SBI revives Memorandum with Indian Army, enabling insurance benefits

The Indian Army and the State Bank of India (SBI) have renewed their Memorandum of Understanding (MoU), extending it for an additional three years until 2028. This partnership aims to enhance banking services and provide personal accident insurance benefits for both serving and retired army personnel and their families.

Under the renewed MoU, there are several key benefits:

- Enhanced Personal Accident Insurance (Death/Disability) coverage of Rs 1 Crore
- Term Life Insurance of Rs 10 Lakh to cover non-accidental deaths of serving personnel
- Air Accidental Cover of Rs 1.5 Crore
- Child Education Cover of Rs 10 Lakh
- Girl Child Marriage Cover of Rs 5 Lakh
- Collateral-Free Education Loan of up to Rs 40 Lakh

Additionally, the benefits of this MoU are also extended to VeeNaris (wives of soldiers) and their family members (Next of Kin).

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