PNB signs MoU with SCCL for Rs 1.25 crore Personal Accidental Insurance Scheme
FinTech BizNews Service
Mumbai, June 16, 2025: Punjab National Bank (PNB), India’s leading public sector bank, has signed a Memorandum of Understanding (MoU) with The Singareni Colleries Company Limited (SCCL) to launch the comprehensive PNB Salary Saving Scheme featuring enhanced accidental insurance coverage of Rs 1.25 crore for SCCL employees.
The agreement was signed in Hyderabad in the presence of Shri Ashok Chandra, MD & CEO, PNB and other senior officials from both organizations, marking a significant milestone in providing comprehensive financial protection to coal mining workers and their families.
Comprehensive Coverage Features offered:
The PNB Salary Saving Scheme offers unprecedented coverage with:
Personal Accidental Insurance: Up to Rs 1.25 crore
Air Accidental Insurance: Up to Rs 2.50 crore
Term Life Insurance: Up to Rs 10 lakh
Hospital Cash Benefit: Up to Rs 60,000 per annum
Permanent Total Disability Cover: Up to Rs 1.25 crore
Family-Centric Benefits:
The scheme extends comprehensive support to employees' family through:
Family Banking Benefits: Zero balance accounts for spouse and up to 2
children and PAI of Rs 5 lakh each within the overall sum assured of account
holder.
Higher Education Cover: Up to Rs 5 lakh for two dependent children (aged
up to 25 years) for college and higher studies, available for up to three years.
Marriage Cover for Daughters: Maximum Rs 10 lakh per daughter for
marriage of up to two daughters (aged 18-25 years).
Emergency Support: Including ambulance charges (Rs 10,000), funeral
expenses (Rs 10,000), emergency medical expenses (Rs 25,000), and air
ambulance coverage (Rs 1 lakh).
Additional Banking Benefits:
SCCL employees will enjoy premium banking services including:
Free debit card for the primary account holder with additional Personal
Accident Insurance (PAI) coverage of up to Rs 10 lakh.
Free Credit Card, Cheque Book and concession in locker rent
Concessions on interest rates, documentation and upfront charges in retail
loans
Present at the event, Shri Ashok Chandra, MD & CEO, PNB, said; "This
agreement with SCCL will serve as a model for other sectors. The customized
scheme is now effective for SCCL employees, and we are committed to extend
similar comprehensive coverage to other industries soon."
SCCL’s employees can also explore these exclusive offerings by visiting their nearest PNB
branch or contacting the bank's dedicated helplines.
