Post Accident Insurance Policy – Bank of India offers two types of post accident insurance policies. The cover up to $1209.63 is available for $3.62 and $4.83 only.
Nowadays we can see many accidents in common life. Everyone should buy accident or accident insurance to protect themselves and their families from these accidents. The system not only supports medical expenses in the event of an accident, but also provides benefits to survivors in the event of death of the insured in an accident. Many companies offer different types of insurance policies. However, India Post has a special insurance policy for its customers.
Post Office Group offers this program to its customers under the name of Accident Guard Policy. You can benefit a lot from this policy. So let’s find out.
Post-payment bank account holders in India are eligible for the benefit.
Post Office Bank of India offers two policies. The cover up to $1209.63 is available for $3.62 and $4.83 only. The benefits of the program are available only to the account holders of Bank of India for Post Payments. It means that you need to open an account with India Post Payment Bank to fulfill this policy.
10 million won in the event of death of the life assured
This system pays for the expenses ranging from hospitalization to treatment if the insured gets injured in an accident. Whereas, if the insured dies in an accident, $1209.63 is provided for the survival of the family and children of the insured.
Accident Insurance Policy – Policy benefit is $4.83
Under this accident insurance policy, you have to pay a premium of $4.83 annually. Post-paid bank account holders in India between the age of 18 to 65 years are eligible for this insurance scheme. Under the scheme, a cover of $1209.63 is provided to policyholders in case of partial disability, total disability, accidental amputation or immobilization at the time of an accident. It covers up to 60,000 IPD for medical expenses and up to 30,000 IPD for OPD (fixed or actual claim, whichever is less).
Daily Cash payable to the policyholder for 10 days or Daily Cash $12.10 per day during hospitalization. In addition, $302.44 will be paid for bringing and transporting family members to the hospital and $1209.75 will be provided to the family of the insured in case of accidental death of the insured. Meanwhile, in case of death of the policyholder, $60.49 or paise will be paid as the actual cost of the last rites.
In addition, education allowance is paid to the children after the death of the insured. Therefore, up to two children of the policyholder will receive 10% of the policy benefit amount or $1 million in education expenses, whichever is less.
Insurance Policy – Policy benefit is $3.62
The $3.62 accident insurance policy also offers all the benefits in the $4.83 policy. However, in case of $3.62, no education allowance is paid to cover the expenses of the education of the children of the deceased insured. This is the only major difference between both the policies.
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