Indian Army and IDFC FIRST Bank have signed a Memorandum of Understanding (MoU) to provide specialised banking services and enhanced insurance benefits to serving and retired Army personnel.
The MoU has been signed for three years till February 2029. In a social media post, the Additional Directorate General of Public Information of the Indian Army said that under the agreement, Personal Accidental Insurance cover of 60 lakh rupees is available without mandatory salary or pension credit. It is instead linked to minimum monthly credits.
It added that higher benefits include an additional 35 lakh rupees nominee cover, 1 crore rupees Air Accident Insurance, 4 lakh rupees Higher Education Cover and up to 2 lakh rupees Girl Child Marriage Cover.
