Punjab National Bank hikes coverage amount under PNB Rakshak Plus for Indian Army personnel. Check features

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”.

All Defence Service Pensioners receiving their pensions via SPARSH/CPPC into their PNB account can avail the benefits of Personal Accidental Insurance provided by the PNB Rakshak Plus Scheme. This coverage is also applicable to pensioners from central and state police departments. 

PNB’s move to enhance such benefits, aimed at further strengthening its support to the armed forces, came into effect from April 1, 2024.

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 in the presence of PNB Executive Director Kalyan Kumar and Lt. Gen. V Sreehari, AVSM, SC, SM, Director General Manpower Planning & Personal Services, on Thursday. 

In accordance with the addendum included in a newly revised Memorandum of Understanding (MoU), individuals serving in the Indian Army will now be entitled to Air Accidental Insurance coverage amounting to Rs 1.5 crore. Furthermore, they will also be granted Personal Accident Insurance with coverage for total or partial disability up to Rs 1 crore. 

Moreover, supplementary provisions include an additional cover of Rs 10 lakh for fatalities occurring during operations, Rs 10 lakh dedicated to covering the expenses of imported medicines including transportation costs, and another Rs 10 lakh allocated for air ambulance expenditures. Apart from this, several additional benefits are being offered to the dependents and families of Rakshak Account holders.

Here is the updated list:

Who all can avail these benefits

Defence personnel, including all three wings of Defence, are eligible to open a salary account under the PNB Rakshak Plus Scheme. This scheme also extends to personnel from BSF, CRPF, CISF, ITBP, State Police Force, Metro Police in cities with Police Commissionerate Systems (such as 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 the Central & State levels.

Furthermore, the PNB Rakshak Plus Scheme provides coverage for salaried Assam Rifles personnel, Special Forces, SSB, RPF, NSG, Special Protection Group, NDRF, firefighters, and trainees. The benefits of this scheme also encompass all pensioners (Defence/eligible as mentioned above) who opt to receive their pensions through PNB Branches, with pension payments directly credited through CPPC or other government pension disbursing bodies like SPARSH, state treasuries, etc.