India Post Payment Bank Insurance

India post payment bank (IPPB) started selling insurance products for the country’s general public under the name India post payment bank insurance.

India post payment bank partnered with Tata AIG and Bajaj Allianz Insurance Company to offer insurance products to its customers. This partnership aims to make people of the country financially secure, notably weaker sections.

IPPB has an extensive network throughout the country- 650 branches and 1,36,078 access points all over the country. This vast network of IPPB facilitates people of doorstep banking access, including insurance products.

Customers of the India post payment bank can avail of insurance facility through any branch or access point of IPPB according to their needs.

Insurance products provided by IPPB include health insurance, motor insurance, personal accident insurance, etc.

India Post Payment Bank Insurance

The Indian government’s aim in launching IPPB is to provide banking facilities to every corner of the country, particularly for underbanked areas. IPPB aims to provide doorstep banking facilities for every citizen of the country. [1]

Besides services such as deposits, money transfers, bills and utilities, enterprises, and merchant payments, the bank now offers insurance policies for the country’s general public.

But IPP now put steps in the insurance sector and joined with insurance companies like TATA and Bajaj Allianz, and offers health, car, accidental and personal insurance.

The aim of IPP in offering insurance policies is to provide a chance for the country’s people to save for the future and make them financially sound.

IPPB provides insurance through its network, which is spread all over the country and comprises 650 branches and 1,36,078 access points. Anyone interested in taking an insurance policy can access these access points and get the desired insurance policy.

India Post Payment Bank Insurance 399 Plan

IPPB 399 insurance plan offers cover for you for one year. The premium for this policy is Rs. 399 per year.

The insurance policy provides ten (10) lakhs in case of unfortunate incidents like accidental death, permanent total disability, partial disability, accidental dismemberment, and paralysis.  

The 399 plan provides In-Hospital daily expenses, educational expenses, last rites, and family transport expenses. 

The policy also provides accidental medical expenses for IPD and OPD- Rs. 60,000 for IPD and Rs. 30,000 for OPD. In case of hospitalization, the policy offers you Rs. 1,000/day for ten days. 

The plans also cover educational expenses for up to 2 children.

Also Read: India Post Payments Bank Account

IPPB 299 Basic Insurance Plan

The 299 basic insurance plan from IPPB offers Rs. 10 lakhs in the event of accidental death, permanent total disability, partial disability, and accidental dismemberment and paralysis. The premium for the plan is Rs. 299 per year. 

The benefits like educational expenses, last rites, daily hospital cash, and family transport are not covered under the basic plan. However, benefits such as IPB and OPD expenses are covered under this plan.

The plan provides accidental medical expenses for IPD and OPD, for IPD Rs. 60,000, and Rs. 30,000 for OPD.   

These two plans do not provide any benefits in case of accident or death due to support activities, suicide, death because of alcohol, involvement in any war, or any kind of terrorism. [2]

Who is Eligible for IPPB Insurance?

Indian citizens above 18, having an account in IPPB can get an insurance policy from India post payments bank.

Do You Need an Insurance Policy?

It gives you satisfaction when you know that you and your family are financially secure from many unforeseen situations. Unpredictability incidents like a medical emergency, unfortunate death, property damage, or vehicle damage can occur anytime. 

These situations can harm your life and pocket. To meet the expenses of these incidents, you have to look into your savings or hard-earned money by your family. 

Thus, an insurance policy is needed for you, your family, your property, and your vehicle to provide proper financial cover against all risks associated with you, your family, and your property.

Medical Expenses

An insurance policy benefits any person who wants to become financially sound. Different insurance policies can give protection against various risks.

A health policy can cover medical expenses in a medical emergency. In this regard, India post payment bank insurance (299 and 399 plans) can provide hospital and medicine expenses. 

Help Your Family in Your Absence

A person’s term insurance policy can be a good investment for his family in case of the person’s unfortunate death. The family can take care of their expenses such as loans, house rent (if any), daily needs, etc. 

Help Future Savings

An insurance policy encourages you to future savings because anything can happen in life at any time, and these savings can help you in your time of need. Also, an insurance policy saves you from any unnecessary expenses. 

Help with Regular Income and Life Cover 

Several insurance plans help you save and provide investment opportunities with regular income. These plans help you to save your hard-earned money and build wealth through investments. Some portion of your premium goes towards your life cover, and some go towards investment, which helps your created wealth.  

Protect Your Property

Your property insurance plan covers the risks linked to your property, like damage, fire, or any other unfortunate event. These plans help you repair, rebuild or renovate your property without overburdening your pocket.

Provide Capital for Child’s Education

A well-educated and well-skilled child is the dream of every parent. Insurance helps you to provide a good education for your child to follow their goals; this can happen when you are financially sound. Insurance investments enable you to save money that you can spend on a child’s education.  

Income Tax Benefits

Insurance investments give tax benefits to an investor under Income Tax Act under section 80D. An insurance policy can provide you with a tax deduction of up to Rs. 25,000/ if you take a health insurance plan up to the age of 60 for yourself, your children, or your spouse. [3]

An income tax deduction of up to Rs. 50,000/ is also given to a person if he takes a health insurance policy for his parents, who are 60 years or above. 

Conclusion

Indian postal bank provides postal and other services. The bank is now providing insurance policies to the country’s general public. The IPP joins with insurance complies such as TATA and Bajaj Allianz Insurance Company for this purpose.

The two insurance plans offered by IPPB are basic 299 and premium 399. The basic 299 plan requires a premium of Rs. 299/year, and the premium 399 plan requires Rs. 399/year.

Interested people can get India post payment bank insurance policies at their doorsteps as the department has an extensive nationwide network. The network is especially beneficial for underbanked areas or the areas where the prance of banks is minimal. 

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