Railway staff with SBI salary accounts to get Rs 1 cr accident insurance

State-owned entities sign agreement to strengthen welfare measures for national transporter's employees

Indian Railways employees who have salary accounts with State Bank of India (SBI) will receive accidental death insurance of Rs 1 crore, a sharp rise from the existing cover of just a few lakhs.

 

The two sides signed an agreement on Monday in the presence of Railway Minister Ashwini Vaishnaw, according to a PTI report that cited a rail ministry statement.

Jump in insurance cover

 

Railway employees are covered under the Central Government Employees Group Insurance Scheme, which offers accidental death cover of:

 

• Rs 1.20 lakh for Group A employees 
• Rs 60,000 for Group B employees 
• Rs 30,000 for Group C employees

 

The agreement will also provide natural death cover of Rs 10 lakh, without railway employees having to pay any premium or undergo medical tests.

 

According to the ministry, almost 700,000 railway employees have their salary accounts with SBI. The ministry described the scheme as “employee-centric and compassionate”, designed to especially benefit frontline staff in Group C.

Additional insurance benefits

 

The partnership also brings several complementary covers:

 

• Air accident insurance (death): Rs 1.60 crore, plus up to Rs 1 crore on RuPay debit card 
• Personal accident (permanent total disability): Rs 1 crore 
• Personal accident (permanent partial disability): up to Rs 80 lakh

 

The ministry noted that the move reflects a constructive partnership between Indian Railways and SBI aimed at strengthening employee welfare. For staff and their families, the enhancement means a meaningful financial safety net in case of unforeseen events.

 

(With inputs from PTI)