J&K Bank Raises Accident Insurance Cover To ₹1 Crore, Check Eligibility & Additional Benefits

Jammu and Kashmir Bank has increased the personal accident insurance cover for permanent Jammu and Kashmir government employees from Rs 25 lakh to Rs 1 crore under a new five-year agreement with the Union Territory administration.

The memorandum of understanding (MoU) also introduces enhanced disability protection, financial assistance for employees' families and several banking and loan benefits.

The agreement was signed in the presence of Shailendra Kumar, Financial Commissioner (Additional Chief Secretary), Finance Department, Jammu and Kashmir, and Amitava Chatterjee, Managing Director and CEO of J&K Bank.

Insurance Benefits

Under the revised arrangement, eligible permanent government employees will receive group personal accident insurance coverage of Rs 1 crore, compared with the earlier Rs 25 lakh.

The package additionally offers air accident insurance of Rs 1.35 crore, permanent total disability coverage of Rs 75 lakh and permanent partial disability protection of Rs 55 lakh.

These benefits are designed to strengthen financial security for employees and their dependants in the event of accidents or disabilities.

Family Assistance

The agreement provides educational assistance of Rs 8 lakh for a male child and Rs 10 lakh for a girl child following the insured employee's death.

It also includes marriage assistance of up to Rs 10 lakh for a girl child and air ambulance coverage of Rs 10 lakh, subject to applicable conditions.

Banking Facilities

Beyond insurance, employees will receive zero-balance salary accounts, free international debit cards with spouse add-on facilities and lifetime-free RuPay credit cards.

The bank will offer a 25-basis-point concession on applicable personal loan interest rates, subject to the prescribed benchmark floor.

Processing charges on personal, automobile, housing and education loans will also be waived for eligible permanent government employees.

Loan Benefits

Employees can access overdraft facilities of up to Rs 6 lakh, capped at six months' salary.

The agreement also provides collateral-free education loans of up to Rs 10 lakh for employees' children.

Additional benefits include 100 percent financing for new cars and two-wheelers and home repair or renovation loans of up to Rs 10 lakh without property mortgage, against a negative lien.

All insurance and credit facilities remain subject to eligibility requirements and applicable scheme conditions.