The Central Industrial Security Force (CISF) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to manage the salary accounts of its serving and retired personnel. The agreement, which is valid for three years, introduces several enhanced financial benefits for CISF personnel, including increased personal accident insurance coverage. The new provisions of the MoU were formalized at a function held at the CISF Headquarters, where the MoU was signed by representatives of CISF and SBI.
Under the new agreement, serving CISF personnel will be entitled to personal accident insurance coverage of up to Rs 1 crore, an increase from the previous limit of Rs 50 lakh. Retired personnel will also see an increase in their personal accident insurance coverage, from Rs 30 lakh to Rs 50 lakh. Additionally, serving personnel will be covered for up to Rs 1.5 crore in the event of an air accident, and will also be eligible for a term insurance of Rs 10 lakh.
The insurance coverage for serving personnel in case of permanent total and partial disability has also been increased to Rs 1 crore each. Furthermore, additional covers are applicable in case of accidental death, including cost of plastic surgery in burn cases, cost of children’s higher education, girl child cover for marriage, payment for air ambulance, and ambulance charges.
The introduction of these enhanced benefits marks a significant milestone in the CISF’s ongoing commitment to the welfare and financial security of its members. The benefits come at no additional cost to the personnel and are in addition to their existing benefits. The CISF has emphasized its commitment to providing the best possible support to its personnel and their families, and this agreement is a major step in that direction. Overall, the new MoU with SBI is expected to provide significant financial security and benefits to CISF personnel, both serving and retired.