IFFCO Tokio General Insurance has launched a first of its kind insurance policy that helps you safeguard jewellery and other valuables that you store in a bank locker.

At present, there are some home insurance policies that come with the cover for bank lockers but with a sub-limit of only Rs 2 lakh. Apart from that banks also have a liability cover for any potential thefts or accidents at the branch, but these cannot cover the extent of loss of what was in the lockers as the customers do not require disclosing the contents of the locker when they opt for it.

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IFFCO Tokio General Insurance is a non-life insurance company that is a 51:49 joint venture between the Indian Farmers Fertiliser Co-operative (IFFCO) and Japan's Tokio Marine Group. This newly launched product covers the bank locker against risks like burglary, fire, earthquake, infidelity from a bank employer or an act of terrorism.

One can insure jewellery, documents and other valuables under the policy and a valuation report from a government approved valuer is required if the value of an individual item is over Rs 10 lakh and sum assured amount exceeds Rs 40 lakh.

The policy comes with seven options where the sum assured ranges from Rs 3 lakh to over Rs 40 lakh. The premium amount starts at Rs 400.