Punjab National Bank has increased the insurance coverage for Indian Army staff under its flagship scheme – PNB Rakshak Plus which came into effect from came into effect from April 1, 2024.
Public sector bank Punjab National Bank has enhanced the insurance coverage and other benefits for all serving personnel of the Indian Army under its flagship scheme – “PNB Rakshak Plus”.
The country’s leading public sector bank’s move to enhance such benefits, aimed at further strengthening its support to the armed forces, came into effect from April 1, 2024.
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The addendum to the existing MoU was signed by PNB Chief General Manager Sunil Agrawal and Major General V K Purohit, AVSM, YSM, SM, Additional Director General Personal Services.
On this occasion, others present were PNB Executive Director Kalyan Kumar and Lt. Gen. V Sreehari, AVSM, SC, SM, Director General Manpower Planning & Personal Services, and other senior officials from the Bank and the Indian Army at the office of the Additional Director General Personal Services (ADG PS) Directorate, Adjutant General’s Branch, Army Headquarters.
Enhanced benefits of PNB Rakshak Plus for all serving personnel of the Indian Army includes:
| PNB Rakshak Plus Insurance benefits | Coverage amount |
| Personal Accidental Insurance | Rs 1 crore |
| Air Accidental Insurance | Rs 1.5 crore |
| Permanent/Partial Disability Coverage | Rs 1 crore |
| Additional Cover of Death during Operations | Rs 10 lakh |
| Cost of imported medicines including transportation | Up to Rs 10 lakh |
| Air Ambulance Cost | Up to Rs 10 lakh |
Under the addendum as part of a revised MoU, personnel of the Indian Army will now receive Air Accidental Insurance coverage of Rs 1.5 crore, and Personal Accident Insurance and coverage for total or partial disability of Rs 1 crore. Additionally, there is an extra cover of Rs 10 lakh for death during operations, Rs 10 lakh for the cost of imported medicines including transportation, and Rs 10 lakh for air ambulance costs.
These revised benefits under the MoU highlight the ongoing efforts of the Indian Army and Punjab National Bank to offer substantial support and reassurance to the armed forces community, in recognition of their invaluable service to the nation.
What is the PNB Rakshak Plus scheme?
All Defence Service Pensioners, regardless of age, whose pensions are credited to their PNB account through SPARSH/CPPC, are eligible for the benefits of Personal Accidental Insurance under the PNB Rakshak Plus Scheme. This benefit also extends to pensioners of central and state police.
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Who are eligible for PNB Rakshak Plus?
Defence personnel are eligible to open salary account under the scheme i.e. all three wings of Defence. PNB Rakshak Plus Scheme also includes BSF, CRPF, CISF, ITBP, State Police Force, Metro Police (Cities which follows Police Commissionerate System- like Delhi Police, Mumbai Police, Kolkata Police etc.), Research and Analysis Wing (RAW), Intelligence Bureau (IB), Central Bureau of Investigation (CBI), Indian Coast Guard Personnel, Para-Military personnel, Gentlemen cadets and Special Forces at Central & State level.
PNB Rakshak Plus Scheme will also cover salaried of Assam Rifles, Special Forces, SSB, RPF, NSG, Special Protection Group, NDRF, Firefighter, personnel including trainees Benefits of PNB Rakshak Plus scheme are also extended to all the pensioners (Defence/ eligible as above) who choose to draw their pensions through PNB Branches and pension is directly credited through CPPC or any other statutory or government pension disbursing body e.g. SPARSH, state treasury etc.
