Punjab & Sind Bank has a Group Term Life Insurance Policy for the employees of the Bank under which a financial relief of ₹5.00 lakh is provided to the family of the deceased in case of his/her unfortunate death.
The Group Term Life Insurance Policy of the Bank is renewed annually by inviting tender, and this year the contract has been given to the lowest bidder. M/s PNB MetLife India Insurance Co. Ltd. for the period 12.08.2026 to 11.08.2027. The premium for the Base Policy of ₹5.00 lakh is borne by Punjab & Sind Bank Employees’ Welfare Trust.
Bank is also providing an additional insurance cover of ₹5.00 lakh to ₹20.00 lakh in multiples of ₹5.00 lakh on payment of stipulated premium as obtained through the tendering process. Premium of additional insurance coverage will be paid by the interested employees.
Premium for the additional policy coverage of ₹5.00 lakh to ₹20.00 lakh in multiples of ₹5.00 lakh is as below, and employees can opt for any option of Additional Sum Assured:
| Option | Additional Sum Assured | Premium (Including GST) |
|---|---|---|
| A | ₹5.00 lakh | ₹1,545.80 |
| B | ₹10.00 lakh | ₹3,091.60 |
| C | ₹15.00 lakh | ₹4,637.40 |
| D | ₹20.00 lakh | ₹6,183.20 |
Only 5 lac coverage in case of death
The Bank is offering financial assistance of Rs.5 lac only. The critics argue that this amount is very less. On other hand, Bank is offering death insurance upto Rs.3.5 crore to central government employees for maintaining salary account with Bank. Bank employees also maintain salary account with Bank so they should also get the same benefits as provided to central government staff.
The insurance benefits offered to central government staff by Punjab & Sind Bank are as follows:
| Salary Product Features | Group A | Group B | Group C |
|---|---|---|---|
| Personal Accident Death Insurance (Free of cost) | Rs. 350 Lakh | Rs. 350 Lakh | Rs. 250 Lakh |
| Permanent Total Disability (Free of cost) | Rs. 400 Lakh | Rs. 400 Lakh | Rs. 300 Lakh |
| Permanent Total Disability (Free of cost) | Rs. 350 Lakh | Rs. 350 Lakh | Rs. 250 Lakh |
| Permanent Partial Disability (Free of cost) | Up to Rs. 350 Lakhs | Up to Rs. 350 Lakhs | Up to Rs. 250 Lakhs |
| Anti-terrorist/Naxal Operations Cover (Free of cost) | Up to Rs. 350 Lakhs | Up to Rs. 350 Lakhs | Up to Rs. 250 Lakhs |
Apart from this, Bank is also providing free term life insurance cover upto Rs.20 lac to central government staff.
Bank employees demand that they should also get similar benefits for maintaining their salary account with the Bank or they should be allowed to shift their salary account to other banks.
