Fri May 02 08:40:00 UTC 2025: **India Post Payments Bank’s New Insurance Scheme Protects 700,000 Unorganized Workers**
NEW DELHI – India Post Payments Bank (IPPB) announced the successful rollout of its Antyodaya Shramik Suraksha Yojana (ASSY) insurance scheme, providing crucial financial protection to India’s unorganized workforce. Launched on Labour Day and officially inaugurated in Gujarat on July 8th, the scheme has already issued nearly 700,000 policies and processed over 350 claims totaling ₹54.1 million.
ASSY, a collaboration between IPPB and six insurance partners including New India Assurance and Bajaj Allianz, offers affordable insurance coverage to a sector often lacking adequate financial security. The initiative highlights IPPB’s commitment to improving the lives of millions of laborers who contribute significantly to the Indian economy.
IPPB Managing Director and CEO, R. Viswesvaran, emphasized the bank’s dedication to uplifting the lives of Shramiks, stating that ASSY provides vital tools for improved living standards. The scheme leverages IPPB’s extensive network of over 165,000 post offices, particularly in rural areas, to ensure accessibility. This initiative aligns with IPPB’s broader mission of providing accessible and affordable financial services to all citizens, fostering economic empowerment and contributing to a cashless Digital India.
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