NewzVille Desk
Indian Railways and State Bank of India have signed a MoU for enhanced insurance benefits to railway employees. The MoU was signed in the presence of Railways Minister Ashwini Vaishnaw and SBI Chairman C.S. Setty in New Delhi today.
Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI have been significantly enhanced.
In case of accidental death, the insurance benefit has been increased to one crore rupees, compared to the current coverage of one lakh 20 thousand for Group A employees, 60 thousand for group B and 30 thousand rupees for Group C employees covered under Central Government Employees’ Group Insurance Scheme.
Additionally, all Railway employees holding only a salary account with SBI will now be eligible for natural death insurance coverage of ten lakh rupees without paying any premium.
