Jammu and Kashmir Bank has raised the group personal accident insurance cover for permanent Jammu and Kashmir government employees from ₹25 lakh to ₹1 crore under a five-year memorandum of understanding (MoU) signed with the Union Territory government.
According to the bank’s announcement, the agreement also provides enhanced disability cover, financial assistance for employees’ families and preferential banking and credit facilities.
The MoU was signed in the presence of Shailendra Kumar, Financial Commissioner (Additional Chief Secretary), Finance Department, Jammu and Kashmir, and Amitava Chatterjee, Managing Director and CEO of J&K Bank.
What does the enhanced accident insurance cover include?
Under the revised package, permanent government employees will receive group personal accident insurance cover of ₹1 crore. The agreement also provides air accident insurance cover of ₹1.35 crore, cover of ₹75 lakh for permanent total disability and ₹55 lakh for permanent partial disability.
Additional benefits include higher education assistance of ₹8 lakh for a male child and ₹10 lakh for a girl child following the insured employee’s death. The package also provides girl child marriage assistance of up to ₹10 lakh and air ambulance cover of ₹10 lakh, subject to applicable terms and conditions.
What other banking benefits are included?
The banking package includes zero-balance accounts, free international debit cards with spouse add-on cards, and lifetime-free RuPay credit cards.
Eligible employees will also receive a 25-basis-point concession on applicable personal loan interest rates, subject to the prescribed benchmark floor. Processing fees on personal, automobile, home and education loans for permanent government employees will be waived under the agreement.
Other facilities include overdrafts of up to ₹6 lakh, subject to a maximum of six months’ salary, and collateral-free education loans of up to ₹10 lakh for employees’ children. The package also provides 100% financing for new cars and two-wheelers, along with housing repair or renovation loans of up to ₹10 lakh without a property mortgage, against a negative lien, subject to eligibility and scheme conditions.
The agreement is intended to provide permanent government employees with enhanced insurance protection alongside banking and credit facilities. The availability of individual benefits will depend on the applicable terms, conditions and eligibility requirements.
J&K Bank accident insurance cover: FAQs answered
Who is eligible for the ₹1 crore accident insurance cover?
The enhanced group personal accident insurance cover is intended for permanent Jammu and Kashmir government employees covered under the agreement. Employees should check with their department or J&K Bank for the applicable eligibility conditions and policy terms.
How much insurance cover is available for air accidents and disability?
Under the announced package, the air accident insurance cover is ₹1.35 crore. The cover for permanent total disability is ₹75 lakh, while permanent partial disability is covered up to ₹55 lakh, subject to the applicable policy terms.
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