Jharkhand Government Employees to Get Insurance Cover of Up to Rs 2 Crore Under Union Bank Salary Package

Photo: RP

Ranchi: The Jharkhand government has signed an agreement with Union Bank of India to extend enhanced banking and insurance benefits to state government employees and their families. The MoU was signed in Ranchi on Wednesday in the presence of Chief Minister Hemant Soren under the State Government Salary Package (SGSP).

Under the package, employees will receive several financial protection benefits along with banking facilities. These include air accident insurance cover of up to Rs 2 crore and general accident insurance coverage of up to Rs 1.5 crore.

The package also provides term insurance of up to Rs 20 lakh and health insurance coverage of up to Rs 1 lakh. Other benefits include a free debit card, lifestyle-related facilities and a zero Quarterly Average Balance (QAB) requirement, meaning employees will not have to maintain a prescribed minimum balance in their salary accounts.

The latest agreement is part of the state government's broader initiative to strengthen the financial security of its employees. The government has previously entered into similar salary package agreements with the State Bank of India, Punjab National Bank and Bank of India.

According to the state government, these arrangements are intended to provide financial support to nearly 1.75 lakh government employees and their families during difficult circumstances.

The agreement with Union Bank of India adds another banking institution to the initiative, expanding the range of salary package options available to state employees.