India Post Payments Bank launches wallet-friendly accidental insurance plan

India Post Payments Bank launches wallet-friendly accidental insurance plan | Insurance Business Asia

Life & Health

India Post Payments Bank launches wallet-friendly accidental insurance plan

Policy features extensive coverage and easy enrolment

Life & Health

By
Roxanne Libatique

India Post Payments Bank (IPPB), a division of India Post that is under the ownership of the Department of Post, has launched an accidental insurance policy aimed at providing affordable coverage to those unable to pay higher premiums.

According to Hindustan Times, the policy offers coverage of ₹10 lakh to ₹15 lakh, with annual premiums ranging from ₹520 to ₹799.

Krishna Kumar Yadav, postmaster general of the Prayagraj region, noted that the insurance must be renewed each year.

To promote the new policy, the postal department plans to initiate a special campaign.

The accidental insurance policy is offered in collaboration with other insurance companies and is available to individuals aged 18 to 65. It covers various scenarios, including accidental death, permanent or partial disability, and limb damage.

It also covers hospital and outpatient expenses, as well as other treatments related to accidents. Additional benefits include:

coverage for educational expenses of up to ₹1 lakh for two children
a daily hospital cash benefit of ₹1,000 for 10 days
₹25,000 for transportation costs if the family lives in another city
₹5,000 for funeral expenses

India Post Payments Bank premium account

Gaurav Srivastava, director of Postal Services, told Hindustan Times that a premium account can be opened with a deposit of ₹200, and an Aadhaar card is necessary for registration. The benefits are designed to be accessible without additional doorstep charges for opening the account.

Account holders can use their IPPB accounts for services such as electricity bill payments and cashback rewards. The IPPB app allows for online payments for various schemes and services.

Postal officials mentioned that premium accounts would also facilitate Aadhaar seeding and Direct Benefit Transfer (DBT) mapping, enabling easy receipt of payments from government schemes like Kisan Nidhi and widow pensions into the IPPB account.

Srivastava added that those interested in the accidental insurance scheme could visit their nearest post office or contact a postman to register.

In other news in India, The Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Brokers Association of India (IBAI) have recently teamed up to improve the country’s insurance awareness.