Indian bank launches new, low-cost accident insurance

The insurance also includes additional services such as free health consultations.

India Post Payment Bank (IPPB) has introduced a new accident insurance scheme aimed at providing affordable insurance cover to people with fewer financial resources, such as Hindustan Newspaper.

The scheme offers insurance from Rs 10 lakh to Rs 15 lakh with annual premiums ranging from Rs 520 to Rs 799. To enroll, individuals must have an account with IPPB.

Krishna Kumar Yadav, Postmaster General of Prayagraj region, confirmed the annual renewal requirement of the policy and announced an advertising campaign to encourage enrollment.

Through a partnership with various insurance companies, the policy covers accidental death, permanent or partial disability, limb damage, paralysis, hospital expenses, outpatient expenses and related treatments.

Additional benefits include free health consultation, education expenses for two children up to Rs 100,000, daily hospital expenses of Rs 1,000 for ten days, Rs 25,000 for transportation expenses and Rs 5,000 for funeral expenses.

Director of Postal Services Gaurav Srivastava highlighted how easy it is to open a premium account with Rs 200 and that an Aadhaar card is required for registration. There are no doorstep charges for opening the account.

IPPB account holders can use their accounts for bill payments, cashback rewards and online payments through the IPPB app.

In addition, Aadhaar creation and Direct Benefit Transfer (DBT) mapping services are available, enabling smooth receipt of benefits from government schemes like Kisan Nidhi and widow’s pension.

Interested persons can register for accident insurance by visiting their nearest post office or contacting their local postman.