Policy Wording – Bank Locker Protector Policy Page 1 of 11

UIN: IRDAN106RP0063V01201819

BANK LOCKER PROTECTOR POLICY

UIN: IRDAN106RP0063V01201819

Policy Wording

extent set forth in the Policy provided that all the terms, conditions and exceptions of this Policy in so far as they relate

to anything to be done or complied with by You have been met.

The Proposal alongwith any written statement(s), declaration(s) of Yours for the purpose of this policy and the

Schedule shall form part of this Policy and the term Policy whenever used shall be read as including the Schedule.

Any word or expression to which a specific meaning has been attached in any part of this Policy or of Schedule shall

bear such meaning whenever it may appear.

Your Policy is based on information, which You have given Us and the truth of this information shall be condition

external, visible and forcible means.

2. Act of Terrorism

It means an act or series of acts, including but not limited to the use of force or violence and/or the threat thereof,

of any person or group(s) of persons, whether acting alone or on behalf of or in connection with any

organization(s) or government(s), or unlawful associations, recognized under Unlawful Activities (Prevention)

Amendment Act, 2008 or any other related and applicable national or state legislation formulated to combat

unlawful and terrorist activities in the nation for the time being in force, committed for political, religious, ideological

or similar purposes including the intention to influence any government and/or to put the public or any section of

the public in fear for such purposes.

For the purpose of the aforesaid definition, "Military Authority" shall mean armed forces, para military forces,

police or any other authority constituted by the government for maintaining law and order.

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UIN: IRDAN106RP0063V01201819

3. Bank

It means any Banking company as defined under Section 5 of the Banking Regulations Act, 1949;

-a corresponding new Bank constituted by the Banking Companies (Acquisition and Transfer of Undertaking) Act,

1970.

-the State Bank of India constituted by State Bank of India Act, 1955;

-Associate Bank as defined in Section 2 of the State Bank of India(Subsidiary Banks) Act, 1959;

4. Burglary

It means theft or attempted theft involving violent and forcible entry into or exit from the insured premises,

Robbery and Dacoity.

5. Endorsement

It means any alteration made to the Policy which has been agreed to by Us in writing.

6. Excess/ Deductible

It means the first part of any claim for which You/ Insured Person(s) are responsible. Any Sum Insured/Limit will

apply after the Excess/ deductible has been deducted.

It means any forcible theft by actual or threatened violence against the staff, customers, official visitors of the bank

by a person having a weapon or claim to have a weapon.

9. Insured Person

It means the person(s) whose property(ies) is/ are proposed for insurance coverage with Us by You for whom the

appropriate premium has been paid.

10. Jewellery

It means Jewellery including costume jewellery, articles of gold, silver, platinum and/or other precious

metals/stones.

12. Policy Period

It means the period commencing from the effective date and hour as shown in the Schedule and terminating on

the expiry date as shown in the Schedule.

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UIN: IRDAN106RP0063V01201819

13. Proposal

It means any signed proposal in the form of duly completed questionnaires, declarations, written statements and

any information in addition thereto supplied to Us by You or on Your behalf.

14. Renewal

It means the terms on which the contract of insurance can be renewed on mutual consent.

16. Senior Citizen

It means any person who has completed sixty or more years of age as on the date of commencement or renewal

of an insurance policy.

17. Sum Insured/ Limit of Liability

It means the monetary amounts shown against any Item or Section of the Policy. This shall be Our maximum

18. Valuables

20. What is Covered

It means the damages/perils/contingencies which are covered under the Policy and for which We have liability in

the event of claim occurrence.

21. What is Not Covered

It means the damages/perils/contingencies which are not covered under the Policy and for which We have no

liability in the event of claim occurrence.

22. You/Your

It means the person(s)/ entity(ies) named as the Insured in the Schedule to whom this Policy is issued.

1. REASONABLE PRECAUTION AND CARE OF PROPERTY

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UIN: IRDAN106RP0063V01201819

You/ Your employee(s), Your authorized representative(s) or Insured Person(s) shall take all reasonable

precautions for safety and soundness of Insured property and to prevent loss or damage in order to minimize

claims.

2. NOTICE

You/ Insured Person will give every notice and communication in writing to Our office through which this insurance

is effected.

You/ Your employee(s), Your authorized representative(s) or Insured Person(s) must inform Us, as soon as

reasonably possible, of any change in information which have been provided to Us about Yourself, Your Business,

Your employee(s), Insured Person or his/ her family which may affect the insurance cover provided e.g. change of

address of the bank, locker number etc. You/ Insured Person(s) must also notify Us about any alteration made or

change in information as described aforesaid whereby risk of damage or Accident is increased. In case of such

alteration or changes made and not accepted by Us in writing, all covers under this Policy shall cease.

5. CLAIM PROCEDURE AND REQUIREMENTS

An event, which gives rise to a claim or might become a claim under the Policy, must be reported to Us as soon

as possible. A written statement of the claim will be required and a Claim Form will be provided. This written

or vandals or of any other criminal act. You/ Insured Person(s) shall also take practicable steps to apprehend the

guilty person and recover the property lost.

If any person is claiming against You or Your employee(s) or Insured Person(s), every letter, claim writ, summon,

process information or any verbal notice of claim shall be forwarded to us without delay. You or any one on Your

behalf or Insured Person(s) or on their behalf must not attempt to negotiate any claim nor admit or repudiate any

claim without Our consent. You or Insured Person shall give all possible assistance to enable us to settle or resist

any claim or to institute proceedings.

6. CLAIM CONTROL AND SUBROGATION

iv) take proceedings at Our own expenses and for Our own benefit, but in Your name or any other person

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UIN: IRDAN106RP0063V01201819

b) No admission, offer, payment or indemnity shall be made or given by You or on Your behalf without Our

written consent.

7. FRAUD

If a claim is fraudulent on account of fraudulent means or action used by You, Insured person(s) or anyone on the

behalf of Insured Person(s), all benefits and rights under this Policy shall be forfeited.

Insured Person(s) or anyone seeking benefit(s) under the Policy, by sending 15 (fifteen) days notice under

recorded delivery to You at Your last known address and in such event, We will return to You, except in case of

fraud or illegality on your part, the premium paid less the pro rata portion thereof for the period the Policy has

been in force.

You may cancel this Policy by sending 15 (fifteen) days written notice to Us. We will then allow a refund after

retaining the premium based on following short period table.

This refund of premium is subject to the condition that no claim has been preferred on Us.

10. ARBITRATION

If any dispute or difference shall arise as to the quantum to be paid under the policy (liability being otherwise

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UIN: IRDAN106RP0063V01201819

be referable to arbitration as herein before provided, if We have disputed or not accepted liability under or in

respect of this policy. It is understood, however, that You shall have the right at all times during currency of the

policy to communicate only, with the leading or issuing office in all matters pertaining to this insurance.

11. DISCLAIMER CLAUSE

If We shall disclaim Our liability in any claim, and such claim shall not have been made the subject matter of a suit

in a court of law within 12 (twelve) months from the date of disclaimer, then the claim shall for all purposes be

under the Policy.

Notwithstanding what is stated above, the Sum Insured shall stand reduced by the amount of loss or damage in

case You/ Insured Person(s) immediately on occurrence of the loss or damage exercise Your option not to

reinstate the Sum Insured as above.

The provision shall also not apply to those Covers or Extensions where Our maximum liability during the Policy

Period has been specified.

13. No sum payable under this Policy shall carry any interest/penalty.

14. The Geographical Limit of this Policy will be any bank premises in India. All claims shall be settled in India in

premium and the his/her specific consent for such loading will be obtained before issuance of a policy.

b) Separate channel to address the related claims and grievances of senior citizen are mentioned below:

Claims: seniorcitizenclaim[email protected]

Grievance: seniorcitizengrievance@iffcotokio.co.in

Contact Number: 0124-2850100

Address: IFFCO-Tokio General Insurance Company Limited.

IFFCO TOWER – II

Plot No.3, Sector-29, Gurgaon

Haryana-122001

Address: IFFCO-Tokio General Insurance Company Limited.

IFFCO TOWER – II

Plot No.3, Sector-29, Gurgaon

Haryana-122001

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UIN: IRDAN106RP0063V01201819

17. INSURANCE OMBUDSMAN: We shall endeavor to promptly and effectively address Your/ Insured Person(s)

grievances. In the event You/ Insured Person(s) are dissatisfied with the resolution of Your/ Insured Person’s

grievance or complaint, You/ Insured Person(s) may approach the Insurance Ombudsman located nearest to

You/ Insured Person(s). Details of the offices across the Country are mentioned below:

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UIN: IRDAN106RP0063V01201819

20. PROTECTION OF POLICY HOLDER’S INTEREST

i. On receipt of the final survey report or the additional survey report, as the case may be, and on receipt of all

required information/documents that are relevant and necessary for the claim, We shall, with in a period of 30

days offer a settlement of the claim to the insured/claimant. If We, for any reasons to be recorded in writing

and communicated to You/claimant, decide to reject a claim under the policy, We shall do so within a period

of 30 days from the receipt of the final survey report and/or additional information/documents or the

You/claimant by Us till the date of actual payment.

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UIN: IRDAN106RP0063V01201819

Any damage to property, consequential loss, legal liability or bodily injury, illness, disease directly or indirectly

caused by or contributed to by or arising from

a) ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the

combustion of nuclear fuel.

b) the radioactive, toxic, explosive or hazardous properties of any nuclear assembly or nuclear component.

5. WEAR AND TEAR

7. EXISTING DAMAGE

Any damage or accident occurring before cover commences under the Policy.