In a significant move aimed at bolstering financial security for public servants, the Bank of India (BoI) has announced a comprehensive free life insurance package for employees of the Jharkhand state government. The public sector bank will provide this cover exclusively to those who hold their salary accounts with its branches.
MoU Inked for Employee Welfare
Bank of India officials in Ranchi confirmed the development on Monday, stating that a formal Memorandum of Understanding (MoU) with the state government would be signed on Tuesday. Guru Prasad Gond, the General Manager of BoI, emphasized that the initiative places top priority on the welfare and social security of all permanent and contractual employees, as well as pensioners.
"The MoU is not only for providing financial service to the government employees but also to ensure them a peaceful and secure life," Gond stated, outlining the bank's commitment to supporting the state's workforce.
Details of the Insurance Coverage
The insurance scheme offers substantial financial protection across various scenarios of misfortune. The key benefits under the agreement include:
- Air Accident Cover: A free insurance payout of up to Rs 2 crore in case of death resulting from an air accident.
- Personal Accident Cover: Insurance coverage of up to Rs 1 crore for death due to other personal accidents.
- Disability Support: A sum of Rs 1 crore for permanent total disability and Rs 50 lakh for partial disability.
Gond explained that this step is designed to provide crucial financial support to the affected families in the event of such tragic mishaps, helping them navigate difficult times.
Additional Benefits and Broader Coverage
Beyond the high-value accident covers, the BoI package includes several other benefits. Employees will also receive a standard life insurance cover of up to Rs 10 lakh. A separate provision of up to Rs 10 lakh is earmarked for children's education, alongside several other free banking facilities.
Importantly, the scheme is inclusive. Contractual employees who receive their salary from government funds, as well as pensioners, will also be eligible for various insurance covers, provided they maintain an account with Bank of India.
This initiative by Bank of India marks a substantial enhancement in the safety net available to Jharkhand's government staff, directly linking their salary accounts with a robust layer of financial risk protection.
