Indian bank launches new low-cost accident insurance

The coverage also has additional benefits such as free health consultations.

India Posts Payment Bank (IPPB) has introduced a new accidental insurance policy aimed at providing accessible coverage for individuals with lower financial means, as reported by the Hindustan Times.

The scheme offers insurance ranging from ₹10 to 15 lakhs with annual premiums between ₹520 and 799. To enrol, individuals must hold an account with IPPB.

Krishna Kumar Yadav, Postmaster General of Prayagraj region, confirmed the policy's annual renewal requirement and announced a promotional campaign to boost enrolment. 

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

Additional benefits include free health consultations, educational expenses for two children up to ₹1 lakh, daily hospital expenses of ₹1,000 for ten days, ₹25,000 for transportation costs, and ₹5,000 for funeral expenses. 

Director of Postal Services, Gaurav Srivastava, emphasised the ease of opening a premium account with ₹200 and the necessity of an Aadhaar card for enrolment. No doorstep charges apply for account opening.

IPPB account holders can utilise their accounts for bill payments, cashback rewards, and online payments via the IPPB App. 

Services for Aadhaar seeding and Direct Benefit Transfer (DBT) mapping are also available, enabling seamless receipt of government scheme payments like Kisan Nidhi and widow pensions.

Interested individuals can register for the accidental insurance scheme by visiting their nearest post office or contacting their local postman for assistance.