IFFCO Tokio General Insurance Company Ltd. marked a historic milestone as it completed 25 years of service, commitment, and trust on Thursday. Congratulatory messages poured in from across the cooperative and insurance sectors, celebrating the company’s Silver Jubilee and its contribution to rural India, particularly farmers and cooperatives.
K J Patel, MD of IFFCO, extended warm wishes to the entire IFFCO Tokio family, expressing deep pride in the journey so far. “It is a matter of immense joy and profound pride as we celebrate a truly remarkable milestone; 25 glorious years of dedication, resilience, and excellence,” he said in a tweet.
Patel recalled the strong foundation upon which the joint venture was built. One of the most significant symbols of IFFCO Tokio’s farmer-centric mission has been the Sankat Haran Bima Yojana, an accidental insurance scheme linked with every bag of IFFCO fertilizer under the memorable slogan “Khad Toh Khad, Bima Bhi Sath”.
This initiative, widely remembered for its outreach at the grassroots level, stands as an assurance of protection and financial security for farmers and their families. The scheme remains one of the most impactful cooperative-driven insurance initiatives in India, continuing to inspire pride across the organization.
IFFCO Tokio’s journey began in the year 2000, soon after the Government of India opened the insurance sector. With an eye on the future and a commitment to serve rural India, IFFCO partnered with Japan’s Tokio Marine & Nichido Fire Insurance Company Ltd. to create an institution that blended global expertise with India’s cooperative ethos.
The collaboration not only created a successful business venture but laid the groundwork for a legacy that continues to strengthen year after year. Patel said the 25-year journey reflects trust, protection, and steadfast support to India and its farmers, while encouraging the team to look ahead with greater ambition.
Recently, Dr. Ashish Kumar Bhutani, Secretary, Ministry of Cooperation, chaired a review meeting in New Delhi to assess IFFCO Tokio’s progress in cooperative onboarding. The discussions emphasized the need for expanding insurance coverage within the cooperative network and accelerating tie-ups with banks across the country. Encouraging numbers were shared during the meeting, reflecting growing interest in collaboration from cooperative financial institutions.
Out of 34 State Apex Banks, 12 already hold Corporate Agency (CA) licenses, with nine actively working with IFFCO Tokio and three more in discussion. Among 351 District Central Cooperative Banks, 18 hold licenses while 173 without licenses have shown willingness for partnership.
In the Urban Cooperative Bank segment, 109 banks already possess CA licenses, and 241 more are potential collaborators. Key cooperative institutions such as Saraswat Bank, Contai Urban Cooperative Bank, Rajasthan Gramin Bank, Himachal Apex State Bank, and Mehsana Urban Cooperative Bank have already signed agreements.
IFFCO Tokio reported premium generation of Rs 162 crore in the current fiscal year so far, of which Rs 148 crore came from existing cooperatives and Rs 14 crore from new tie-ups. The Ministry has stressed the need for deeper outreach and targeted strategies to bring more cooperative banks under insurance coverage.
As the company steps into its next phase of growth, the Silver Jubilee stands not just as a celebration of a successful past but as a promise of a brighter future for the insurance cooperative ecosystem in India.
