Rs 1 Crore Accident Insurance Free: In a landmark move aimed at ensuring the financial security and welfare of its personnel, the Central Industrial Security Force (CISF) has signed a new Memorandum of Understanding (MoU) with the State Bank of India (SBI). As per the MoU, CISF personnel – both serving and retired – will now be entitled to accident insurance coverage of up to Rs 1 crore. The agreement falls under the Central Armed Police Salary Package (CAPSP) and comes at no cost to the personnel, making it a significant financial benefit for those serving in one of India’s key paramilitary forces.
This MoU was formalized during a special event held at the CISF Headquarters in New Delhi. The agreement was signed on May 22 by DIG/Adm Rekha Nambiar of CISF and Ranjana Sinha, General Manager (NRI & SP), SBI Corporate Centre, Mumbai. It marks a three-year commitment between the CISF and India’s largest public sector bank. The package includes enhanced financial services tailored to suit the requirements of CISF members, with accident insurance being the most significant addition. With increasing demands on security personnel, this move comes as a gesture of recognition and support for their service.
The personal accident insurance, valued at Rs 1 crore, will be applicable for all eligible CISF members who open or maintain their salary account with SBI. Notably, this benefit is available without any premium payment or hidden charges, providing a safety net for the families of personnel in case of an untimely demise due to an accident. It not only reinforces SBI’s relationship with the Armed Forces but also ensures that CISF personnel and their families are financially safeguarded.
Who Can Apply?
This exclusive benefit is available to all serving and retired CISF personnel who hold a salary or pension account with SBI under the Central Armed Police Salary Package (CAPSP). It includes:
- Active duty CISF personnel
- Retired CISF personnel
- New recruits who open an SBI salary account under CAPSP
To become eligible, the individual must ensure that their salary or pension is being regularly credited to their SBI account under the CAPSP scheme.
Insurance Fees – Is It Really Free?
Yes, the accident insurance cover of Rs 1 crore is absolutely free for eligible CISF personnel. There are:
- No joining fees
- No monthly or yearly premium
- No hidden costs
This initiative is provided at zero cost as part of the welfare benefits introduced through the MoU.
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How to Use and How You Benefit
Once enrolled, the insurance becomes automatically active for CISF personnel with an SBI salary account under CAPSP. Here are the key benefits:
| Benefit | Details |
|---|---|
| Personal Accident Insurance | Up to ₹1 Crore |
| Premium Payment | Nil (Free) |
| Coverage Period | 3 Years (Until May 2028) |
| Coverage Area | India (24×7, on-duty and off-duty) |
| Beneficiary in case of accident | Nominee as per bank records |
How to use the insurance:
- In the event of an accident resulting in the death of the insured, the nominee can file a claim.
- The claim should be submitted with valid documents such as FIR, post-mortem report, death certificate, ID proof, etc.
- The claim process will be handled jointly by SBI and the insurance company associated with the CAPSP scheme.
How to Apply?
Here is a step-by-step guide for CISF personnel to avail this benefit:
For New CISF Personnel:
- Visit the nearest SBI branch with CISF ID and documents.
- Request to open a CAPSP Salary Account.
- Link your employee ID and service details.
- Ensure salary is credited monthly to this account.
- Confirm insurance enrollment with SBI representative.
For Existing CISF Account Holders:
- Visit the SBI branch where your salary account is maintained.
- Update KYC, if needed.
- Verify that your account is registered under CAPSP.
- Ensure nominee details are correctly updated.
Important Dates
| Event | Date |
|---|---|
| MoU Signing Date | May 22, 2025 |
| Scheme Effective Date | Immediate |
| Validity Period | Till May 2028 |
| Insurance Start Date | Upon CAPSP account activation |
| Next Review/Extension Date | May 2028 (tentative) |
Disclaimer
The information provided in this article is based on the press release and official announcement made on May 24, 2025. It is advised to verify details from your nearest SBI branch or official websites before taking any financial decision. The accident insurance is subject to terms and conditions as prescribed by SBI and its insurance partners. This article is for informational purposes only and does not constitute financial advice. SBI CAPSP Official Page
Rs 1 Crore Accident Insurance Free Conclusion
The signing of the MoU between CISF and SBI reflects a shared vision to uplift and support those who dedicate their lives to national security. By offering Rs 1 crore accident insurance cover free of cost, SBI has not only reinforced its commitment to public service but also extended a strong safety net for CISF personnel and their families. This initiative sets a precedent for other public sector undertakings to provide enhanced welfare benefits to security forces.
It is worth noting that the coverage applies to both on-duty and off-duty incidents, making it a truly comprehensive accident protection plan. With no financial burden on the personnel, this move ensures peace of mind for those serving on the front lines.
The fact that this benefit also extends to retired personnel is another positive highlight, ensuring continued support beyond active service years. Overall, this initiative underscores the importance of proactive financial planning and institutional support for those in uniform.
CISF personnel are encouraged to take advantage of this free insurance by verifying their salary account under CAPSP. It’s a simple process that can yield enormous benefits in the event of unforeseen circumstances.
Rs 1 Crore Accident Insurance Free FAQs
1. Who is eligible for the Rs 1 crore insurance under CAPSP?
Only serving and retired CISF personnel who have an SBI salary or pension account under the Central Armed Police Salary Package (CAPSP) are eligible. The account must have active salary or pension credit to avail the insurance benefit.
2. Do I need to pay any fees or premiums for this insurance?
No. The accident insurance is completely free of cost. There are no premiums, no application fees, and no service charges involved. It is offered as a welfare measure under the MoU signed with SBI.
3. How do I claim the insurance amount in case of an accident?
In case of the unfortunate death of the account holder due to an accident, the nominee must:
- Contact the SBI branch
- Submit necessary documents including FIR, death certificate, post-mortem report, and ID proof
- SBI will coordinate with the insurance partner for processing the claim
4. How long will this insurance scheme remain valid?
The MoU has been signed for a three-year term until May 2028. During this period, all eligible account holders will continue to receive the insurance benefit, provided their CAPSP account remains active and compliant.
5. Can I nominate a family member for this insurance coverage?
Yes. You are required to update nominee details at your SBI branch while opening or maintaining your CAPSP account. This ensures that the insurance amount is correctly transferred to your nominee in case of a claim.
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