Insurance of ₹1 Crore for Government Employees, Provisions for Daughters' Weddings: Major Bank Announces New Benefits

Jammu & Kashmir Bank has increased the accidental insurance cover for government employees from ₹25 lakh to ₹1 crore. Additionally, the bank will provide support for children's education, daughters' weddings, and various loan facilities.

Under a five-year agreement with the Union Territory administration, Jammu & Kashmir Bank has raised the group personal accident insurance cover for permanent government employees from ₹25 lakh to ₹1 crore. Furthermore, the agreement includes a range of benefits for employees and their families, covering insurance, education, daughters' weddings, and loan-related facilities.

The primary objective of this agreement is to provide financial security to employees and offer monetary support to their families during times of need. Let’s look at the specific benefits available to employees under this agreement.

What does the insurance cover for government employees include?

Insurance of ₹1 crore: The group personal accident insurance cover for employees has been increased from ₹25 lakh to ₹1 crore.
Air accident insurance: A cover of ₹1.35 crore is provided in the event of an air accident.
Support in case of disability: A cover of ₹75 lakh is provided in the event of permanent total disability.
Partial disability: A cover of ₹55 lakh is designated for permanent partial disability.
Children's education: In the event of an employee's death, the eligible family will receive up to ₹8 lakh for a son's higher education and up to ₹10 lakh for a daughter's education.
Daughter's wedding: Eligible families can receive up to ₹10 lakh for a daughter's wedding.
Air ambulance: An air ambulance cover of up to ₹10 lakh is included, subject to specific terms and conditions.

Relief in Loans and Banking Facilities

In addition to insurance, employees will also have access to various benefits regarding banking services and loans. Facility for a zero-balance account and a complimentary international debit card.
A lifetime-free RuPay credit card, along with an add-on card for your spouse.
A 0.25% (i.e., 25 basis points) reduction in the applicable interest rates for personal loans.
Waiver of processing fees and charges on car, two-wheeler, housing, and education loans.
An overdraft facility of up to six months' salary or ₹6 lakh.
An unsecured education loan of up to ₹10 lakh for children's higher education.
A loan of up to ₹10 lakh for home repairs, subject to eligibility and terms and conditions.