Indian Army and Punjab National Bank Enhance Welfare Benefits for Service Personnel
The enhancement will introduce several new benefits and increase existing ones, affirming their commitment to the well-being of the military staff and their families.
To significantly strengthen the welfare measures for its serving personnel, the Indian Army has signed an addendum to its existing Memorandum of Understanding (MoU) with Punjab National Bank (PNB).
This enhancement will introduce several new benefits and increase existing ones, affirming their commitment to the well-being of the military staff and their families.
The updated Memorandum of Understanding (MoU) now includes Personal Accident Insurance for Indian Army personnel. This insurance provides coverage for Total or Partial Disability, with benefits of up to Rs 1 Crore. The purpose of this significant increase is to offer improved financial security in case of any accidents during their service.
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Additionally, the addendum includes improved educational benefits for the children of the personnel. The Child Education cover has been significantly raised to Rs 20 Lakh, ensuring better access to quality education. In a move to support the families further, the Girl Child Marriage cover has also been increased to Rs 10 Lakh.
Moreover, the Air Accidental cover has been enhanced to Rs 1.5 Crore. This considerable increment addresses the higher risks associated with air travel and operations, providing a more comprehensive safety net for the Army personnel.
The revised benefits assure the ongoing efforts of the Indian Army and Punjab National Bank in a similar way to provide substantial support and reassurance to the armed forces community, acknowledging their invaluable service to the nation.