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SBI renews MoU with Air Force for defence salary package

State Bank of India (SBI) has renewed the Memorandum of Understanding (MoU) with the Indian Air Force for the Defence Salary Package (DSP) scheme. The defence Salary Package (DSP) scheme aims to offer various benefits and features to all serving and retired Air Force personnel and their families.

  • As per the MoU, SBI will offer extensive benefits to the Indian Air Force personnel such as complimentary personal accidental insurance, air accidental insurance, and additional cover in case of on-duty death (during an action).
  • In the case of death of the Air Force personnel, the family of the deceased will be provided with add-on covers for child education and marriage of girl child.
  • The retired personnel will get complimentary personal accidental insurance, irrespective of their age.

PNB Rakshak Plus

  • PNB launched its flagship scheme called PNB Rakshak Plus, which aims to offer personal accidental (death) cover of Rs 50 lakh and air accidental insurance of Rs 100 lakh, personal accidental (permanent total disability) cover of Rs 50 lakh to Air Force personnel.

Baroda Military Salary Package

  • BoB will offer benefits like free comprehensive personal accident insurance covering up to Rs 105 lakh for serving personnel and up to Rs 70 lakh for veterans, and air accident insurance cover up to Rs 100 lakh for serving personnel under the MoU through Baroda Military Salary Package.

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