IPPB launches group accident insurance plan

India Post Payments Bank (IPPB) operating under the Department of Posts has launched a group accident insurance plan with an accidental death coverage of Rs. 10 lakhs.

With TATA AIG and Bajaj Allianz General Insurance, the India Post will offer the insurance plan at a premium of Rs 399 or Rs 396 per annum. The policy will be issued digitally in five minutes using a smartphone or a fingerprint sensor carried by the postman under e-KYC (Aadhaar based) method.

Anyone aged between18 and 65 years 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.

Trichy division Senior Superintendent of post offices C Swathi Madhurima said the group accident insurance plan covering comprehensive medical emergencies has a low annual premium amount. One can join it at any post office or with the help of a postman or postwoman.