Indian Railways and SBI Partner to Offer Rs 1 Crore Accidental Death Insurance to Railway
In a significant move to boost employee welfare, Indian Railways has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to provide enhanced insurance coverage for its workforce. The MoU was signed in the presence of Railway Minister Ashwini Vaishnaw.
Under this new agreement, railway employees who hold salary accounts with SBI will become eligible for an accidental death insurance cover of Rs 1 crore. This marks a substantial increase from the previous coverage levels under the Central Government Employees Group Insurance Scheme (CGEGIS), which were Rs 1.20 lakh for Group A, Rs 60,000 for Group B, and Rs 30,000 for Group C employees.
Moreover, all railway employees with SBI salary accounts will receive natural death insurance coverage of Rs 10 lakh without having to pay any premium or undergo medical examinations.
The partnership benefits nearly 7 lakh railway employees maintaining salary accounts with SBI and demonstrates a thoughtful collaboration between Indian Railways and SBI focused on supporting the workforce.
Additional insurance benefits under the MoU include an air accident death cover of Rs 1.60 crore, with an extra coverage of up to Rs 1 crore linked to RuPay debit cards. There are also personal accident covers offering Rs 1 crore for permanent total disability and up to Rs 80 lakh for permanent partial disability.
This employee-centric initiative especially aims to support frontline railway staff in Group C and beyond, reflecting a compassionate approach to safeguarding the wellbeing of Indian Railways personnel.
