SBI's new insurance agreement with Railways, lakhs of railway employees will get benefit

A historic agreement was signed between State Bank of India and Indian Railways on Monday. A letter of understanding (MoU) was signed at Rail Bhavan in New Delhi in the presence of Railway Minister Ashwini Vaishnav. With this agreement, railway employees will get many benefits under the salary package. In which all railway personnel will get the benefit of accident insurance. This agreement also includes free cover of Rs 1 crore for permanent total disability in accident and up to Rs 80 lakh for permanent partial disability.

Also Read: Amanta Healthcare IPO Day 1: GMP, Subscription, Price Band and Expert Review In fact, the MoU was signed in the presence of Railway Minister Ashwini Vaishnav, Chairman of Railway Board Satish Kumar and SBI Chairman CS Setty. This step is a historic initiative towards employee welfare.

Benefit will be available without premium

Let us tell you that under this agreement, railway employees having salary account in State Bank will get more insurance coverage than before. Apart from this, employees will get additional cover of up to Rs 1 crore through RuPay debit card.

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Accident cover up to Rs 1 crore

In case of death in an accident, employees will get insurance cover of up to Rs 1 crore, which is much more than the existing coverage, under the Central Government Employees Group Insurance Scheme (CGEGIS). Apart from this, an insurance cover of Rs 10 lakh will also be given for natural death.

Lakhs of employees will get benefit

According to the information, currently about 7 lakh railway employees have salary account in State Bank, due to which a large section of railway employees will benefit from this agreement. This agreement also includes free cover of Rs 1 crore for permanent total disability in accident and Rs 80 lakh for permanent partial disability.