IFFCO Tokio General Insurance has launched bank locker protector policy, the first stand-alone bank locker cover offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry, title documents, and other valuables. Where is the headquarters of IFFCO Tokio General Insurance?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

IFFCO Tokio General Insurance has launched ‘bank locker protector policy’, the first stand-alone bank locker cover offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry, title documents, and other valuables. Where is the headquarters of IFFCO Tokio General Insurance?

A	Pune
B	Lucknow
C	Hyderabad
D	Gurugram

Explanation:

Detailed explanation-1: -Coverage is provided for jewelry and other valuables kept in a bank locker. It also offers an add-on cover to insure important documents kept in a bank locker. The policy offers seven options of the sum insured ranging from Rs 3 lakh to Rs 40 lakh and above. The process to buy is simple and easy.

Detailed explanation-2: -Banks will be eligible to pay in case of any loss of locker content resulting from the bank’s negligence, according to the new RBI standards. The RBI notification says: “It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed.

Detailed explanation-3: -As per RBI’s new guidelines, which were declared on August 8, 2021, and came into effect on January 1, 2022, it is the banks’ responsibility to ensure the safety and security of the premises where the safe deposit vaults are placed.

Detailed explanation-4: -You need to visit the nearest branch of the Bank where locker facility is available. You also need to fill out an application form and complete the required KYC formalities. Additionally, you must sign a Memorandum of Letting and keep your fixed deposit as collateral to cover the locker rent.

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