SBI to provide up to Rs 1.6 crore insurance cover to Railway employees with SBI salary accounts

Indian Railways (IR) and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU), where the bank will provide a personal accident cover (permanent total disablement) of Rs 1 crore to Railway employees who maintain their salary account with SBI.

SBI’s accident and natural death cover for Railway employees

As per the MoU, Railway employees’ new personal accident cover of Rs 1 crore is a huge jump from its earlier insurance limits of Rs 1.20 lakh, Rs 60,000, and Rs 30,000 available to Group A, B, and C employees, respectively.. Additionally, the bank is also providing a personal accident cover (permanent partial disability) of up to Rs 80 lakh to railway employees with their salary account with SBI.

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According to the Ministry of Railways statement, “Under this MoU, insurance coverage for Railway employees maintaining salary accounts with SBI has been significantly enhanced. In case of accidental death, the insurance benefit has been increased to Rs 1 crore, compared to the current coverage of Rs 1.20 lakh, Rs 60,000 and Rs 30,000 for Group A, B, and C employees respectively covered under CGEGIS.”

• Rs 1.6 cr air accident (death) cover to Railway employees
• SBI is also providing Rs 1.6 cr air accident cover.
• Railway employees will get Rs 1.6 cr air accident cover (death) plus an additional cover up to Rs 1 cr on the RuPay Debit Card

Apart from that, employees with only a salary account at SBI will also get a natural death cover of Rs 10 lakh, without needing to pay any premium or undergo medical checks.

SBI coverage for nearly 7 lakh Railway employees
The statement says that close to 7 lakh Railway employees maintain their salary accounts with SBI.
Key complimentary insurance benefits under the MoU

• Air Accident Insurance (Death): Rs 1.60 crore, plus up to Rs 1 crore additional cover on the RuPay Debit Card
• Personal Accident (Permanent Total Disablement): Rs 1 crore
• Personal Accident (Permanent Partial Disability): up to Rs 80 lakh

SBI complimentary insurance covers available on eligible SBI debit cards

Personal Accidental Insurance (death) Non-Air
According to the SBI website, “This insurance covers the Debit Cardholders for non-air accidental death only, to the extent as applicable on the type of Debit Card held (detailed below).”

This insurance cover will become operational when the SBI debit card is used at least once for a financial transaction on any channel during the last 90 days from the date of the accident.

Personal air accidental insurance (death): This insurance covers a debit cardholder for air accidental death only, to the extent as applicable on the type of the debit card held (detailed below).

Debit Card Variant	Personal Accident Insurance Cover - Non-Air (Death Only)* Amount In Rs.	Personal Air Accident Insurance Cover (Death Only)# Amount In Rs.
SBI Gold (MasterCard/VISA)	2,00,000/-	4,00,000/-
SBI Platinum (MasterCard/VISA)	5,00,000/-	10,00,000/-
SBI Pride (Business Debit) MasterCard/VISA)	2,00,000/-	4,00,000/-
SBI Premium (Business Debit) (MasterCard/VISA)	5,00,000/-	10,00,000/-
SBI VISA Signature/MasterCard World Debit Card	10,00,000/-	20,00,000/-
* Available to Debit Cards used at least once for a financial transaction on any channel, viz ATM/PoS/eCom during the last 90 days from the date of accident.