PNB signs MoU with OIC to provide post retirement insurance benefi

New Delhi, May 11 (UNI) Punjab National Bank (PNB) today signed a Memorandum of Understanding (MOU) with the Oriental Insurance Co Ltd (OIC), to provide post-retirement medical insurance benefit to all its regular employees.

Highlighting the salient features of the scheme, PNB CMD SC Gupta said, ''the scheme offers post retirement life-time medical insurance cover of Rs 50,000 per employee at the bank's cost, with an option of a higher cover of upto Rs 5 lakh on payment.

The scheme is a post requirement group medical insurance policy and covers all regular employees of subsidiaries of PNB and regional rural banks sponsored by PNB, a statement released here said.

Insurance cover for individual staff members would come into effect after their superannuation or cessation from service of the bank for any other reason.

UNI RA ARB KN2046