New Delhi: A landmark Memorandum of Understanding (MoU) was signed today between Indian Railways (IR), one of the world’s largest rail networks, and the State Bank of India (SBI), the country’s largest public sector bank. The signing ceremony was graced by the Hon’ble Minister for Railways, Information & Broadcasting, Electronics & Information Technology, Mr Ashwini Vaishnaw, along with the Chairman of the Railway Board, Mr Satish Kumar, and the Chairman of SBI, Mr C.S. Setty.
Enhanced Insurance Coverage for Railway Employees
Under this MoU, Railway employees who maintain their salary accounts with SBI will receive significantly enhanced insurance benefits. The accidental death insurance coverage has been raised to ₹1 crore, a substantial increase compared to the existing CGEGIS coverage of ₹1.20 lakh, ₹60,000, and ₹30,000 for Group A, B, and C employees respectively.
Additional Benefits Without Premiums or Medical Exams
In a move towards more inclusive welfare, all Railway employees holding only salary accounts with SBI will now be eligible for a natural death insurance cover of ₹10 lakh without needing to pay any premium or undergo any medical examination. This initiative covers nearly 7 lakh employees, marking a major step forward in employee welfare.

Key Complimentary Insurance Covers Included
- Air Accident (Death) Insurance: ₹1.60 crore plus an additional cover up to ₹1 crore on RuPay Debit Cards
- Personal Accident (Permanent Total Disablement): ₹1.00 crore
- Personal Accident (Permanent Partial Disability): Up to ₹80 lakh

Employee-Centric and Compassionate Partnership
This MoU reflects a compassionate and employee-focused approach to welfare, particularly benefiting frontline Group C railway personnel and other categories of staff. It underscores the partnership between Indian Railways and SBI in prioritizing the safety, security, and well-being of railway employees across the country.