Free Benefits for Railway Employees: SBI & Indian Railways Join Hands For Rs. 1 Crore Insurance Cover

Indian Railways and State Bank of India (SBI) yesterday announced have signed a Memorandum of Understanding (MoU) that will potentially enhance insurance benefits for railway staff. The initiative, which primarily covers employees with SBI salary accounts, is expected to benefit nearly seven lakh railway employees across the country.

Rs. 1 Crore Accidental Death Cover for Railway Employees

One of the major highlights of the MoU is the increase in accidental death insurance cover to Rs. 1 crore. This is a big leap from the earlier limits under the Central Government Employees Group Insurance Scheme (CGEGIS), which offered Rs. 1.20 lakh for Group A, Rs. 60,000 for Group B, and just Rs. 30,000 for Group C employees as per reports.

In addition, employees will also receive Rs. 10 lakh insurance coverage for natural death, without the need to pay any premium or undergo medical examinations as per the agreement.

Additional Insurance Benefits with SBI Salary Accounts

Country's largest public sector bank, SBI's salary account packages already offer a range of benefits. The MoU goes beyond basic death coverage and offers multiple complementary benefits for railway employees:

As a part of Air Accident Cover, Employees will get Rs. 1.60 crore coverage in case of a mishap along with an additional Rs. 1 crore on RuPay Debit Cards linked to SBI salary accounts.

For people with permanent total disability, the insurance covers up to Rs. 1 crore. While for Permanent partial disability, it covers up to Rs. 80 lakh.

Coverage for Over 7 Lakh Railway Employees

According to reports, the enhanced insurance scheme will directly benefit more than seven lakh railway employees who draw their salaries through SBI. The initiative is especially important for Group C employees, who form the backbone of India's railway operations and often face higher occupational risks.

Employee-Friendly Initiative

One of the most appreciated aspects of this scheme is that the coverage comes at zero cost to employees, no premiums, no hidden charges, and no medical checks. For families of railway workers, this provides an added layer of financial security.

SBI Shares Today

On September 2nd, SBI Shares were trading 0.39% higher at Rs. 809.20 per share. SBI Stock has been trading in a volatile manner this month and has recorded gains of only 1.70% however, in the last six months SBI share has surged 16,38%.

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