Get The Benefit Rs 10 Lakh In Just Rs 299, Know The Complete Scheme Details Of India Post

PK DeskJanuary 31, 2023Last Updated: January 31, 2023

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The Advantages of Group Accident Protection Policy by India Post Payments Bank

Accidents can happen unexpectedly and can cause serious financial burdens, particularly with regards to medical bills. That’s why having a comprehensive insurance policy that covers medical expenses and provides compensation in case of death or disability is crucial. Unfortunately, many people in India still don’t have insurance, often due to the cost of premiums.

Recognizing this, the Indian Postal Department has introduced a Group Accident Protection Insurance Policy, in partnership with Tata AIG. This policy offers two plans, one with a premium of Rs 299 and another with a premium of Rs 399. For the plan with a premium of Rs 299, policyholders are provided with an insurance coverage of Rs 10 lakh. In case of an accident, this policy covers hospitalization expenses, including up to Rs 60,000 for IPD expenses and up to Rs 30,000 for OPD claims.

Benefits of the Policy

In the event of accidental death, the policy offers a compensation of Rs 10 lakh to the dependents. If the policyholder becomes fully disabled, they will receive Rs 10 lakh as well. In case of partial disability, the policy provides a claim of Rs 10 lakh. In the event of the policyholder’s death, their dependents will receive Rs 5,000 for funeral expenses. If the dependents reside in another city, the policy covers their commuting costs. The plan with a premium of Rs 399 includes all the above benefits, plus an expenditure of Rs 1 lakh for the education of the dependents’ two children.

In conclusion, the Group Accident Protection Policy by India Post Payments Bank offers a cost-effective solution for securing financial protection in case of an accident. Policyholders can avail of an insurance coverage of up to Rs 10 lakh by paying a premium of either Rs 299 or Rs 399. It is important to note that to renew the policy each year, policyholders must have an account with India Post Payments Bank.