As important as saving for the future is, having health and accident insurance is equally necessary to provide financial security for a family in the event of an unexpected occurrence. If the head of the household passes away, the family may face significant challenges.
Accident insurance can be crucial in such catastrophic situations. However, many people hesitate to purchase it due to the high premiums.
To address this issue, the postal department now offers affordable insurance options for those reluctant to invest in traditional plans. They are providing insurance facilities in collaboration with private insurance companies.
Accident Insurance Options
Rs. 10 Lakh Insurance for Rs. 520 Per Year: The postal department offers an exceptional accidental insurance scheme, enabling you to secure Rs. 10 lakh coverage for just Rs. 1.5 per day (Rs. 520 annually).
This insurance is provided in partnership with Tata AIG. If the policyholder dies in an accident, the nominee will receive Rs. 10 lakh. The exact amount will be provided in case of permanent or partial disability due to an accident.
Rs. 1 lakh will be allocated for medical expenses after an accident and hospitalization. If the policyholder passes away, Rs. 1 lakh will be offered to educate two children under 21.
Furthermore, if hospitalization is required for one to two days, treatment expenses will be covered up to Rs. 1 lakh, based on the doctor’s prescription.
Rs. 755 for Rs. 15 Lakh Coverage: Nipa Bupa Health Insurance Company also offers an accident insurance policy in collaboration with the postal department. For just Rs. 755 per Year, policyholders can secure Rs. 15 lakh coverage.
This amount is payable in the event of accidental death and permanent or partial disability. A similar amount of Rs. 1 lakh will be allocated for medical expenses, along with Rs. 1,000 per day for general hospital treatment.
If the patient is admitted to the ICU, Rs. 2,000 will be paid daily. Up to Rs. 25,000 will also be provided if a leg or arm is fractured. Up to Rs. 1 lakh is also allocated for children’s higher education and marriage expenses.
Eligibility and Application Process
Individuals between 18 and 65 are eligible to apply for these insurance policies. To purchase them, one must have an India Post Payments Bank account, which can be opened for just Rs. 100.
You can visit a Post Payments Bank branch to buy an accident insurance policy. Moreover, you can renew the insurance annually using the auto-debit facility.