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.
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