ICICI Bank has renewed its Memorandum of Understanding (MoU) with the Indian Army, to offer a range of specially curated enhanced benefits and new features through its ‘Defence Salary Account’, to all serving as well as retired Army personnel.
As part of the renewed benefits, the Bank is offering an array of insurance benefits to the Army personnel. The account holders get a personal accident insurance cover of Rs. 50 lakh along with insurance of Rs. 10 lakh in case of death in terrorist action, which is the highest among all banks offering ‘Defence Salary Account’. As part of the insurance cover, in case of accidental death, the Bank is offering Rs. 5 lakh for education of children and additional Rs. 5 lakh for the girl child of the deceased Army personnel. These benefits are available to the personnel across all ranks. Speaking about the new offering, Mr.Vishal Batra, Regional Business Head & Head of Defence Ecosystem, ICICI Bank said, “We believe that this renewed proposition will benefit a large section of the serving and retired Army personnel.”
