Thursday, Aug 18, 2022
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IAF Signs MoU With PNB; Renews Existing One With SBI For Its Air Warriors

Both these schemes provide a host of benefits, including insurance cover for death on duty, air accident, and permanent total disability along with the usual benefits of attractive interest rates on home, car, and children's education loans

IAF Signs MoU With PNB; Renews Existing One With SBI For Its Air Warriors File Photo

Public sector bank, Punjab National Bank (PNB) has signed a memorandum of understanding (MoU) with the Indian Air Force (IAF) under its flagship scheme, PNB Rakshak Scheme. The country’s largest bank, the State Bank of India (SBI) has simultaneously renewed its existing MoU on defence salary package scheme with IAF.

Both these MoU focus on providing a bouquet of benefits along with specially designed products for the IAF personnel, including personal insurance cover.

PNB Rakshak Plus Scheme 

This scheme includes personal accident insurance as well as air accidental insurance to serving, retired as well trainees of the defence forces. It also covers retired defence pensioners, along with personnel of the central armed police forces, state police force, and metro police 

The salient features of the scheme are:

  • Personal accidental cover of Rs. 50 lakh.

  • Air accident Insurance cover of Rs. 1 crore.

  • Personal Accidental (Permanent total Disability) cover of Rs. 50 lakh.

  • Education loan under “PNB Pratibha” for wards of primary account holders seeking admission in premier institutes and educational institutions.

  • Financial assistance of Rs. 1 lakh (per year) for 4 years or the actual expenditure whichever is less, for the education of two surviving and dependent children (male or female).

  • Overdraft up to last three months net salary/pension amounting from Rs. 75,000 to Rs. 3 lakh.

  • Concession in rate of interest and service charges for home, car, education and/or personal loan. `

  • Other benefits include facilities such as zero balance saving account for family members and concession in locker rent charges 


SBI’s Defence Salary Package (DSP) Scheme 

SBI has renewed its MoU with IAF on the salary scheme package scheme for the armed forces personnel and their families.

The salient features of the scheme are - 

  • Complimentary personal accident insurance, additional aid in case of on-duty death.

  • Insurance cover for permanent and partial disability. 

  • In case of death of the IAF personnel, family of deceased will receive covers like child education, wedding of girl child, etc

  • Benefits included in the MoU will be extended to IAF personnel who are already a part of the bank’s Defence Salary Package.

  • Family pensioners will also be covered with certain benefits under the “Shaurya Family Pension Account”.

  • Attractive interest rate and concession in processing fees on home, car and SBI’s Xpress Credit loans.

The MoU with PNB was exchanged between the Chief of the Air Staff, Air Chief Marshal Vivek Ram Chaudhari and Atul Kumar Goel, managing director and CEO, PNB. The MoU with SBI was signed in the presence of the air chief and Swaminathan J., managing director, SBI, among others.