India Post introduced a new Accident Insurance Scheme through a joint venture with TATA AIA. This scheme is basically for poor and working class families. With Rs.299 and 399, you have this new Bima Yojana (Post Office Accident Insurance Yojana). Individuals have been given a protection cover of Rs. 10 lakh under this policy.
Under this scheme, you have to pay once a year. It means you have to pay 299 or 399 once a year. Under this scheme, you will get a 10 lakh protection cover. After one year, you can visit the post office and renew your policy. Thereafter, another one-year period of protection cover is provided.
Who are eligible for policy benefits.
Residents aged 18 to 65 years can take advantage of this policy. This policy covers a wide range of accidents, including mishaps, snake bites, electric shock, death by tumbling from the floor, and death by falling into water.Alongside this, you will get Rs 5000 for last rites and up to Rs 1 lakh for the schooling of two kids of an insured person.
What are the key features of policy?
>Rs 10 lakh is paid in the event of the insured person's accidental death.
>10 lakhs is provided in the event of the insured's permanent disability.
>Under this cover, Rs. 60 thousand rupees towards hospital expenses or a tatal claim amount, whichever is less.
>Rs 1 lakh is given for the schooling of two children of an insured person.
>If the covered person is hospitalized, Rs. 1000 per day is paid for each day of hospitalisation up to 10 days.
> Rs. 30000 or the claim amount is set aside for OPD expenses.
>In the event that the insured person is paralyzed, Rs. 10 lakh is given to him/her.
>Rs. 25000 is given to the insured person's family members for travelling to the hospital.
How to apply for a policy
To avail benefits from the post office protection policy of Rs 299 and Rs 399, you can apply offline. You should have an India Post Payments Bank account to benefit from the protection plan. If not, you should go to the post office to open an IPPB account. For this, you can enlist the help of a postman and post office staff.
What is the basic difference between a Rs 299 and Rs 399 insurance policy?
There is a basic difference between 299 and 399 accident insurance schemes that the 399 plan helps two children to receive up to Rs. 1 lakh in educational support following the accidental death of the insured. Similar to this, the 399 plan covers funeral costs, travel costs, and educational costs. In the 299 plan, this expense is not offered.
Who are not eligible for policy benefits.
Police staff
Defense staff
lawyer,
person who participates in dangerous sports.
pregnant woman
pre-existing disease,
professional drivers,
Doctors
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