Ten lakhs Group Accident Insurance Plan for IPPB Customers
The IPPB in partnership with TATA AIG and Bajaj Allianz General Insurance companies will offer this insurance plan.
India Post Payments Bank has come out with an accidental insurance policy for just Rs 399 and Rs 299.While the premium plan is offered to IPPB customers for Rs 399, the basic plan cost Rs 299 for a year.
- India Post Payments Bank has come out with two cheaper accidental insurance
- Both Rs 399 and Rs 299 plans offer Rs 10 lakh coverage in case of accident
- The policy can be purchased for one year and needs to be renewed
IPPB'S Rs 399 Premium Insurance Plan
The Rs 399 premium plan offers you a cover for a year. It promises to give you Rs 10 lakhs in case of accidental death or permanent total disability, permanent partial disability and accidental dismemberment and paralysis. One can also claim accidental medical expenses in IPD up to Rs 60,000 and Rs 30,000 in case of accidental medical expenses in OPD.
If you are hospitalized, you will be getting Rs 1000 per day for ten days.
IPPB's Rs 299 Basic Insurance Plan
As part of its Rs 299 basic insurance plan, IPPB is offering coverage of Rs 10 lakhs in the case of accidental death or permanent total disability, permanent partial disability and accidental dismemberment and paralysis. However, this policy doesn't offer benefits like Education Benefit, In-Hospital Daily Cash, Family Transportation Benefits and Last Rites Benefit as offered under the premium Rs 399 plan. The Rs 299 plan, however, offers Rs 60,000 in case of accidental medical expenses in IPD and Rs 30,000 in case of accidental medical expenses in OPD.
Features of the IPPB'S Rs 399 Insurance plan
- Accidental Death: It covers Death due to an accident within 365 days of the accident date. Coverage limit is 100% of Sum Insured.
- Accidental Dismemberment and Paralysis: It covers Dismemberment which is permanent in nature & occurs within 365 days of the accident Date. Paralysis is the loss of the ability to move (and sometimes to feel anything) in part or most of the body, as a result of an Injury.
- Education Benefit: Entire sum insured is payable in case of accidental death / permanent total disability. Benefit payable for eligible child who is full time student in any Institution.
- Permanent Total Disability: It covers Total Disability which is permanent in nature & occurs within 365 days of the accident Date. Coverage limit is 100% of Sum Insured.
- Permanent Partial Disability: It covers Partial Disability which is permanent in nature & occurs within 365 days of the accident Date. Coverage limit is as per % specified in policy document.
- However, the IPPB'S Accident Insurance policy doesn't cover suicide, military services or operations, war, illegal act, bacterial infection, disease, AIDS, or dangerous sports to name a few exceptions.
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