Punjab National Bank, Assam Rifles sign MoU for insurance cover

NEW DELHI: Punjab National Bank (PNB), the nation's top public sector bank, has inked a Memorandum of Understanding (MoU) with Assam Rifles, the oldest paramilitary force of the country, to deliver specially designed banking products to the military personnel through the bank's flagship scheme 'PNB Rakshak Plus'.

According to a press release, this scheme covers personal accident insurance, air accident insurance for members of the military forces who are now serving, have retired, or are in training, as well as for the Central armed police forces, State police forces, metro police, and retired Defence pensioners.

The agreement was signed on Monday between Colonel P S Singh, Col (A), Headquarters, Directorate General, Assam Rifles, and Sunil Soni, Chief General Manager of PNB, at the Assam Rifles Headquarters in Shillong.

Sunil Soni said: "Collaborating with the Assam Rifles is a significant milestone in our journey and speaks about our unwavering commitment to provide the best possible financial services to our heroes." He also said that the bank will also provide preferential services at concessional rates.

The salient features of PNB Rakshak Plus include: Personal Accidental (death) cover of Rs 50 lakh; Air Accidental (death) insurance cover of Rs 100 lakh; Personal Accidental (Permanent Total Disability) cover of Rs 50 lakh; overdraft up to last 3 months net salary/pension amounting from Rs 75,000 to Rs 3 lakh; concession in rate of interest and service charges under Housing, Car, Education and Personal Loan schemes; education loan under 'PNB Pratibha' is available for wards of a Primary Account holders who take admission in premier institutes and the Army educational institutions; zero balance saving account to family members; concession in locker rent etc.

Also Read:   Assam Rifles recovers heroin worth Rs 19 lakh in Mizoram

Also Watch: