Public sector bank, Punjab National Bank (PNB) has signed a memorandum of understanding (MoU) with the Indian Air Force (IAF) under its flagship scheme, PNB Rakshak Scheme. The MoU focus on providing a bouquet of benefits along with specially designed products for the IAF personnel, including personal insurance cover.
This scheme includes personal accident insurance as well as air accidental insurance to serving, retired as well trainees of the defence forces. It also covers retired defence pensioners, along with personnel of the central armed police forces, state police force, and metro police.
The salient features of the PNB Rakshak Plus Scheme are:
- Personal accidental cover of Rs. 50 lakh.
- Air accident Insurance cover of Rs. 1 crore.
- Personal Accidental (Permanent total Disability) cover of Rs. 50 lakh.
- Education loan under “PNB Pratibha” for wards of primary account holders seeking admission in premier institutes and educational institutions.
- Financial assistance of Rs. 1 lakh (per year) for 4 years or the actual expenditure whichever is less, for the education of two surviving and dependent children (male or female).
- Overdraft up to last three months net salary/pension amounting from Rs. 75,000 to Rs. 3 lakh.
- Concession in rate of interest and service charges for home, car, education and/or personal loan.
- Other benefits include facilities such as zero balance saving account for family members and concession in locker rent charges.