Achieving an increase in the spectral efficiency (SE) has always been a major driver in the design of communication systems. The use of MIMO techniques in mobile communications has achieved significant benefits in improving the system throughput. The basic underlying concept of MIMO is to exploit the signal and channel characteristics to eliminate interference between multiple transmissions. Departing from the work carried out under the industrial projects \cite{NGW,Henarejos}, we extend the results provided in their respective reports. The goal is to increase the SE without an increment of radiated energy without any Channel State Information at Transmitter (CSIT) and feedback at the transmitter and maintaining a very low computational complexity at the receiver. Although a priori additional power is required to increase the SE, we demonstrate that the proposed Polarized Modulation (PMod) scheme exploits the polarization diversity reducing the required EbN0 and adding an extra bit. We also introduce two receivers to demodulate this scheme of different computational complexities. We describe a Near Optimal Detector (NOD) which achieves almost the same performance as the optimal detector based on the Maximum Likelihood Detection (MLD), but with lower computational complexity. Finally, the results demonstrate that the PMod requires less EbN0 compared with the single polarization case, guarantees the robustness in the presence of the cross-polarization and validates that PMod can multiplex two streams of different Quality of Service (QoS).