State Bank of India (SBI) on Wednesday said it has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme.
Under this scheme, the country’s largest lender will offer various benefits and features to all serving and retired Air Force personnel and their families.
Later in the day, two other state-owned lenders Punjab National Bank (PNB) and Bank of Baroda (BoB) also announced similar pacts offering various products to serving and retired IAF personnel.
SBI in a release said, under its MoU with IAF, it will offer extensive benefits to the Air Force personnel such as complimentary personal accidental insurance, air accidental insurance, and additional cover in case of on-duty death (during action).
Insurance cover for permanent total disability / partial disability is also available. “At SBI, we endeavor to support the undying efforts of the Air Force personnel in securing the safety of our nation and its citizens. We will continue to provide tailor-made solutions to defence personnel under our flagship defence salary scheme,” the bank’s Chairman Dinesh Khara said in the release.
The bank said in case of death of the Air Force personnel, the family of the deceased is provided with add-on covers for child education and marriage of girl child.
Additionally, the retired personnel will be eligible for complimentary personal accidental insurance, irrespective of their age. The families of pensioners would be entitled to a number of benefits.
SBI said that the enhanced benefits contained in the MoU will be automatically extended to all the Air Force personnel who are covered under its Defence Salary Package.
PNB through its flagship scheme , PNB Rakshak Plus , will offer personal accidental (death) cover of Rs 50 lakh and air accidental insurance of Rs 100 lakh, personal accidental (permanent total disability) cover of Rs 50 lakh to Air Force personnel, a release said.
Under the MoU, BoB said, it will offer Baroda Military Salary Package with benefits like free comprehensive personal accident insurance cover up to Rs 105 lakh for serving personnel and up to Rs 70 lakh for veterans, air accident insurance cover up to Rs 100 lakh for serving personnel.
It will also provide lifetime free debit card with unlimited free transactions at all bank ATMs and lifetime free credit card, among others.
