Post Office Scheme: India Post, a trusted name in financial and postal services, has launched a new insurance scheme aimed at providing affordable financial security to the common man. Introduced by India Post Payments Bank (IPPB), the scheme offers substantial coverage at a very low premium, making it accessible to many people, especially those who find it difficult to afford expensive insurance plans offered by private companies.
Overview of the new insurance scheme:
India Post Payments Bank has launched a personal accident cover policy under its Health Plus and Express Health Plus schemes. The primary appeal of the scheme is that with a nominal premium of Rs.555 per annum, policyholders can avail coverage of up to Rs.10 lakh. It is the most attractive option for people looking to provide financial security for themselves and their families in case of an accident.
Details of Health Plus Insurance Options:
The Health Plus scheme offers three different coverage options, each tailored to suit different needs and budgets. Here is a breakdown of the benefits and premiums associated with each option:
- First option – Health Plus (Rs. 5 lakh coverage)
- Sum Assured: Rs.5 Lakhs
- Premium: Rs.355 per annum
- Benefits:
- 100% of the sum assured in case of accidental death or permanent disability of the policyholder
- 50,000 for marriage of policyholder’s children.
- 25,000 for bone fractures.
- Coverage Period: One year.
- Second option – Health Plus (Rs. 10 lakh coverage)
- Sum Assured: Rs.10 Lakhs
- Premium: Rs.555 per annum
- Benefits:
- 100% of the sum assured in case of accidental death or permanent disability of the policyholder
- 50,000 for the education of the policyholder’s children.
- 25,000 for bone fractures.
- 5,000 for the funeral.
- Coverage Period: One year.
- Third option – Health Plus (Rs. 15 lakh coverage)
- Sum Assured: Rs.15 Lakhs
- Premium: Not mentioned in the summary, but may be a little more than Rs.555 per annum depending on the amount of coverage.
- Benefits:
- 100 of the sum assured in case of accidental death or permanent disability of the policyholder
- Lakh for marriage of policyholder’s children
- 25,000 for bone fractures.
- All other benefits same as second option.
- Coverage Period: One year.
Eligibility Criteria:
- Age: The insurance policy is available to people between the age of 18 and 65 years
- Coverage Term: All personal accident insurance coverage options under this scheme are valid for one year.
Benefits of IPPB Insurance Scheme:
- Affordable premiums: One of the unique features of this scheme is its affordable price. With premiums as low as Rs.355 and Rs.555, it provides an excellent opportunity for low-income individuals to get substantial insurance coverage.
- High Coverage Amount: Despite the low premiums, the coverage offered is substantial, with sums insured ranging from Rs.5 lakh to Rs.15 lakh. This scheme is highly beneficial in providing financial security in case of unexpected accidents.
- Comprehensive Benefits: The scheme not only provides coverage for accidental death and permanent disability but also provides additional benefits like funds for children’s education and marriage, funeral expenses and coverage for bone fractures.
- Accessibility: Being a product of India Post Payments Bank, which has a vast network across the country, the scheme is easily accessible even in remote areas. This is especially important for reaching out to the rural population, which is often out of reach of affordable insurance options.
- Government-backed trust: The scheme is backed by the Government of India, which ensures that it is reliable and that claims are likely to be processed efficiently, unlike some private insurance companies that have a more complicated claims process.
How to Apply for the Scheme:
To apply for IPPB Personal Accident Cover Policy, individuals can visit the nearest India Post Payments Bank branch or post office. The process is designed to be simple enough to be accessible to even those with minimal knowledge of financial products. Here’s how you can apply:
- Visit the nearest branch: Go to the nearest IPPB branch or post office that offers financial services.
- Fill the application form: Obtain and fill the insurance application form provided by the bank or post office.
- Submit Required Documents: Along with the application form, you need to submit documents like your Aadhaar card, age proof and income proof.
- Pay Premium: Pay the annual premium as per the coverage option you choose (eg Rs. 355 for Rs. 5 lakh coverage, Rs. 555 for Rs. 10 lakh coverage).
- Receive Policy Documents: After successful application and payment of premium, you will receive your policy documents which you should keep safe for future reference.
Conclusion:
A new insurance scheme from India Post Payments Bank provides a practical and affordable way for individuals to get substantial financial protection against risks. With premiums as low as Rs 555 for a cover of Rs 10 lakh, the scheme is likely to appeal to a wider population, especially those who cannot afford traditional insurance products. The simplicity of the application process and the government-backed nature of the scheme add to its appeal, making it an excellent choice for anyone looking to secure their future and that of their family.