UCO Bank has introduced a major employee welfare initiative. UCO Bank has launched Group Personal Accidental Insurance Policy (PAIS) for all its in-service employees, including both permanent and contractual staff.
The decision was approved by the Bank’s Board of Directors during its meeting held on 28 May 2026.
The new insurance scheme aims to provide financial protection and support to employees and their families in the event of accidental death or disability.
Why the New Insurance Scheme Was Introduced
At present, UCO Bank employees are covered under the IBA Group Medical Insurance Scheme, with the premium paid by the Bank. Employees and their spouses also have the option to avail coverage under the GSLI/GTLI scheme, where the premium is borne by the employee.
However, the Bank noted that there was no dedicated personal accident insurance policy available for employees. To address this gap and strengthen employee welfare measures, the Bank decided to introduce a Group Personal Accidental Insurance Policy.
According to the circular, the scheme has been designed to protect employees and their dependent family members from financial hardship arising due to accidental death or disability.
Insurance Coverage Based on Employee Category
Under the new policy, different categories of employees will receive different levels of accident insurance coverage.
| Employee Category | Insurance Coverage |
|---|---|
| Sub-staff | ₹40 lakh |
| Clerical Staff | ₹50 lakh |
| Officers (Scale I to III) | ₹75 lakh |
| Executives (Scale IV & V) | ₹100 lakh |
| Executives (Scale VI, VII & VIII) & CVO | ₹150 lakh |
| Executive Directors & Managing Director | ₹200 lakh |
The coverage will be available for:
- Air accidental insurance
- Permanent total disability
- Permanent partial disability
- Accidental death benefits
Additional Benefits for Employees’ Families
Apart from the main insurance coverage, the Bank has also introduced several additional benefits for family members in case of accidental death of an employee.
Child Education Benefit
The scheme will provide up to ₹5 lakh for the education of up to two children aged between 18 and 25 years.
Girl Child Marriage Benefit
A financial assistance of up to ₹5 lakh will be available for the marriage of up to two girl children aged between 18 and 25 years.
Spouse Death Cover
The policy also includes an additional death cover for the spouse:
- ₹3 lakh for certain employee categories.
- ₹5 lakh for higher employee categories.
Major Welfare Initiative for Employees
The introduction of the Group Personal Accidental Insurance Policy is being viewed as a significant welfare measure by UCO Bank. The scheme will provide substantial financial security to employees and their families in case of unforeseen accidents, ensuring better protection and support during difficult circumstances.
Following UCO Bank’s decision, employees of other public sector banks are also demanding similar insurance coverage from their respective banks. Many employees believe that the existing medical and insurance benefits are inadequate and expect banks to strengthen employee welfare measures by introducing comprehensive insurance schemes.
