NEW DELHI. Indian Railways and the State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to offer enhanced insurance benefits to railway employees holding salary accounts with SBI. Signed in the presence of Union Minister Ashwini Vaishnaw, the agreement increases the accidental death insurance cover to ₹1 crore, a significant rise from the previous ₹30,000 to ₹1.20 lakh coverage under the Central Government Employees Group Insurance Scheme (CGEGIS). Additionally, employees will receive natural death insurance coverage of ₹10 lakh without any premium or medical tests, benefiting nearly 7 lakh railway staff members.
The MoU also introduces complimentary insurance provisions, including air accident death insurance of ₹1.60 crore along with up to ₹1 crore coverage on RuPay Debit Cards, personal accident permanent total disablement cover of ₹1 crore, and permanent partial disability cover of up to ₹80 lakh. This initiative is seen as a compassionate, employee-centric step, especially aimed at frontline Group C railway personnel and other staff, offering them financial security and peace of mind.
