SBI Pension Package: Life after retirement should be peaceful and comfortable. To double this comfort, the State Bank of India (SBI) has launched a ‘Comprehensive Pension Package’ for central government pensioners. This package is not just a bank account, but a complete safety net for senior citizens that takes care of their every need. This scheme has been designed on the initiative of the Department of Financial Services (DFS) of the Ministry of Finance, to make banking easy and secure for pensioners.
No More Worries About Minimum Balance
Often, elderly pensioners worry about maintaining a minimum balance in their bank accounts or incurring charges. This new package eliminates this problem. If you are a central government pensioner and are 70 years of age or older, you can avail of this account. There is no minimum balance requirement for this account, and it will function even with a zero balance. Additionally, there will be no charges for SMS alerts and other services. Pensioners will also be issued a free RuPay Platinum Gold Debit Card.
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₹30 Lakh Insurance and Additional Security
The biggest feature of this package is its insurance coverage. In case of accidental death of the pensioner, the family will receive personal accident insurance (PAI) of up to ₹30 lakh. In addition, it includes several add-on benefits. For example, ₹10 lakh for plastic surgery after an accident, ₹5 lakh for ordering medicines from outside, and if death occurs after being in a coma for more than 48 hours after the accident, a separate coverage of ₹5 lakh will be provided.
Security for Family and Children
SBI has also taken complete care of the family in this package. In case of an emergency, facilities for air ambulance up to ₹10 lakh and regular ambulance up to ₹50,000 will be provided. This package is also helpful for children. Financial assistance of up to ₹8 lakh will be provided for the higher education of children aged 18 to 25 years, while this amount increases to ₹10 lakh for daughters. The package also includes ₹50,000 for travel expenses for two family members in case of an accident and another ₹50,000 for the repatriation of the deceased’s body.
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Availability in other banks
Currently, this package is available at SBI, but in the future, other public sector banks such as Punjab National Bank (PNB), Bank of Baroda, Canara Bank, and Indian Bank may also offer similar beneficial packages for central government employees and pensioners. Interested pensioners can avail of this benefit by contacting their nearest SBI branch.