Indian Railways, SBI Sign MoU to Provide ₹1 Cr Accident Insurance for Railway Employees

Indian Railways and the State Bank of India (SBI) have signed a landmark Memorandum of Understanding (MoU) to enhance insurance benefits for railway employees holding salary accounts with SBI. The signing ceremony was graced by the Union Minister for Railways, Information & Broadcasting, and Electronics & IT, Shri Ashwini Vaishnaw; Chairman, Railway Board, Shri Satish Kumar; and SBI Chairman, Shri C.S. Setty.

Under the MoU, accidental death insurance coverage for railway employees has been raised to ₹1 crore, a significant increase from the current Central Government Employees Group Insurance Scheme (CGEGIS) coverage of ₹1.20 lakh, ₹60,000, and ₹30,000 for Group A, B, and C employees respectively.

In addition, employees with SBI salary accounts will receive natural death insurance coverage of ₹10 lakh, without paying any premium or undergoing medical examinations. With nearly 7 lakh railway employees maintaining salary accounts in SBI, this move represents a major step towards employee welfare.