In a major relief for Indian Railways staff, employees who receive their salaries through State Bank of India (SBI) salary accounts will now get an accidental death insurance cover of ₹1 crore. This move is aimed at enhancing financial security for employees and their families.
Key Highlights of the Scheme
Coverage Amount: ₹1 crore accidental death cover.
Eligibility: All railway employees with salary accounts in SBI.
Premium: The insurance benefit comes at no additional cost to employees.
Coverage Type: Accidental death (not natural death).
Beneficiaries: Family/nominee of the deceased employee.
Why This Matters for Railway Employees
Railway jobs involve operational risks, especially for staff working on tracks, in signaling, or on running duties. This insurance cover ensures:
Financial protection for families in case of unfortunate incidents.
Zero extra cost, as it comes bundled with the salary account.
Peace of mind for employees engaged in high-risk roles.
How Employees Can Benefit
Ensure your salary is credited through SBI.
Update your nominee details in the bank account.
Confirm that your account is linked to the railway employee category.
In case of accidental death, the nominee can claim insurance via SBI.
FAQs
Q1: Who is eligible for the ₹1 crore cover?
All railway employees with SBI salary accounts.
Q2: Is there any premium to be paid?
No, this facility is provided free of cost.
Q3: Does it cover natural death or illness?
No, it is only for accidental deaths.
Q4: How can the nominee claim the insurance?
By submitting the required documents (death certificate, accident report, nominee ID proof) to SBI.
Q5: Do retired railway employees get this benefit?
No, the scheme is applicable to current employees with SBI salary accounts.
Published on : 2nd September
Published by : SMITA
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