Mumbai: Bank of India (BOI) has entered into a strategic partnership with Western Railway to provide enhanced financial security and insurance benefits to railway employees, pensioners, and salary account holders.
The partnership aims to strengthen employee welfare by offering a wide range of insurance covers that protect employees and their families against unforeseen events. Under the MoU, Western Railway employees holding salary accounts with Bank of India will receive several exclusive benefits. These include a Rs 12 lakh term insurance cover, Rs 130 lakh personal accident insurance, and Rs 130 lakh permanent disability cover. In addition, employees will be eligible for a Rs 200 lakh air accident cover and a Rs 10 lakh children education benefit.
Pensioners have also been included in the scheme. They will receive a personal accident insurance cover of Rs 50 lakh, providing added financial protection and peace of mind during their retirement years.
The MoU was signed at the Western Railway headquarters during a formal ceremony attended by senior officials from both organizations. Smruti Jacob, Deputy Chief Personnel Officer of Western Railway, signed the agreement in the presence of Manjula Saxena, Principal Chief Personnel Officer. On behalf of Bank of India, the MoU was signed by Shampa Biswas, General Manager, in the presence of Neeraj Tiwari, Deputy General Manager, FCGMO Mumbai.
Officials from both sides highlighted that the partnership reflects a shared commitment to employee welfare, financial security, and long-term social protection for railway staff and pensioners.
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