Indian Railways, SBI Launch Salary Package With ₹1 Crore Insurance Cover
The Indian Railways and State Bank of India (SBI) today signed a Memorandum of Understanding (MoU) at Rail Bhawan, New Delhi, in the presence of Railway Minister Ashwini Vaishnaw, launching a special Railway Salary Package (RSP) for railway employees.
The scheme ensures ₹1 crore accidental death insurance and ₹10 lakh natural death cover for employees holding an SBI salary account, without paying any premium. Nearly seven lakh railway employees already maintain accounts with SBI. Officials said this arrangement will provide much-needed financial protection to railway staff, especially frontline workers.
Key Insurance Benefits Under RSP
| Benefit Type | Coverage Amount |
|---|---|
| Personal Accident (Death) | ₹1.00 crore |
| Air Accident (Death) | ₹1.60 crore + ₹1.00 crore (RuPay Card) |
| Permanent Total Disability | ₹1.00 crore |
| Permanent Partial Disability | Up to ₹80 lakh |
| Natural Death (Group Term Life) | ₹10 lakh |
| Pensioners’ Accident Cover | ₹30 lakh |
| Family Members (4 via SBI Rishtey) | Up to ₹20 lakh |
| Child Education Insurance (Accidental death) | ₹8 lakh (son), ₹10 lakh (daughter) |
| Girl Child Marriage Insurance | ₹10 lakh (₹5 lakh each for two daughters) |
Banking & Financial Benefits
| Facility | Details |
|---|---|
| Family Savings Accounts | SBI Rishtey for 4 members |
| Loans | Personal, Home, Car, Education with 50–100% fee waiver |
| Locker Facility | Up to 50% discount |
| ATM Transactions | Unlimited, free across all banks |
| Auto Sweep Facility | Higher interest on surplus funds |
| Free Services | Drafts, multi-city cheques, SMS alerts, NEFT/RTGS |
| Airport Lounge Access | 3 free visits per quarter (domestic & international) |
| Health Insurance | Family cover up to ₹30 lakh at ₹800/year |
The benefits under RSP are in addition to existing government schemes and are voluntary for employees. Railway administration also retains the flexibility to enter into similar arrangements with other banks.
