Indian Railways and the State Bank of India (SBI) signed a landmark Memorandum of Understanding (MoU) to offer significantly enhanced insurance benefits to railway employees.
The signing ceremony was graced by the Hon’ble Minister for Railways, Shri Ashwini Vaishnaw, along with Railway Board Chairman Shri Satish Kumar and SBI Chairman Shri C.S. Setty.
Under this MoU, railway employees maintaining salary accounts with SBI will now receive Rs 1 crore insurance coverage in case of accidental death—an enormous leap from the current CGEGIS coverage of Rs 1.20 lakh for Group A, Rs 60,000 for Group B, and Rs 30,000 for Group C employees.
Additionally, employees will be eligible for:
- Rs 1.6 crore air accident death cover
- Up to Rs 1 crore additional cover via RuPay debit card
- Rs 1 crore for permanent total disability
- Up to Rs 80 lakh for permanent partial disability
- Rs 10 lakh natural death cover without premium or medical examination
With nearly 7 lakh railway employees holding SBI salary accounts, this MoU reflects a compassionate and employee-centric approach, especially benefiting frontline Group C personnel.
The partnership between Indian Railways and SBI sets a new benchmark in institutional collaboration for social security and financial protection of government employees.