Assam Signed MoU with SBI & UBI for Insurance Benefits

Current Context: The Assam government signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) and Union Bank of India (UBI) on January 1, 2025 to provide insurance benefits to over four lakh state government employees.

• This agreement ensures that employees will receive zero-premium insurance coverage, which includes:
• Term Life Insurance: Offering financial protection to the family in the event of the insured person's death during the policy term.
• Accidental Death Insurance: Providing benefits in case of death due to an accident.
• Permanent Total and Partial Disability Insurance: Covering financial support if an employee suffers a disability that impacts their ability to work.
• Air Accidental Insurance: Offering protection in case of accidents during air travel.
• This initiative aims to enhance the welfare of state government employees by providing comprehensive insurance coverage without additional cost.

Question:

1 What is the premium cost for the employees under the insurance scheme signed in the MoU with SBI & UBI?

• A) ₹500 per month
• B) ₹1000 per year
• C) Zero premium
• D) ₹100 per month

Answer: C) The initiative provides comprehensive insurance coverage at no additional cost to the state government employees, making it a zero-premium insurance scheme.

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