In a significant move to promote affordable safety solutions for the common citizen, India Post Payments Bank (IPPB), in collaboration with Tata AIG Insurance Scheme Company, has launched an Accident Insurance Scheme that provides coverage of up to ₹10 lakh for just ₹2 per day. This insurance initiative is a part of the government’s broader vision to extend financial protection to every individual—especially workers and families in rural and underserved areas.
This scheme is being hailed as one of the most accessible, economical, and practical accident insurance policies available in India. It is aimed primarily at daily wage workers, small traders, farmers, laborers, drivers, and other sections of the population that are generally unable to access traditional insurance products due to cost or complexity.
In this article, we will provide full details of the plan, including eligibility, benefits, exclusions, and how to apply.
What is the IPPB-Tata AIG Accident Insurance Scheme?
The IPPB-Tata AIG Group Accident Insurance Scheme is a personal accident insurance policy offered at affordable premiums, tailored specifically for general public coverage. The scheme ensures financial assistance to policyholders and their families in case of accidental death or permanent disability.
Key Features of the Scheme
| Feature | Details |
|---|---|
| Coverage (Sum Assured) | ₹5 lakh or ₹10 lakh |
| Annual Premium | ₹339 (for ₹5 lakh cover), ₹699 (for ₹10 lakh cover) |
| Daily Cost | Approximately ₹0.93 or ₹1.91 per day |
| Policy Term | 1 year (renewable annually) |
| Age Limit | 18 to 65 years |
| Issuing Authority | Tata AIG Insurance Company Limited |
| Distributor | India Post Payments Bank (IPPB) |
| Eligibility | Any IPPB account holder (Minimum deposit ₹100 to open) |
This policy is available digitally, making it easy and paperless to purchase via the IPPB mobile app or at any local post office.
Who Can Apply?
Anyone aged between 18 and 65 years can apply for this policy, provided they are an IPPB account holder. This includes:
- Daily wage workers
- Small shopkeepers and vendors
- Rickshaw pullers
- Farmers and agricultural workers
- Housewives
- Retired individuals
- Urban and rural unemployed youth
You just need to open a savings account with IPPB, which can be done for a minimum balance of ₹100, either through a local post office or by downloading the IPPB Mobile Banking App.
Benefits of the Policy
The Tata AIG Group Accident Insurance plan provides a comprehensive safety net under unfortunate circumstances. Below are the major benefits:
1. Accidental Death Benefit
In case of accidental death, the entire sum insured (₹5 lakh or ₹10 lakh) is paid to the nominee.
2. Permanent Total Disability
If an accident leads to total disability such as loss of both limbs or complete blindness, the full sum assured is disbursed.
3. Permanent Partial Disability
In case of permanent partial disability like loss of one limb or eye, a percentage of the sum assured is given, based on the severity.
4. Instant Policy Issuance
Since the process is completely digital, policy documents are instantly sent via email or SMS after application and payment.
5. Affordable Premium
At ₹699 per year, this is one of the cheapest accident insurance policies in India, with a high benefit ratio.
How to Apply for Tata AIG Accident Insurance via IPPB
Applying for this scheme is very simple and can be done both online and offline.
Option 1: Via IPPB Mobile App
- Download the IPPB Mobile Banking App from Play Store or App Store.
- Register/Login with your mobile number.
- Navigate to the Insurance section.
- Select Tata AIG Group Accident Insurance.
- Choose between ₹5 lakh or ₹10 lakh cover.
- Fill in your personal and nominee details.
- Pay the premium online via net banking, UPI, or debit card.
- Receive the policy document instantly on your mobile/email.
Option 2: At a Post Office or IPPB Branch
- Visit your nearest IPPB branch or post office.
- Ask for the Tata AIG Group Accident Insurance Policy.
- Fill out the application form and submit KYC details.
- Pay the premium at the counter.
- Receive a digital copy of your policy immediately.
Claim Process: How to File a Claim
If an unfortunate event occurs, follow this straightforward claim process:
| Method | Details |
|---|---|
| Call | 1800-266-7780 (Tata AIG Helpline) |
| SMS | Send “CLAIMS” to 5616181 |
| customersupport@tataagi.com | |
| Documents Required | Policy number, accident report, hospital or death certificate, photo ID proof |
Claims are typically processed in 7–15 working days, subject to document verification.
What is Not Covered?
Although the policy is robust, there are a few exclusions where no benefits are paid:
- Death or injury due to alcohol or drug use
- Suicide or self-inflicted injury
- Injuries sustained while committing a criminal act
- War, natural disasters like earthquakes, or terrorist activities
- Participating in hazardous sports without disclosing in advance
It’s essential to read the full terms and conditions of the policy before buying.
Why This Scheme Is Important for the Common Man
Millions of Indians, especially those in unorganized sectors, do not have any insurance protection. For them, a minor accident can result in complete loss of income or even debt.
This scheme by IPPB and Tata AIG is designed to make basic safety coverage available to every citizen at a price anyone can afford. With premiums starting at less than ₹1 per day, even the poorest citizens can now protect their families financially.
Customer Support
For any questions, complaints, or further assistance:
- Email: customersupport@tataagi.com
- Senior Citizen Helpline: 1800-22-9966
- General Queries: Visit nearest IPPB branch or post office
Final Thoughts
The IPPB-Tata AIG Accident Insurance Scheme is one of the most impactful micro-insurance products available in India today. It’s an excellent example of public-private partnership aiming to bridge the financial protection gap among the economically weaker sections of society.
Whether you are a farmer, rickshaw puller, housewife, or small trader, this plan gives you the security and peace of mind that your family will not be left helpless in the face of unexpected tragedy.
If you haven’t yet taken any accident insurance, this is your chance to start at the lowest cost possible.
Frequently Asked Questions (FAQ)
Q. What is the validity of the policy?
A. The policy is valid for 1 year and can be renewed annually.
Q. Can I buy this policy without an IPPB account?
A. No. You must have an IPPB account to be eligible.
Q. Is there any medical test required?
A. No medical check-up is needed.
Q. Is this scheme available in rural areas?
A. Yes, it is available PAN-India through post offices and IPPB branches.
Share this post:
