In a landmark move, Indian Railways (IR) has partnered with the State Bank of India (SBI) to provide enhanced insurance benefits for its workforce. Nearly 7 lakh railway employees who maintain their salary accounts with SBI will now enjoy significantly higher accident and life insurance coverage.
From Thousands To Crores: A Major Upgrade
Previously, insurance coverage for railway employees stood at just ₹1.20 lakh, ₹60,000, and ₹30,000 for Group A, B, and C employees, respectively, under the Central Government Employees Group Insurance Scheme (CGEGIS).
Now, the new MoU increases the personal accident (permanent total disablement) cover to ₹1 crore and permanent partial disability cover up to ₹80 lakh.
Air Accident Insurance Up To ₹1.6 Crore
Employees will also benefit from a ₹1.6 crore air accident cover (death). On top of this, there is an additional cover of up to ₹1 crore linked to the SBI RuPay Debit Card. This ensures that employees and their families have strong financial protection in case of unfortunate air travel incidents.
Natural Death Cover & Debit Card Benefits
Apart from accident-related protection, railway employees with salary accounts at SBI will also get a natural death cover of ₹10 lakh, without paying any premium or undergoing medical tests.
Additionally, employees can access complimentary debit card-linked insurance, such as:
- Non-air accidental death cover ranging from ₹2 lakh to ₹10 lakh (depending on card type).
- Air accident cover ranging from ₹4 lakh to ₹20 lakh.
Why This Matters
This collaboration between IR and SBI ensures that employees—who form the backbone of India’s largest public transporter—are better financially secured in case of mishaps. With enhanced coverage running into crores, the scheme not only protects employees but also provides peace of mind for their families.
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