Indian Railways has made a historic announcement for its employees. Now railway employees having salary account in SBI (State Bank of India) will get accidental death insurance up to Rs 1 crore.
On Monday, a Memorandum of Understanding (MoU) was signed in this regard between Indian Railways and SBI in the presence of Railway Minister Ashwini Vaishnav. Seven lakh railway employees will get the benefit of this scheme, which will further strengthen their social and economic security.
Till now, very little cover was available
Till now, railway employees used to get insurance cover under Central Government Employees Group Insurance Scheme (CGEGIS). But this amount was very limited. Group-A employees used to get insurance cover of only ₹ 1.20 lakh, Group-B employees got ₹ 60,000 and Group-C employees got only ₹ 30,000. Now with the partnership of Railways and SBI, this cover has increased manifold and employees have got huge relief.
Benefits under the agreement
According to the new agreement, employees will get an insurance cover of Rs 1 crore in case of accidental death. Not only this, employees will also get an insurance cover of Rs 10 lakh in case of natural death. For this facility, employees will neither have to pay any premium nor undergo any medical examination.
Apart from this, the agreement also includes several other supplementary insurance benefits. These include –
Air Accident Insurance Cover ₹1.60 Crore
- Additional cover up to ₹1 crore on RuPay Debit Card
- Permanent Total Disability Cover up to ₹1 Crore
- Permanent partial disability cover up to ₹80 lakh
Seven lakh employees will benefit
Indian Railways said that about seven lakh employees, whose salary accounts are in SBI, will be able to take advantage of this scheme. This facility will prove to be a big relief especially for frontline employees like Group-C, who take risks every day to run railway services smoothly.
Railway Minister Ashwini Vaishnav described this agreement as a big step in the interest of the employees and said that this scheme reflects the sensitivity and commitment of the government towards the railway family. SBI officials also assured that this partnership will open the way for more welfare facilities in future.
This move not only enhances the safety of railway employees but also provides financial stability to their families. It is being seen as a “caring and creative partnership” between the Railways and SBI, which will give mental peace and security to millions of families.
