📷 Image: Wikimedia Commons / UnpetitproleX
Business
J&K Bank hikes accident insurance for govt employees to Rs 1 crore, signs MoU
✍️ Kashmir Life
🗓 24 Oct 2026, 05:02 AM
👁 18
Jammu and Kashmir Bank announced an increase in accident cover for government staff to Rs 1 crore and formalised the move with a memorandum of understanding.
Jammu and Kashmir Bank has raised the accidental death and disability insurance cover for its government employee clientele to Rs 1 crore per member. The enhancement aims to provide a higher safety net for staff serving in the public sector across the state.
The bank announced the policy upgrade alongside the signing of a memorandum of understanding that outlines the implementation framework and the roles of the participating parties. Under the agreement, the bank will manage the premium collection and claim settlement processes, while the counterpart will facilitate enrolment of eligible employees.
Bank officials said the move responds to growing demand for robust risk protection among government workers, especially in high‑risk postings. The new cover is expected to become effective from the next financial quarter, with details on premium rates to be communicated to beneficiaries shortly.
The initiative reflects the bank’s broader strategy to expand its insurance portfolio and deepen its engagement with the public sector, positioning itself as a key financial partner for state employees.
The bank announced the policy upgrade alongside the signing of a memorandum of understanding that outlines the implementation framework and the roles of the participating parties. Under the agreement, the bank will manage the premium collection and claim settlement processes, while the counterpart will facilitate enrolment of eligible employees.
Bank officials said the move responds to growing demand for robust risk protection among government workers, especially in high‑risk postings. The new cover is expected to become effective from the next financial quarter, with details on premium rates to be communicated to beneficiaries shortly.
The initiative reflects the bank’s broader strategy to expand its insurance portfolio and deepen its engagement with the public sector, positioning itself as a key financial partner for state employees.