IPPB introduced Antyodaya Shramik Suraksha Yojana in 2023, an affordable insurance scheme aimed at providing comprehensive coverage and protection to the unorganized sector workers.

On the occasion of Labour Day, India Post Payments Bank reiterates its commitment to the welfare of Shramiks or labourers. IPPB launched the Antyodaya Shramik Suraksha Yojana (ASSY) for unorganised sector workers, a visionary and affordable insurance scheme aimed at providing comprehensive coverage and protection to the unorganized sector workers. The scheme was launched by the Hon’ble Chief Minister of Gujarat on 8th July 2023 at Kheda, Gujarat.

Since the inception of ASSY, a total of 6,97,531 policies have been issued to labourers or Shramiks. A total of 355 claims have been settled and claim amount of Rs. 5,41,17,754 has been disbursed. The scheme is being offered through IPPB & issued by its six insurance partners including New India Assurance, Bajaj Allianz general Insurance, TATA AIG General Insurance, Niva Bupa Health Insurance, Aditya Birla Health Insurance and Start Health.

Sharing his thoughts on Labour Day, Mr. R. Viswesvaran, MD & CEO, India Post Payments Bank said “We are committed to the welfare and upliftment of labourers. For this reason, we had implemented the Antyodaya Shramik Suranksha Yojana for the labourers which has helped lakhs of Shramiks improve their quality of life and well-being”.

With such initiatives IPPB strives to bring life changing experience and access to digital banking at the doorstep of every household of India. IPPB has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

About India Post Payments Bank

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched 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. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

IPPB’s reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true - Every customer is important, every transaction is significant and every deposit is valuable.

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