insurance Policy

Electronic Equipment Insurance Policy

Bankers Blanket Insurance Policy

Burglary Insurance Policy


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Fidelity Guarantee Insurance Policy

Money Insurance Policy

Workmen's Compensation Insurance Policy

RETAIL LINES:

IFFCO-TOKIO provides a wide variety of policies that are targeted to meet the requirements of

retail buyers. They have been grouped as follows:

Motor Private Car Insurance Policy

Home and Family Protector Insurance Policy

Trade Protector Insurance Policy

Industry Protector Insurance Policy

Office Professional Establishment Insurance Policy

Home Suvidha Insurance Policy

Trade Suvidha Insurance Policy

Individual Medishield Insurance Policy

Individual Personal Accident Insurance Policy

Swasthya Kavach (Family Health Insurance) Policy

Critical Illness Insurance Policy

Travel Protector Insurance Policy

All Risk Insurance Policy

SPECIALTY LINES:

ITGI Co. Ltd has another line of insurances that covers only selective specific sectors. They are:


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Credit Insurance Policy

MultiModal transport (MTO) Insurance Policy

Marine Hull & Machinery Insurance Policy

eweller's Block Insurance Policy

Barish Bima Yojna (Weather Insurance) Policy

Sagar Bandhu Bima Policy Insurance Policy

Aviation Insurance Policy

Errors and Omissions (Technology) Insurance Policy

Fine Art Insurance Policy Private Collectors

Fine Art Insurance Policy Art Dealers & Gallery Owners

FINANCIAL POSITION:

ITGI Co. Ltd. has seen a steady growth in its market share since its inception in 2000. It has

successfully completed 10years in the industry and is the only private insurance company to

generate profits for 5 consecutive years. Currently it is the 3rd largest private insurer in the country.

It has seen a vibrant growth in its Gross Written Premium since its inception, and currently has a

GWP of INR 1988 Crores for the year ending 2010-11.

ITGI is the leading motor insurance company in India which generates almost 50% of the

companys revenues. It has a major foothold in the Fire insurance, Marine Insurance and Marine

Engineering Insurance sectors.

ITGI has also experienced a growth in its number of policies issued from 3107135 in 2008-09 to

3533076 in 2009-10 i.e a rise of 13% in the number of policies issued under itgi.

ITGI also boasts of a great record regarding claim settlements rising from 93% to 97% in the last

financial year.


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Class wise GWP Breakup

202.38

849.01

359.47

93.57135.12

0

100

200

300

400

500

600

700

800

900

Fire Marine Engineering Motor Misc

Class

GWP

inCrores

70.51

214.12322.27

501.28

896.10

1152.001235.00

1515.001639.00

1988.00

Premium Growth

01-02 02-03 03-04 04-05 05-06

06-07 07-08 08-09 09-10 10-11


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COLLABORATIONS:

MAJOR CLIENTELE:

ITGI Co. Ltd. has a vast network of corporate clientele canvassing across various sectors. The

major clients are:

National Thermal Power Corpn.

Infosys

ITC

IBM

Lanco.

L & T Power Herdilia

Alstom Subansiri

Century Textiles & Industries Ltd

JK Lakshmi Cement Limited

Kesoram Industries Limited

Central Warehousing Corp.

Benett and Coleman

MCC- PTA

Vardhaman Industries

Mangalore Refinery

Indian Oil Corporation Ltd.

Petronet LNG Ltd

Bongaigaon Refinery Ltd Essar Oil Ltd

Tamilnadu Petroproducts

Chennai Petroleum Corporation

Southern Petrochemicals

Ranbaxy Laboratories Limited

Pfizer Pharmaceuticals Limited

CNBC TV 18

Maruti Udyog Limited

Honda Siel Car Limited

GAIL

Mangalore Chemicals & Fertilizers


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MAJOR CORPORATE TIE-UPS:

ITGI has been recognized as the preferred Insurer by various corporate houses; which has given

them an added advantage over its competitors. The major national level corporate tie ups are :

Maruti Udyog Limited Toyota Kirloskar Motors

Honda Cars

Ashok Leyland

Mahindra & Mahindra

General Motors

Ford

MAJOR TIE-UPS WITH FINANCIAL INSTITUTIONS:

ITGI has been successful in setting up National Level tie-ups with various Financial Institutions.

They are:

PNB Housing Finance

Peerless General Investment

L& T Finance Ltd.

Karnataka State Finance Corporation

Bajaj Capital

Tie up with over 200 Cooperative banks

CLAIMS:

ITGI, believes that claim settlement needs to be a simple and convenient process which is why,

after a quick assessment of the paperwork; they set the wheels in motion. It is their constant

endeavor to settle the claims in a prompt and fair manner. It conducts a half yearly customer

satisfaction survey made by Independent Agencies to constantly evaluate how they measure up to

the exacting standards and expectations of their customers.

GENERALCLAIMS PROCEDURE:All insurance contracts are based on the information provided by the insured in the

proposal form. The proposal form forms the basis of insurance contracts.

Some important points, which helps in the claims procedure are:

The loss or damage should be reported to the insurer immediately.


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On receipt of claim intimation, the insurer will forward a claim form.

Submit the completed claim form along with an estimate of the loss to the insurer. It is

preferable to submit an itemized estimate with separate values.

The insurer will arrange for inspection of the damaged items to assess the loss. In case of

major losses, a specialist-licensed surveyor is deputed.

The insured has to provide the required documents to substantiate the extent of loss.

In case the cause of loss is not established, it is for the insured to prove that the loss or

damage has occurred due to an insured peril.

On agreement of claim amount between the insured and the insurer, the claim is settled.

Excess as stated as per the Policy terms and condition will be deducted from the claim

payable.

HEALTH CLAIMS(For non-cashless claims):

Notice of claim should be lodged within 24 hours to the nearest Branch/concerned

Branch.

The insured should submit 'discharge summary' of the hospital/nursing home along with

original hospital/medical bills, reports of the labs and investigation reports. In other words

every item in the claim bill should be supported

Leave certificate from the employer, wherever needed

Fitness certificate from the Doctor

PERSONAL ACCIDENT CLAIMS: Immediate notification to the insurer.

In case of accidental death, the capital sum is paid to the legal nominee/assignee of the

insured. If the insured fails to provide the name of the nominee, succession certificate from

a court of law is necessary.

In case of other claims, the insurers may get the insured examined by a specialist or refer

the matter to medical board as is necessary, the cost of which will be borne by the insurers.

DOCUMENTS REQUIRED FOR SETTLEMENT OF CLAIMS: Claim form

Doctors report, bills in case of temporary/permanent disablement

Police report/post mortem report in case of accidental death

Leave certificate from employer in case of temporary disablement


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HEALTH/MEDICAL INSURANCES:

INDIVIDUAL MEDISHIELD INSURANCE POLICY:

POLICY COVERAGE:

In the unfortunate event of the insurer or its family members meeting with an illness or accident

resulting in hospitalisation, ITGIs Health Insurance gives a cash free hospitalisation in more than

3000 hospitals across India.The Health Insurance also reimburses the expenses during Pre -

Hospitalisation and Post - Hospitalisation stages of treatment.

Pre-Hospitalisation:

Medical expense incurred 60 days prior to the hospitalization are reimbursed.

Hospitalisation:

All expenses including the following reimbursed:

HEALTH

INSURANCE

RETAIL

LINES

INDIVIDUAL

MEDISHIELD

INSURANCE

SWASTHYA

KAVACH

FAMILY

INSURANCE

INDIVIDUAL

PERSONAL

ACCIDENT

INSURANCE

COMMERCIAL

LINES

GROUP

PERSONAL

ACCIDENT

INSURANCE

GROUP

MEDISHIELD

INSURANCE


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Room and board, doctors' fee, intensive care unit charges, nursing expenses, surgical fees,

operating theatre expenses, anesthesia and oxygen administration expenses, Room, boarding &

nursing expenses for normal room/ICU limited to 1% /2.5% of basic sum insured per day

respectively.

Post-Hospitalisation:

Once discharged from hospital, the policy shall pay for medical expenses related to the

hospitalisation, for a period of 60 days after discharge.

Hospital Daily Allowance:

In addition to hospital expenses, a daily hospital allowance will be paid for the period of

hospitalisation.

Emergency Assistance Service:

In the event of an emergency, assistance services like medical consultation, evaluation and referral,

emergency medical evacuation, care for minor children etc are provided.

Local Ambulance Service:

In the event of an emergency, cover is provided for expenses incurred on ambulance services to

the nearest hospital where Emergency Health facilities are available.

General Health Check-up:

You will be reimbursed the expenses incurred for general health examination (once in a block of4

claims free years)

Cumulative bonus:

You will be provided with a 5% extra sum insured for every claims free year subject to a maximum

of 50% of capital sum insured.

Benefits under Section - 80D:

Premium upto Rs. 35,000 is eligible for deductions under Section 80D of Income Tax Act, 1961.

However there are sub-limits within this over-all limit. Premium upto Rs 15,000 is eligible for tax

deduction for self, spouse and dependant children. Additionally, premium upto Rs 20,000 is

eligible for tax relief or parents health cover if they are senior citizens (otherwise Rs 15,000 is

eligible)

ITGI's Medishield policy ensures comprehensive coverage by offering value added features, at a

nominal increase in premium, like:

Critical illness extension:


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The insurer will be covered for 10 named critical illness for double the basic cover sum insured at

40% of the basic cover premium

EXCLUSIONS:

Pre-existing Diseases when the cover incepts for the First time.

First 30 days exclusion. Any diseases other than those stated in Clause (iii) contracted by

person during first 30 days. Not applicable when insured has prior insurance for a

continuous period of at least 12 Months.

Above Exclusion (a) and (b) do not apply when the Insured Person could not have known

of the existence of the disease or any Symptom or complaints there of at the time of

making Proposal. The Insured has not taken any consultation or treatment prior to taken

the Policy.

First Year Exclusion: Cataract, Benign Prostatic Hypertrophy, Hysterectomy for

Menorrhagia or Fibromyoma, Hernia, Hydrocele, Congenital Internal Diseases, Fistula in

anus, Piles, Sinusitis and related disorders. If these diseases were pre-existing at the time of

Proposal, will not be covered even after first year.

War & Nuclear Peril

Circumcision unless necessary for treatment of a disease not excluded or may be

necessitated by an accident, Vaccination or Inoculation or Change of Life or Cosmetic or

Aesthetic Treatment of any description, Plastic Surgery other than as may be necessitated

due to an accident or as a part of any illness.

Cost of spectacles, contact lens, hearing aids.

Dental treatment or Surgery unless requiring Hosptalisation.

Convalescence, General Debility, Run Down Condition or Rest Cure, Congenital External

Diseases or defects or anomalies, Sterility,Venereal diseases, Intentional Self Injury and

use of intoxicating Drugs / Alcohol.

All expenses arising out of any condition directly or indirectly caused to or associated with

Human T-Cell Lymphotropic Virus Type III (HTLV-III) or Lymphadinopathy Associated

Virus (LAV) or theMutants Derivative or Variations Deficiency Syndrome or any

Syndrome or condition of a similar kind commonly referred to as AIDS.

Charges incurred at Hospital / Nursing Home primarily for diagnostics, X-Ray or

Laboratory examinations or other diagnostic studies not consistent with the positiveexistence or presence of any ailment, sickness or injury for which confinement is required

at a Hospital/Nursing Home.

Expenses on Vitamins and Tonics unless forming part of treatment.

Treatment arising from Pregnancy (including voluntary termination of Pregnancy) and

childbirth (including Caesarian Section).

Naturopathy Treatment


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AGE LIMIT:

This insurance is available to persons between the age of 5 years and 80 years. Children

between the age of 3 months and 5 years of age can be covered provided one or both parents are

covered concurrently.

Though persons above 75 years have to be avoided if they want coverage on stand-alone

basis.

However, We will grant coverage to persons above 75 years of age if they are cases of renewals

and have been covered with us for a period of at least 3 years.

CANCELLATION:

The policy may be renewed by mutual consent. The Company is not however bound togive notice that it is due for renewal and the Company may at any time cancel this policy by

sending the Insured 30 days notice by registered letter at the Insureds last known address and in

such event the Company will refund to the Insured a pro-rata premium for unexpired period of

Insurance. The company is, however, liable for any claim which arise prior to the date of

cancellation. The Insured may at any time cancel this policy and in such event the company

should allow refund of premium after retaining the premium at companys short period rate only

provided no claim has occurred upto the date of cancellation.

EXTENSION OF POLICY PERIOD:

In case the Insured Person who is covered under Medishield Policy has to go abroad for

15 days and accordingly he buys an Overseas Mediclaim Policy for that 15 days and submits the

proof of Overseas MEDISHIELD Policy to the company. In that event the period of Insurance

in respect of that Insured Person will be extended by 15 days. Alternatively if the Insured person is

part of family and/or Group and the period of Insurance is to be same for everyone in the family,

then in that case the pro-rata premium for the period when he was abroad will be available as

Refund credit to that Insured Person and it can be adjusted against next years renewal premium.

However, there will not be Cash refund of the Premium.

Education Cost

Ambulance Charges

Cost of Travel

Cost of Supporting Items

Discounts for Reducing Pre and Post Hospitalisation Period

Hospital Daily Cash


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Floater Policy

Additional Optional Cover for Boarding and LodgingExpenses

Inclusion of Pre-existing Diseases and Removal of First Year Exclusions

Deletion of Domiciliary Hospitalisation

Organisation Floater

Extensions under Maternity Benefit Policy

SWASTHYA KAVACH FAMILY INSURANCE PLAN:

Swasthya Kavach Family insurance plan is available under two broad plans:

Base plan: It mainly targets families who are located in rural areas, small towns and families

who would like to cover the family against unforeseen disease or accident in an affordableplan

Wider plan: It is available in two different modes:

Normal Wider plan

Wider Plan with Critical Illness Cover

It mainly targets middle class families located in metros who are looking for health care financing

at reasonable prices and families who are looking for Health care financing at reasonable prices.

UNIQUE SELLING PROPOSITION:

Critical illness gives an option of differential pricing on differential treatment-one can take a

low basic Sum Insured for the general ailments and the high critical illness sum insured

protects the insurer against more expensive treatments

The critical Illness Cover is a indemnification cover and not a benefit policy- Hence even

after the critical illness is detected you continue to get renewals

First Time critical Illness Family Floater cover in India

When compared to IMI with the little more extra than one is required to pay for his own

cover, he can cover the entire family Emergency Assistance service (No competitor is offering this feature)

It is one of the most inexpensive covers you can buy in the target segment of below 45

years


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POLICY COVERAGE:

In the unfortunate event of the insurer or its family members meeting with an illness or accident

resulting in hospitalisation, our Swasthya Kavach (Family Health) Policy gives protection cover for

the insurer and his/her family for any injury or disease related contingencies like hospitalization,

medical expenses, surgical expenses, organ transplantation, etc. The Policy also offers uniqueCritical Illness Coverage (Optional) for the family and is available under two variants- Base plan

and Wider Plan and covers the following:

Pre-Hospitalisation:

Medical expenses incurred 30 days prior to the hospitalization are reimbursed.

Hospitalisation:

All expenses including the following reimbursed:

Room and board, doctors' fee, intensive care unit charges, nursing expenses, surgical fees,

operating theatre expenses, anesthesia and oxygen administration expenses. Room expenses for

normal room/ICU limited to 1% /2% of sum insured per day for Base Plan and 1.5%/2.5% of

basic sum insured for Wider Plan respectively. There are also restrictions on other hospital

expenses in accordance with the room rent under the Base Plan.

Post-Hospitalisation:

Once discharged from hospital, the policy shall pay for medical expenses related to the

hospitalisation, for a period of 30 days after discharge subject to specified limits under Base Plan

and 60 days after discharge under wider plan.

Day care surgeries:

The policy covers 121 defined day care surgeries that requires less than 24 hours

hospitalisation and ordinarily fall outside the scope of most health insurance policies.

Hospital Daily Allowance:

In addition to hospital expenses, a daily allowance will be paid for the period of hospitalisation.

Emergency Assistance Service:

In the event of an emergency, assistance services like medical consultation, evaluation and referral,

emergency medical evacuation, care for minor children etc are provided.

Local Ambulance Service:

In the event of an emergency, cover is provided for expenses incurred on ambulance services to

the nearest hospital where Emergency Health facilities are available.


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General Health Check-up:

You will be reimbursed the expenses incurred for general health examination (once in a block of4

claims free years) Applicable only under Wider Plan

Cumulative bonus :

You will be provided with a 5% extra sum insured for every claims free year subject to a maximum

of 50% of capital sum insured- Applicable only under Wider Plan

Benefits under Section - 80D:

Premium upto Rs. 15,000 is eligible for self, spouse and dependant children with deductions

under Section 80D of Income Tax Act, 1961.

ITGIs Swasthya Kavach Policy ensures comprehensive coverage by offering value added features,

at a nominal increase in premium, like:

Critical illness extension for family:

The insurer will be covered for 10 named critical illness for double the basic cover sum insured.

10 Critical Illness include:

Paralytic Stroke

Cancer

Renal Failure

Coronary Artery Disease

M

ajor Injuries End Stage Liver Disease

Major Burns

Coma

Major Organ Transplant

Multiple Sclerosis

EMERGENCY ASSISTANCE SERVICES PROVIDER:

Medical Consultation, Evaluation and Referral

EmergencyMedical Evacuation

Medical Repatriation

Transportation to Join Patient

Care and/or Transportation ofMinor Children

EmergencyMessage Transmission

Return ofMortal Remains


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Emergency Cash Coordination

EXCLUSIONS:

Naturopathy, use of Ayurvedic treatment experimental or alternative medicine, procedureand treatment including acupressure, acupuncture, magnetic treatment and such other

therapies.

Any diseases or injuries related to hazardous sports like bungee jumping, parasailing,

ballooning, parachuting, skydiving, paragliding, hang gliding or rock climbing etc.

Any Genetic disorders.

External medical equipment of any kind used at home as Post Hospitalization care, like

wheelchairs, crutches etc.

Treatment of obesity or condition arising there from (including morbid obesity)and any

other weight control programe.

First 10% of any admissible claim if he is suffering from either Diabetes or Hypertension

and First 25% of the admissible claim amount in case he is suffering from both diabetes

and hypertension.

The above provision is applicable only for claims arising out of Diabetes and/or

Hypertension.

Diseases which are Pre-existing at inception of the first Policy.

Diseases contracted during the first 30 days of Policy

During the first year of the Policy, the expenses on treatment of diseases such as Tonsillitis/

Adenoids, Gastric or Duodenal Ulcer, Any type of Cyst/Nodules/ Polyps, Any type of

Breast lumps. During the first two continuous years of the insurance with ITGI, the expenses on

treatment of diseases such as Cataract, Benign Prostatic Hypertrophy, Hysterectomy for

Menorrhagia or Fibromyoma, Hernia, Hydrocele, Fistula in anus, Piles, Sinusitis,

Choletithiasis and Cholecystectomy, Inter- vertebral Disc Prolapse (other than caused by

an accident), Osteoarthritis, Varicose Veins / VaricoseUlcers etc.

Cosmetic or aesthetic treatment, general debility, use of intoxicating drugs, intentional self

injury.AIDS related expenses, venereal disease, congenital disease

GROUP/PERSONAL INDIVIDUAL ACCIDENT INSURANCE

POLICY:

The Accident Insurance Policy is available both as Individual and Family Package covers and on

Group Cover basis. Groups can comprise of employees of an organization and their dependants,

members of clubs, societies and associations, holders of deposits/accounts with banks/financial


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institutions/companies, students/teachers of educational institutions etc.

The Personal Accident Insurance Policy gives complete protection against all accidental

occurrences that might lead to death or bodily injury of the insured person. If the accident leads to

the untimely death of the Insured, this Policy will provide complete financial security to the

Insured's family members. The Policy also covers eventualities where though the insured personsurvives an accident, he is crippled for the rest or part of his life. In such cases, the Policy will pay a

fixed percentage of Sum Insured depending upon the type of disablement.

POLICY BENEFITS:

The complete benefit plan under the Policy is given below:

Death Loss of both hands or both

feet or one hand Loss of one

hand/foot and sight of one eye

Loss of speech or hearing in both

ears

Permanent total disability

100% of Sum Insured

100% of Sum Insured

50% of Sum Insured

50% of Sum Insured

100% of Sum Insured

Note: Other benefits for accidents resulting into loss of fingers/toes or any other permanent partial

disablement range from 5% to 40% depending on the type of disability. For temporary total

disability, 1% of Sum Insured per week is payable subject to a maximum of Rs.6,000/- per week.

For that extra protection and relief in those hard times, ITGI's Accident Insurance Policy also gives

the following additional benefits:

Education Benefit:

In the unfortunate event of death or loss of limbs/eyes or permanent total disablement of

the Insured, the education cost of dependant children is covered under the Policy upto

specified limits.

Employment Benefit:

This cover provides financial compensation upto specified limits in the event of loss of

employment of the Insured following an accident resulting in loss of limbs/eyes or

permanent total disablement.

Ambulance Benefit:

If any accident results in the use of an ambulance by the Insured to reach a hospital, then

the Policy will pay the necessary charges upto specified limits.


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Cumulative Benefit:

Under the Policy the Sum Insured amount for the insurer and his/her family members

under Individual and Family covers is automatically increased on renewal upto specified

limits without payment of any extra premium. Besides these benefits, our Policy also offers

benefits, like compensation for clothing damaged in an accident, expenses for carriage of

dead body etc.

EXTENSIONS:

On payment of nominal extra premium, Personal Accident Insurance Policy can also be

extended to provide a whole range of additional coverages.

Medical Expenses

In addition to the death or disablement benefits, the Policy will provide reimbursementupto specified limits for medical expenses incurred for treatment following an accident.

Cost of Supporting Items

If the use of supporting items like crutches, wheelchair, artificial limbs etc. becomes

necessary due to injuries sustained in an accident, then the costs are reimbursed upto

specified limits.

Cost of Travel

If the Insured is disabled in a place other than his normal residence due to an accident, then

we will pay upto specified limits for cost of travel of the injured person for returning home

and also for the travel cost of any accompanying friend or relative to join the Insured and

for returning home.

EXCLUSIONS:

Self injury, suicide, venereal disease or insanity

Influence of intoxicating liquor or drugs

Death due to pregnancy or childbirth Breach of law with criminal intent

War and nuclear group of perils

On duty with armed forces

If one is not involved in any activity that is hazardous like aviation, ballooning etc. and is not a

member of the armed forces and fall within the specified age limits (5 to70 years), he/she can apply


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for this Policy and get complete protection for themrself and their family members.

IFFCO-Tokio's Group Personal accident policy is available to provide for payment of

compensation in the event of members of the group:

Sustaining injury, disablement (permanent total, permanent partial and temporary total) or

death arising out of accident

That group policies can be given to firm, company, association and clubs on named as well

as unnamed basis where all members must be included

That group discount is allowed on size of group at inception of the policy

Additions and deletions can be done during currency of policy for people joining and

leaving

The cover is normally available on 24 hour coverage basis

We can offer you discount if you restrict the cover to your employees for on duty cover only

or for off- duty cover only

Other benefits like expenses for ambu1ance charges, damage to clothes, loss of

employment, expenses for carriage of dead body are admissible- following an accident

subject to a limit

Education fund for dependent child is admissible in case death or permanent total

disablement

ITGI Report2

Documents

Transcript of ITGI Report2