Post Office Insurance Scheme 399:- With the Rs 399 premium plan, you get coverage for a whole year. In the event of accidental dismemberment, accidental paralysis, accidental death, or permanent partial impairment, you are guaranteed Rs 10 lakh. For unintentional medical expenses in IPD, one may be eligible to receive up to Rs 60,000, and for unintentional medical expenses in OPD, up to Rs 30,000.
Contents
What is insurance?
Tata AIG and India Post Payments Bank have formed an agreement. This agreement states that anyone between the ages of 18 and 65 may use the group accident insurance coverage. If there is an accident that results in death, permanent or partial total handicap, or paralysis, both forms of insurance protection will pay out Rs 10 lakh. This insurance must also be renewed for an additional year once the current one expires. The beneficiary must have an account with India Post Payments Bank in order to do this.
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399 Post Office Insurance scheme details
Our lifetime accident insurance is offered by this group’s accident insurance plan. We are aware of the importance of life. Insurance can be a helpful ally during difficult times when unfortunate occurrences occur in our lives. You cannot obtain a number of benefits without insurance without an insurance plan. We ought to purchase a group accident insurance policy as a result. The Department of Post Office, Tata AIG Insurance, and India Post Payments Bank have unveiled a new group accident insurance program. Another name for it is the 399 Post Office Scheme.
Features of 399 Post Office Scheme
- Post Office Insurance Scheme 399 Scheme Apply Online You can apply for the Rs. 399/-Post Office Scheme with ease if you are already a customer of IPPB. Simply follow the steps outlined below to submit an application.
- Initially, you must visit the IPPB branch that is closest to you.
- Inform the bank employees that you would like to use the Rs 399 Post Office Insurance Scheme (Contingency) as an IPPB customer.
- Employees at the bank will verify your basic information and apply for
- After that, a confirmation message with the insurance policy number and other details will be sent to the registered mobile number you provided.
Main benefits of Post Office’s Rs 399 insurance scheme: Benefits
- Accidental Death: This refers to death brought on by an accident that occurs within a year of the incident. The entire amount insured is the coverage limit.
- Accidental Dismemberment and Paralysis: This category covers permanent dismemberment that happens within a year after the accident. Paralysis is the loss of movement (and sometimes feeling) in part or all of the body as a result of an accident.
- Benefit for Education: A full guaranteed amount will be provided in case of accidental death or permanent total disability. Benefit payable to a qualified child enrolled full-time in any school.
- Permanent Total Disability: This refers to a total disability that develops within a year and a half following the date of the injury. The entire amount insured is the coverage limit.
- Permanent Partial handicap: This refers to a partial handicap that develops 365 days after the date of the injury and is of a permanent nature. The coverage limit is as stated in the policy text, in percentage terms.
To mention a few exclusions, the Post Office Accident Insurance Policy does not cover suicide, military duty or operations, war, unlawful activities, bacterial infections, illness, AIDS, or risky sports.
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A look at Post Office Insurance Scheme 399 Scheme
The Post Office Group Accidental Insurance offers two different kinds of coverage. These are listed in the following order:
- GAG Insurance Basic Option Plan
- GAG Insurance Premium Option Plan
GAG Insurance Basic Option Plan
This is the basic plan of the Group Accident Insurance Plan. The premium of this plan is 299/-.
- Death in accident: 10 lakh
- Permanent total disability: Rs 10 lakh
- Permanent Partial Disability: Rs 10 Lakh
- Sudden decompensation and paralysis: 10 lakh
- Accidental Medical Expenses IPD: Permanent or actual claims up to Rs 60,000, whichever is lower
- Emergency Medical Expenses OPD: Permanent or actual claims up to Rs 30,000, whichever is lower
- Policy Premium: Rs 299
GAG Insurance Premium Option Plan
This is the premium plan of the Group Accident Insurance Plan. The premium of this plan is Rs 399/-.
- Accidental death coverage: 10 lakh
- Permanent total disability coverage: Rs 10 lakh
- Permanent partial disability coverage: Rs 10 lakh
- Accidental dismemberment and paralysis coverage: Rs 10 lakh
- Accidental Medical Expenses IPD: Permanent or actual claims up to Rs 60,000, whichever is lower
- Emergency Medical Expenses OPD: Permanent or actual claims up to Rs 30,000, whichever is lower
- Education Benefit: 10% of SI or Rs 100000 or actual whichever is lower for a maximum of 2 eligible children
- Daily cash in hospital: Rs 1000 per day for 10 days (deductible for 1 day)
- Family Transport Benefit: Rs 25000 or actual whichever is less
- Funeral Benefits: Rs 5000 or actual whichever is less
- Policy Premium: Rs 399/-
399 Post Office Accident Insurance Scheme not covered?
The conditions/death/accident listed below will not be covered. These are as follows-
- suicide
- military services or operations
- war
- illegal act
- bacterial infections
- Disease
- aids
- extreme sports
Open IPPB Account Online/Offline
Only holders of IPPB accounts are eligible for the Rs. 399 Post Office Insurance Scheme. Thus, you must first register for an IPPB account before obtaining a new post office insurance policy.
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Conclusion
The sole purpose of this blog is to provide information regarding Post Office Insurance Scheme 399. You can obtain comprehensive information about the Post Office Insurance Scheme by visiting their website or contacting customer service. Please leave a comment if you see any errors in our blog so we can fix them or make improvements.
FAQ’s
Q. What is the 399 Policy of the Post Office?
Ans- The Rs 399 premium plan includes coverage for a whole year. You are assured of Rs 10 lakh in case of accidental death, permanent entire disability, permanent partial disability, accidental dismemberment, or accidental paralysis.
Q. What is the 10 Lakh Post Office Scheme?
Ans- The initiative offers a 10 lakh rupee investment option. 20 lakhs upon 115 months of maturity. Through this program, the government offers the benefit of compound interest rates.
Q. Post Office Insurance: What Is It?
Ans- This plan pays out the entire amount guaranteed plus any earned bonuses to the insured upon becoming 80 years old, or to the insured’s assignees or legal representatives upon the insured’s death, whichever comes first, as long as the policy is in effect. Be relevant. on the claim date.
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