SBI 1 Crore Insurance Scheme : In a move set to benefit thousands of salaried employees, the State Bank of India (SBI) has launched an extraordinary initiative offering insurance coverage of up to ₹1 crore for salary account holders. This exclusive offer is currently active in a specific state, making it a significant financial boost for professionals working there. This initiative not only enhances the value of maintaining a salary account with SBI but also adds a critical layer of financial protection for account holders and their families.
Let’s explore the details, eligibility, benefits, and how you can make the most of this scheme.
What is the ₹1 Crore Insurance Scheme by SBI?
SBI, India’s largest public sector bank, has introduced a free personal accident insurance cover of up to ₹1 crore for salary account holders in select categories. The scheme is part of SBI’s “Salary Package Account” offerings that aim to provide added security and exclusive banking benefits to salaried professionals.
Key Highlights:
- Personal accident insurance cover up to ₹1 crore
- Exclusive to SBI salary account holders
- No additional premium or charges for eligible account holders
- Automatic enrollment based on salary account package
- Available in select states and institutions under agreement with SBI
Who is Eligible for This Mega Insurance Offer?
The ₹1 crore insurance scheme is not available to all salary account holders uniformly. It is extended under specific SBI Salary Packages for employees in certain sectors or institutions and in select states. Here’s a breakdown of eligible categories:
- Central & State Government Employees
- Police Personnel and Armed Forces
- Public Sector Undertaking (PSU) Employees
- Reputed Corporate Employees with SBI tie-up
- Educational Institutions with SBI salary account agreements
- Private sector employees covered under SBI’s Premium Salary Package
- Currently implemented primarily in Andhra Pradesh (as per reports)
Features & Benefits of SBI Salary Account Insurance
SBI’s salary account comes with multiple built-in benefits apart from the ₹1 crore insurance scheme. Here’s a detailed look:
- Complimentary Personal Accident Insurance up to ₹1 crore
- Overdraft facility of up to 2 months’ net salary
- Free issuance of debit card and unlimited transactions at SBI ATMs
- Zero Balance account with no maintenance charges
- Auto-sweep facility for higher interest earnings
- Preferential loan processing and interest rates
- Access to SBI’s exclusive YONO digital banking platform
Comprehensive Comparison Table: SBI Salary Account Variants
| Feature | Silver Package | Gold Package | Diamond Package | Platinum Package |
|---|---|---|---|---|
| Eligible Salary Range | ₹5,000 – ₹25,000 | ₹25,001 – ₹50,000 | ₹50,001 – ₹1,00,000 | ₹1,00,001 & above |
| Free Accident Insurance | ₹20 lakh | ₹50 lakh | ₹75 lakh | ₹1 crore |
| Overdraft Facility | 1 Month Salary | 1.5 Month Salary | 2 Month Salary | 2 Month Salary |
| ATM Withdrawal Limit | ₹40,000/day | ₹75,000/day | ₹1 lakh/day | ₹2 lakh/day |
| Cheque Book | 25 leaves/year | 50 leaves/year | Unlimited | Unlimited |
| Loan Benefits | Regular | Preferential Rates | Preferential + Fast | VIP Loan Assistance |
| Monthly Balance Requirement | NIL | NIL | NIL | NIL |
Claim Process for the ₹1 Crore Insurance Coverage
In the unfortunate event of an accident, here’s how the nominee or family of the account holder can claim the insurance amount:
- Immediate intimation to SBI and insurance partner
- Submission of claim form available at the bank or SBI website
- Required documents include: FIR, post-mortem report (if applicable), death certificate, identity proof
- Claims processed through SBI’s designated insurance partner (currently SBI General or other tied-up insurer)
- Final payout typically within 15-30 working days after document verification
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Documents Needed for Claim:
- Claim Form (Filled & Signed)
- Bank Account Details
- Identity Proof of Nominee
- Death Certificate (if applicable)
- FIR/Accident Report
- Post-mortem report (if required)
- Salary account passbook/certificate
Other Freebies and Add-ons with SBI Salary Account
Apart from insurance, SBI offers several perks exclusively for salary account holders. These include:
- Free Personal Accident & Air Accident Insurance
- Complimentary international debit cards (in some variants)
- Reward points for YONO app transactions
- Emergency cash at ATMs even with zero balance (up to OD limit)
- Fast-track processing for car/home/personal loans
- Special lockers at concessional rates
SBI vs Other Banks – Insurance & Perks Comparison
| Bank Name | Insurance Cover | Zero Balance | Loan Benefits | Overdraft Facility | Other Perks |
|---|---|---|---|---|---|
| SBI | ₹1 crore | Yes | Preferential | Yes | YONO rewards, locker concessions |
| HDFC Bank | ₹10-25 lakh | Yes (limited) | Standard | Limited | Airport lounge access (premium) |
| ICICI Bank | ₹25-50 lakh | Yes (select) | Yes | Yes | ICICI Rewards Program |
| Axis Bank | ₹20 lakh | Yes | Yes | Yes | Emergency benefits, cashback offers |
| Bank of Baroda | ₹15-25 lakh | Yes | Limited | Yes | Gold debit cards for salary holders |
How to Open an SBI Salary Account?
Opening a salary account with SBI is straightforward, and in many cases, it is coordinated by the employer. However, you can also approach SBI directly if your company has a tie-up. Here’s what you’ll need:
Documents Required:
- PAN Card
- Aadhaar Card
- Passport size photographs
- Employment/Salary certificate from employer
- Proof of employment (ID card or letter)
Steps to Apply:
- Visit nearest SBI branch or request your HR to initiate account opening
- Fill out the salary account opening form
- Submit KYC and employment documents
- Account will be activated in 1-2 working days
- You will receive ATM card, welcome kit, and net banking access
SBI’s ₹1 crore insurance coverage under its salary account scheme is a game-changing benefit for salaried professionals, especially those working in specific states like Andhra Pradesh. With zero cost involved and extensive benefits, this move reflects the bank’s commitment to customer safety and satisfaction. Whether you’re a government employee, private worker, or defense personnel, checking your eligibility for this scheme is a must.
Benefits and coverage may vary depending on your employer’s tie-up with SBI and the type of salary package availed. Readers are advised to verify specific eligibility and coverage details with the nearest SBI branch or official website.
