India Post Payments Bank (IPPB) Insurance Scheme – ₹755 with 10 Benefits

In May 2023, the Government of India through India Post Payments Bank (IPPB) launched a comprehensive Insurance Scheme. For an annual premium of ₹755, this scheme provides ₹15 lakh coverage along with 10 benefits, making it much more comprehensive than the basic GAG Policy.

Eligibility

• Age group: 18 to 60 years
   
• Must hold an India Post Payments Bank (IPPB) Account
   
• Both men and women can apply; special maternity benefits apply for women policyholders
   

Documents Required

• Aadhaar Card
   
• Voter ID / any other government ID
   
• Bank account details linked to Aadhaar
   
• Nominee details and Aadhaar
   

Premium & Coverage

• Annual Premium: ₹755
   
• Coverage: ₹15 lakh + 10 benefits
   
• Policy Term: 1 year (renewable annually)
   

Benefits

1. Accidental Death Benefit – ₹15 lakh
    
2. Permanent Total Disability Benefit – ₹15 lakh
    
3. Permanent Partial Disability Benefit – up to ₹15 lakh
    
4. Hospitalization Cash Benefit (IPD Cover) – minimum ₹1 lakh or hospital bill (whichever is higher)
    
5. Broken Bone Treatment – up to ₹25,000
    
6. Children’s Marriage Benefit – ₹1 lakh
    
7. Children’s Education Benefit – up to ₹1 lakh
    
8. Daily Hospital Cash Allowance – ₹1,000/day up to 15 days (₹15,000); ICU cover ₹2,000/day
    
9. Coma Benefit – ₹15,000/week for 10 weeks (₹1.5 lakh)
    
10. Women Policyholder Benefits – Maternity cash (₹1,000–₹2,000/day) + Funeral expenses ₹5,000
     

How to Apply

1. Open an IPPB Account at your nearest Post Office (if you don’t already have one).
    
   • Documents needed: Aadhaar, Voter ID, mobile number linked to Aadhaar, nominee details.
      
2. If you already have an IPPB account, you can apply online through the IPPB mobile app or at the Post Office counter.
    
3. Pay the annual premium of ₹755.
    
4. Policy gets activated immediately, and all benefits are valid for 1 year from the date of payment.