India Post Payment Bank launches group accident insurance plan

October 29, 2022

India Post Payment Bank launches group accident insurance plan: The Department of Posts’ India Post Payments Bank (IPPB) has launched a group accident insurance plan with a Rs 10 lakh accidental death coverage. The insurance plan will be offered by India Post in collaboration with TATA AIG and Bajaj Allianz General Insurance companies for a premium of Rs 399 or Rs 396 per annum.

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The policy will be digitally issued within five minutes using the smartphone or fingerprint sensor carried by the postman through the e-KYC (Aadhaar-based) system. People between the ages of 18 and 65 can join this insurance plan.

The insurance plan will offer around 10 major benefits for the applicant including permanent total or permanent partial disability coverage of Rs 10 lakh, an option to cover accidental medical expenses up to Rs 60,000 and transportation benefits for the family members travelling to see the accident victim.