On the occasion of the 10th Defence Forces Veterans Day, the Indian Army and Punjab National Bank (PNB) have renewed their Memorandum of Understanding (MoU).
Under this agreement, PNB will continue to provide banking services and Personal Accidental Insurance (PAI) cover of ₹1 crore to serving and retired Indian Army personnel. The MoU has been extended for the next three years, up to 2029.
The Indian Army stated that this renewed partnership shows its strong commitment to the financial security and well-being of its personnel and their families.
Agniveers Included in Insurance Coverage
Agniveers are also covered under PNB’s Personal Accidental Insurance scheme. As per the MoU, a PAI cover of ₹1 crore is provided to all serving soldiers, including Agniveers.
In addition, PNB is offering an Air Accident Insurance (AAI) cover of ₹1.5 crore to Army personnel.
Additional Benefits Under the Agreement
The agreement also includes several extra benefits. These include an additional cover of ₹10 lakh in case of death due to terrorism, ₹20 lakh for higher education, and up to ₹10 lakh for the marriage of a girl child.
PNB has also introduced a special Women Power Saving Scheme, under which women can get PAI cover of up to ₹20 lakh by maintaining a specified monthly average balance.
PNB Rakshak Plus Scheme for Soldiers
Under PNB’s flagship Rakshak Plus scheme, both serving personnel and pensioners of the Indian Army will receive improved insurance coverage and other benefits.
PNB said that the renewal of this MoU reflects the continued efforts of the Government of India and the Indian Army to ensure a better life and strong financial security for soldiers and their families.
