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States » SouthPosted at: May 19 2025 10:16PM


TN govt to offer free insurance cover to its staffs, inks MoU with seven banks

Chennai, May 19 (UNI) The Tamil Nadu government on Monday signed Memoranda of Understanding (MoU) with seven banks aimed at offering insurance cover at free cost to all its employees as part of salary account package.
The MoU would offer a customised Salary account package for employees of the State Government, including employees of the Police, Forest, Fire and Rescue Departments.
The newly launched Salary account package comes with comprehensive insurance coverage at zero cost to the employees, was one of the most attractive offerings in the banking sector.
The MoUs were signed with the State Bank of India, Indian Overseas Bank, Indian Bank, Canara Bank, Axis Bank, Bank of Baroda (BOB) and Union Bank of India in the presence of Chief Minister M.K. Stalin at the State Secretariat here.
The MoUs were signed in line with the announcement made by Finance Minister Thangam Thennarasu in his budget speech.
It included, among others, a personal accident insurance cover of Rs one crore, in case of accidental death or permanent disability, and an assistance of Rs five lakh for marriage expenses of daughters of a government employee who had died in an accident.
The MoU also envisaged provision of higher education assistance of up to Rs 10 lakh upto two daughters of a government employee deceased in an accident, as well as a term life insurance
cover of Rs 10 lakh in the event of natural death during service.
Interest concessions by banks to government employees while availing personal loan, housing loan, and education loan were also included in the MoU, besides waiving of processing charges on retail loans, an official release said.
A release from BoB said this collaboration will extend financial and insurance benefits to the employees of the State government, thereby supporting their financial aspirations and well-being.
This package has been thoughtfully designed to provide extensive insurance cover to employees along with various other benefits like concessional interest rates with waiver in processing charges
on retail loans.
It said BOB's customised Salary Account for Tamil Nadu State Government employees comes with
complimentary insurance benefits like Personal Accident Insurance with maximum coverage of
Rs 1.55 crore, Term Life Insurance coverage of Rs 15 lakh, Permanent Total Disability Cover of up
to Rs one crore and Hospicash facility of Rs 2000 per day for daily hospitalisation.
UNI GV 2210
Tags: #TN govt to offer free insurance cover to its staffs# inks MoU with seven banks
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