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

A historic agreement was signed between the State Bank of India and the 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 employees will get the benefit of accident insurance.

Actually, the MoU was signed in the presence of Railway Minister Ashwini Vaishnav, Railway Board Chairman Satish Kumar, and SBI Chairman CS Setty. This step is a historic initiative towards employee welfare.

The benefit will be available without a premium.

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

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 (Rs 1.20 lakh for Group A, Rs 60,000 for Group B, and Rs 30,000 for Group C) 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. That too, without any premium or medical test.

Lakhs of employees will get the benefit.

According to the information, currently about 7 lakh railway employees have salary accounts 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 an accident and Rs 80 lakh for permanent partial disability.

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