₹1 Crore Insurance Cover for Army Personnel Extended as MoU with PNB Renewed
Army Personnel to Continue Getting ₹1 Crore Insurance Cover; PNB MoU Extended for 3 Years: On the occasion of the 10th Defence Forces Veterans Day, the Indian Army and Punjab National Bank (PNB) renewed their Memorandum of Understanding (MoU). Under this agreement, PNB will continue to provide banking services and a personal accident insurance (PAI) cover of ₹1 crore to serving and retired Army personnel.
The Indian Army and PNB have extended the MoU for another three years, until 2029. The Army said the renewed partnership shows its commitment to the welfare and financial security of soldiers and their families.
PAI Cover Extended to Agniveers:
Under the renewed MoU, all serving personnel, including Agniveers, will receive a ₹1 crore Personal Accident Insurance cover. PNB will also provide an Air Accident Insurance (AAI) cover of ₹1.5 crore.
In addition, the scheme offers several other benefits. These include an extra ₹10 lakh cover in case of death due to terrorism, a ₹20 lakh cover for higher education, and up to ₹10 lakh for a daughter’s marriage.
PNB has also introduced a Women Power Saving Scheme. Under this scheme, women can get a PAI cover of up to ₹20 lakh by maintaining a required monthly average balance.
Insurance Under PNB Rakshak Plus Scheme:
PNB said the renewed MoU provides enhanced insurance coverage and added benefits for all serving personnel and pensioners of the Indian Army under its flagship PNB Rakshak Plus scheme.
The Indian Army and the Government of India continue to focus on improving the quality of life of soldiers and ensuring strong financial protection for them and their families.
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