India Post is far ahead of its peers in product design but far behind in marketing its products. Unlimited medical counselling on phone is a freebie of one of its financial products. Digital life certificate at doorstep @Rs. 70, mobile number change in Aadhar card, enrolment of a toddler (below 5 years of age) in Adhaar system and so many other products/services at doorstep are available with India Post but less known due to poor publicity. Can you believe that India Post doesn’t charge a single penny for cash deposit and cash withdrawal at its India Post Payment Bank? Let us discuss some of the less known but well-designed financial product/services of India Post.
Freebies sound lucrative than the main product: India Post is offering Accident Insurance services to the customers of India Post Payment Bank (IPPB). It’s available to the customers in the age group of 18 to 65 years. The insurance cover is available in the slot of Rs 10 lakh to 15 Lakh. The annual premium varies between Rs. 500 to Rs 750. If you add the cost of opening a saving account with India Post, it takes only Adhaar Card, Mobile Number and Rs 200. Even if you add the cost of account opening to annual premium, it’s cheaper than any insurer. The freebies offered with this accident insurance are more lucrative than the product itself. Unlimited medical counselling over phone, full body checkup and Rs. 1 lakh marriage assistance to two children (in case of accidental death of the insured). Is there any other accidental insurance product with such freebies?
Renew Pension sitting at home: The importance of life certificate is well known to the pensioners. They have to submit life certificate every year to Pension department for unhindered payment of pension. Procuring a life certificate requires visit to the nearest bank. The process is quite difficult for the elderly and wheel-chair ridden pensioners. To smoothen the process of pensioners, India Post has launched services of Digital Life Certificate at doorstep @ Rs.70 only. You can book this service sitting at your home. The India Post executive will visit you with a handheld device, generate your Digital Life Certificate and upload at the site of the pension organization. As of March 31, 2023, there were 67,95,449 central government pensioners in India (Finance Ministry data). All these pensioners require Life Certificate every year. If marketized properly, the India Post product of Digital Life Certificate can prove a game changer for India Post revenue stream. It’s beyond one’s comprehension as to what stops India Post from aggressive marketing of Digital Life Certificate.
Unlimited cash deposit and withdrawal free of cost: India Post offers its banking services through India Post Payment Bank (IPPB). Account can be digitally opened through mobile phone. IPPB is perhaps the only Bank, which offers deposit and withdrawal of unlimited cash without any cash deposit and withdrawal charges. The amount lying idle in bank account is swept in/out to Post Office Saving Account (POSA) and generates handsome income. India Post Payment Bank provides doorstep banking as well, where your well-known post man can deliver you the amount you wish to withdraw. I have used IPPB mobile app and found its one of the best banking apps available. It’s full of features and services.
Next time, when you wish to buy any financial product or avail any financial services, better you check the website of India post or google the services with India Post. Don’t expect that India Post would whisper into your years about its products/services.
