NEW DELHI/SHIMLA: In a major boost to the financial security
of Indian Army personnel, the Bank of India and the Indian Army formalized a Memorandum of Understanding (MoU) here today
The three-year agreement, signed in the presence of Lieutenant General Rajeev Puri, DG MP & PS, and Shri Subrat Kumar, Executive Director, Bank of India, ensures additional insurance cover and multiple financial benefits for defence account holders.
Under this MoU, Indian Army personnel, including serving soldiers, Agniveers, and veterans, will receive:
✔ ₹1 crore in Personal Accident Insurance (PAI) cover
✔ ₹2 crore in Air Accident Insurance cover
✔ ₹10 lakh for children’s education
✔ An additional ₹20 lakh PAI cover under the contributory health insurance scheme
This announcement has been widely appreciated, particularly by soldiers from Himachal Pradesh and Uttarakhand, which have a strong representation in the Indian Army.
With over one lakh serving soldiers and an equal number of ex-servicemen in Himachal alone, the enhanced insurance benefits come as a major relief for their families.
Soldiers, including Agniveers, have welcomed the initiative, calling it a crucial step towards financial security and welfare.
