What is GAG Policy?
India Post Payments Bank (IPPB) offers various insurance plans in India to provide financial security and risk coverage for its customers. Among these, Group Accident Guard (GAG) Policy is one of the best accident insurance policies in India, a policy offering comprehensive coverage with affordable premiums and convenient terms. This policy helps a policyholder and his family to get financial support at the right time when they are struck due to unplanned events like accidents, fires, crimes and natural disasters.
Why wait for unexpected risks? Explore the benefits of the GAG Policy and take a step towards financial peace of mind by getting the GAG today!
What is the GAG Policy?
The IPPB Accident Insurance – Group Accident Guard (GAG) policy – provides structured and high-quality comprehensive accident coverage in India to financial customers. It is used to safeguard policyholders from financial losses that may arise from accidents, theft, fire or natural disasters.
Besides these, there are government schemes such as Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) that provide affordable accident insurance policy at low premiums and extensive benefits.
GAG Insurance Premium Options
GAG Insurance Premium Option 1
| Coverage | Benefit Amount |
| Accidental Death | Rs.10,00,000 |
| Permanent Total Disability | Rs.10,00,000 |
| Permanent Partial Disability | Rs.10,00,000 |
| Accidental Dismemberment and Paralysis | Rs.10,00,000 |
| Accidental Medical Expenses (IPD) | Rs.1,00,000 or actual claims, whichever is lower |
| Evacuation Benefit | Rs.5,000 |
| Education Benefit | 10% of SI or Rs.1,00,000 (for max 2 children) |
| In-Hospital Daily Cash (Accident Only) | Rs.1,000 per day (max 10 days, 2 days deductible) |
| Family Transportation Benefits | Rs.25,000 or actuals, whichever is lower |
| Repatriation of Remains | Rs.5,000 or actuals, whichever is lower |
| Funeral Benefits | Rs.5,000 |
| Coma Benefit | Rs.1,00,000 (one-time) |
| Terrorism | Covered |
| Teleconsultations – General | Unlimited via TATA AIG app |
| Post Tax Premium | Rs.520 |
GAG Insurance Premium Option 2
| Coverage | Benefit Amount |
| Accidental Death | Rs.10,00,000 |
| Permanent Total Disability | Rs.10,00,000 |
| Permanent Partial Disability | Rs.10,00,000 |
| Accidental Dismemberment and Paralysis | Rs.10,00,000 |
| Accidental Medical Expenses (IPD) | Rs.50,000 or actual claims, whichever is lower |
| Evacuation Benefit | Rs.5,000 |
| Family Transportation Benefits | Rs.10,000 or actuals, whichever is lower |
| Repatriation of Remains | Rs.5,000 or actuals, whichever is lower |
| Funeral Benefits | Rs.5,000 |
| Coma Benefit | Rs.50,000 (one-time) |
| Terrorism | Covered |
| Teleconsultations – General | Unlimited via TATA AIG app |
| Post Tax Premium | Rs.320 |
Benefits of Group Accident Policy
- Accidental Death: It includes a payout of 100% if the incident is accidental death in 365 days of the incident.
- Permanent Disability: Covers accidental permanent dismemberment or paralysis occurring within 365 days after the date of accident.
- Education Benefit: He pays education benefit sum insured if the dependent children die in an accident or lose their total disability.
- Permanent Total Disability: 100% of the sum insured pays if the disability is complete, and occurs within 365 days.
- IPD – Accidental Medical Expenses: Pays hospitalization expenses if an accident is occurred and OPD exceeds for 24 hours.
- In-Hospital Daily Cash: Provides a daily cash allowance during hospitalization due to an accident.
- Family Travel: Costs incurred on the travel in the immediate family members of registered person, to visit the insured during hospitalization where the distance is more than 150 kms.
- Partial Disability Permanent: Covers disability which takes place within 365 days to be compensated at the percentage rate indicated in the policy’s document.
- Accidental Medical Expenses (OPD) Cover: Outpatient treatment expenses due to accident.
- Evacuation Benefit: This covers the cost incurred if an employee’s evacuation effort involves an accident at his or her working place.
- Coma Benefit: pays a lump sum after insured has fallen into the specified severity coma in the event of accident.
Features of Group Accident Insurance
| Feature | Details |
| Entry Age | 18-65 Years |
| Policy Tenure | 1 Year |
| Policy Offered To | IPPB Customers |
Comparing with Other Accidental Insurance policies
| Policy Name | Premium (₹) | Accidental Death Coverage (₹) | Permanent Total Disability (₹) | Permanent Partial Disability (₹) | Accidental Dismemberment (₹) |
|---|---|---|---|---|---|
| GAG Policy (IPPB) | 320 | 10,00,000 | 10,00,000 | 10,00,000 | 10,00,000 |
| SBI General Insurance – Accidental Death & Disability Policy | 500 | 5,00,000 | 5,00,000 | 3,00,000 | 4,00,000 |
| HDFC ERGO – Personal Accident Policy | 600 | 10,00,000 | 10,00,000 | 6,00,000 | 8,00,000 |
| ICICI Lombard – Personal Accident Insurance | 650 | 15,00,000 | 12,00,000 | 8,00,000 | 10,00,000 |
FAQ’s for GAG Policy
1. What is the GAG Policy?
India Post Payments Bank (IPPB) offers the GAG (Group Accident) Policy, a comprehensive insurance plan covering accidental death, disability, medical expenses, and more—all at an affordable cost.
2. What fall under the GAG Policy?
The GAG Policy includes coverage for accidental death, permanent disability (total and partial), dismemberment, paralysis, hospitalization expenses (IPD and OPD), evacuation, family transportation, education benefits for dependents, coma benefits, terrorism coverage, funeral costs, and more.
3. What is the best accident insurance policy in India?
The Group Accident Guard (GAG) Policy by IPPB is among the best accident insurance plans in India, offering financial security through affordable accident coverage. It includes accidental death insurance, disability coverage, medical benefits, and more.
4. How does the education benefit work?
The education benefit provides 10% of the sum insured (up to ₹1 lakh) for a maximum of two dependent children if the policyholder suffers total disability or passes away due to an accident.
5. How much sum insured is under the GAG Policy?
The amount of the sum insured depends on the type of coverage taken. For instance, in Option 1, the accidental death and permanent disability sum insured is Rs. 10,00,000.
6. What is the process for applying to the GAG Policy?
To apply for the GAG Policy, visit your nearest India Post Payments Bank branch or apply online via the official IPPB portal.
7. What documents are required to apply for the GAG Policy?
Personal identification, proof of age and other documents as required to the bank must be provided by the applicants. More basic document requirements, however, may vary by branch, so you would have to check the nearest branch.
8. Who is eligible for the GAG Policy?
Individuals between the ages of 18 and 65 years are eligible to receive The GAG Policy.
9. How long is the GAG Policy?
The tenure of the policy is 1 year and should be renewed every year.
10. Does the policy cover terrorism?
As you can see, terrorism is included in the GAG Policy.
11. Does coverage have waiting periods?
No mentioning is made of waiting periods for coverage, but the policy does cover events that occur within 365 days of an accident.
12. How do I receive the benefits offered by GAG Policy?
For the bank-initiated claim, you can start either by contacting the bank to start you claim or by making available the documents which will help the bank to validate your claim. The process is quick and streamlined and for providing the assistance.
13. Does this daily cash benefit form part of the GAG Policy?
There is an In-Hospital Daily Cash of Rs. 1,000 per day (up to 10 days) in the case of hospitalization due to an accident.
14. Under the GAG Policy, what is the evacuation benefit?
The evacuation benefit is an employee benefit which pays the amount an employee spends while being evacuated pursuant to an accident happening whilst working for the employer.
15. Does the policy provide benefits for family members during hospitalization?
In fact the policy covers the travel expenses incurred by the family while travelling from immediate family members to visit an insured during hospitalization if the distance is more than 150 km.
16. How can I pay the premium for the GAG Policy?
The premium can be paid through IPPB portal or directly at the IPPB branch.
17. Does the policy cover both hospitalization and outpatient treatment expenses?
Yes, the accident will also cover OPD as well as IPD medical expenses under the policy.
18. What is the renewal process for the GAG Policy?
The policy can be renewed with a yearly paying the premium through the IPPB portal or at branch.
19. Can I access the policy document online?
Once payment is processed, policy holders are issued with a digital copy of their policy. A physical copy is also available upon request.
20. What are the benefits of having a GAG Policy?
The GAG Policy provides affordable premiums, a range of benefits and financial security in case of an accident that is unexpected. It also has a simple and easy claims process. In addition, it comes with a simple and trouble-free claims process. It gives financial protection to a policyholder as well as his/her family.
Conclusion
Accidents are not something that are predictable, but your financial security does not have to be in accidents. With the best accident insurance policy in India, is affordable and it has an extensive coverage providing you peace of mind at a time you need it most.
Although accidents can never be predicted, your financial security doesn’t need to be. IPPB’s GAG Policy provides for extensive coverage at a very affordable premium and provides you and your loved ones financial security in times of need.
Take Control of Your Future Today!
You can’t know what your life holds, but your financial security doesn’t have to be. With IPPB’s GAG Policy, you get:
- High coverage, low premium.
- Protection against accidents, disability & medical expenses.
- Terrorism coverage included.
Don’t wait for the unexpected! Secure your future today. Enroll now either online or at any of our IPPB branches. Get IPPB Accident Insurance today!
