A historic agreement between the State Bank of India (SBI) and Indian Railways will significantly benefit approximately 7 lakh railway employees. They will now receive accident insurance cover without paying any premium, which includes coverage of up to ₹1 crore for permanent total disability and ₹80 lakh for partial disability. Additionally, extra cover will be available on RuPay debit cards.
SBI and Indian Railways: An agreement was signed between the State Bank of India and Indian Railways on Monday at Rail Bhavan in New Delhi, in the presence of Railway Minister Ashwini Vaishnav. The MoU was signed by Chairman of the Railway Board, Satish Kumar, and SBI Chairman, C.S. Setty. This agreement will provide several new benefits to approximately 7 lakh railway employees under their salary packages. The most significant benefit is the accident insurance coverage, which includes free cover of up to ₹1 crore for permanent total disability and ₹80 lakh for partial disability. Employees will also receive additional insurance protection through RuPay debit cards.
Benefit for Over Seven Lakh Employees
Currently, there are about seven lakh railway employees across the country whose salary accounts are with SBI. They will directly benefit from this new agreement. Compared to before, these employees will now receive higher insurance coverage. The key point is that no premium will be charged for this.
Increase in Insurance Coverage
As per the agreement, railway employees will receive free insurance cover in case of an accident. In the event of permanent total disability, the employee will be covered up to ₹1 crore. For permanent partial disability, an amount of up to ₹80 lakh will be provided. This protection is significantly higher than before and will reduce financial worries for employees regarding their future.
In addition to insurance coverage, the agreement includes another major facility. Through the RuPay debit cards provided to railway employees, they will receive additional insurance cover of up to ₹1 crore. This means that if an employee meets with an accident, they will benefit from the insurance linked to their salary account as well as the debit card cover.
A Big Step for Employees
This move by Railways and SBI is considered significant for employee welfare. Railway Minister Ashwini Vaishnav stated on the occasion that the government and institutions are continuously working together to secure the interests of employees. He added that the country's railway system runs on the hard work and dedication of railway employees, and it is their responsibility to secure their future.
Benefit of Free Insurance
The most significant aspect of this agreement is that employees will not have to pay anything out of their pockets for it. While insurance plans usually require premium payments, railway employees here are receiving a safety net of lakhs of rupees without paying any premium. This will provide them with additional financial security.
Both Railways and SBI have described this MoU, signed at Rail Bhavan, as historic. Chairman of the Railway Board, Satish Kumar, stated that this initiative will provide relief and security to lakhs of employees. SBI Chairman C.S. Setty expressed confidence that the bank will continue to work towards bringing better facilities for employees in the future.
Atmosphere of Happiness Among Employees
As soon as the news of this agreement reached the employees, an atmosphere of happiness was observed among them. While earlier many employees felt insecure about their family's future, this agreement now gives them the assurance that their family will be financially secure in the event of an accident.
This agreement between SBI and Railways is not limited to insurance cover alone. It is also a symbol of reassuring employees that their institution stands with them. Such initiatives in the future will make the lives of railway employees easier and more secure.
