India Post Payments Bank Motor Insurance – The New Way to Save on Your Car Insurance

Today we will discuss India Post Payments Bank Motor Insurance (IPPB Motor Insurance), its benefits, eligibility, EMI calculator, and much more. India Post Payments Bank (IPPB) has just started providing low-cost motor insurance to its new account holders. 

IPPB Motor insurance scheme lets you save a lot of money on your motor (car) insurance by covering damage to your vehicle and personal injuries that might be caused by the vehicle in case of an accident, whether you’re at fault or not. 

We already know that India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. 

IPPB was launched by the Hon’ble Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable, and trusted bank for the common man in India. IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages. 

Now it started insurance facilities for all customers. i.e  Motor insurance, two-wheeler insurance, and health insurance. Check out our guide to learn more about this new initiative from India Post Payments Bank Motor Insurance and its features.

India post payments bank motor insurance Policy

IPPB bank made a tire up with Bajaj Allianz Insurance company and Tata AIG insurance company for Motor Insurance. This private car package policy ensures that your smooth drive doesn't get interrupted by looking out for all the hurdles along your way.

 We know that people have a dream for own a car. They can visit any palace to enjoy life in a personal car. But maintaining a motor car is completely different from buying a car. 

The roads are some of the most uncertain places, where negligence, ignorance, carelessness, or just sheer bad luck can bring about a lot of consequences to you and your car. And as a car owner, these consequences do cost you a lot. 

From a small dent on the trunk to major accidents and natural disasters, a car on the road is subjected to diverse threats on a daily basis. Moreover, money is involved in every stage of the car’s recovery and safety. That’s why a car insurance policy becomes inevitable in today’s day and age.

Your car must be insured to avoid the above risk. If you haven’t taken four-wheeler insurance for your car yet or if you’ve just bought a new car and are looking for a car insurance policy, you have to check the IPPB Motor Insurance policy in detail. 

You can buy IPPB Motor Insurance with just one click, without any paperwork. this process is simple, easy, and fast.

➤ How to open IPPB account online?

India post payments bank motor insurance benefits

Car owners often consider auto insurance a way of protecting themselves from financial risks in case their vehicle is damaged or stolen. 

While that’s true, it’s important not to overlook two other significant benefits of having an insurance policy for your car: better coverage and lower premiums. 

When you buy auto insurance from India Post Payments Bank (IPPB), you get an array of perks, from free personal accident cover and easy claim settlement, which makes it easy for you to enjoy affordable coverages that are all bundled into one simple policy.

Here are some extensive reasons you should get it today & enjoy the following benefits- 24x7 spot assistance (add-on), motor on the spot, zero depreciation cover (add-on)m up to 50% no claim bonus. Some basic IPPB motor insurance benefits are explained below in detail. 

01. Covers Expenses On Own Damage

Car insurance is an investment that will protect you if anything happens to your vehicle. Besides accidents, your car could also be damaged by unusual circumstances like natural disasters or malfunctions. But don't worry - with the right policy you'll be reimbursed for any damage done to your car!

02. Third-party Liabilities

Cars get damaged by natural disasters, accidents, or any other issue. In any case, you have to spend money on fixing it. That's why it's best to invest in a car insurance plan which will help you with this issue. Your insurance company would take care of the expenses.

 

03. Personal Accidents

When you're driving around with your family, it's never fun when an accident occurs. That's why having four-wheeler insurance is like having a lifeguard in the passenger seat. It provides financial protection when any and all accidents happen, no matter how big or small they may be. 

A good car insurance policy also offers compensation for a permanent disability that may arise due to a car accident. This is a necessary form of protection for all families on the road.

 

04. Mandatory By Law

The law says that all vehicle owners must buy minimum third-party car insurance according to the Motor Vehicles Act. It's not that hard either, but if you don't do it and get caught then there will be consequences.

 05. Extended Benefits with Add-ons

You can make your IPPB Motor Insurance policy even more thorough with other extras like zero depreciation cover, consumables cover, breakdown assistance, and a lot more.

 06. Additional Convenience

Not only does an extensive online IPPB four wheeler insurance policy allow you to enjoy the benefits of coverage for personal baggage theft/damage, paperless-digital insurance applications and processing, online claims, and spot services - it also means that you can have all of this from the comfort of your home!

To know more about other benefits offered by IPPB please visit here.

IPPB Bank motor insurance eligibility

There are a number of eligibility criteria that one must meet in order to be eligible for motor insurance under India Post Payments Bank. For instance, individuals with commercial vehicle licenses are not eligible for motor insurance under India Post Payments Bank. 

Those with a valid license must submit an undertaking that they will not use their vehicle commercially while availing of motor insurance through India Post Payments Bank. India post payments bank motor insurance claim settlement ratio is also discussed here. It is a totally timely and hassle-free process.

India post payments bank motor insurance EMI calculator

India Post Payments Bank has launched a product for car owners that can help you save on your vehicle insurance payments. Now when you are buying a new car or renewing your policy, you can avail of an EMI calculator facility available with IPPB car insurance, which will work out your monthly payments based on EMI options offered by various banks and financial institutions. 

In order to get started, first select your vehicle and then fill in details such as loan amount, interest rate, etc. You will receive instant quotes from banks and other financial institutions listed with India post. 

This helps you quickly compare rates and choose your most suitable option while paying only a one-time premium through cheque or digital payment at any of India Post Payments Bank branches across India. 

If you want to get the India post payments bank motor insurance application form and claim form, you have to visit your nearest IPPB bank or post office. 

Conclusion

Today I told about India Post Payments bank Motor insurance (IPPB Motor insurance) and its all features including benefits. If you have a question regarding the IPPB motor insurance policy then you have to visit your nearest post office.

Visit inindiapost for the latest information related to Post office.