Punjab National Bank, a public sector bank, has enhanced insurance coverage and additional benefits for active Indian Army personnel under its flagship program, “PNB Rakshak Plus”.
Benefits from the PNB Rakshak Plus Scheme’s Personal Accidental Insurance are available to all Defense Service Pensioners who receive their pensions via SPARSH/CPPC in their PNB accounts. Pensioners from the state and federal police departments are also covered. On April 01, 2024, PNB implemented its initiative to increase these benefits to further demonstrate its support for the armed forces.
According to a new condition in a recently amended Memorandum of Understanding (MoU), personnel of the Indian Army would now earn ₹1.5 crore in Air Accidental Insurance coverage. In addition, they will be eligible for Personal Accident Insurance, which covers whole or partial disability up to ₹1 crore.
Furthermore, additional provisions entail a ₹10 lakh cover for fatalities during operations, ₹10 lakh specifically for imported medicines and transportation costs, and another ₹10 lakh designated for air ambulance expenses. Moreover, dependents and families of Rakshak Account holders are eligible for several extra benefits.
The updated list is shared below.
(Source: www.pnbindia.in)
Who is eligible to receive these benefits?
Members of the armed forces, encompassing all branches of Defence, can open a salary account through the PNB Rakshak Plus Scheme. Additionally, this scheme is available to personnel from BSF, CRPF, CISF, ITBP, State Police Forces, metropolitan police under Police Commissionerate Systems (such as Delhi Police, Mumbai Police, Kolkata Police, etc.), Research and Analysis Wing (RAW), Intelligence Bureau (IB), Central Bureau of Investigation (CBI), Indian Coast Guard, Paramilitary forces, Gentlemen cadets, and Special Forces at both Central and State levels.
Moreover, the PNB Rakshak Plus Scheme extends coverage to salaried personnel of Assam Rifles, Special Forces, SSB, RPF, NSG, Special Protection Group, NDRF, firefighters, and trainees. Additionally, pensioners (Defence/eligible as noted above) who choose PNB Branches for pension disbursement, with payments directly credited via CPPC or other government pension disbursing bodies such as SPARSH and state treasuries, also benefit from this scheme.
