Life after retirement should be filled with peace and tranquility. To double this peace, the State Bank of India (SBI) has introduced a 'Comprehensive Pension Package' for Central Government pensioners. This is not just a bank account but a security blanket for senior citizens that takes care of their every need. This scheme, developed on the initiative of the Department of Financial Services (DFS), Ministry of Finance, has been launched with the aim of making banking easy and secure for pensioners.

Freedom from the hassle of minimum balance

Elderly pensioners often worry about maintaining a minimum balance in their bank accounts or incurring charges. This new SBI package addresses this issue. If you are a central government pensioner aged 70 or older, you can avail of this account. There is no minimum balance requirement and it will remain active even at zero balance. There will also be no charges for SMS alerts and other services. Pensioners will also be issued a free RuPay Platinum Gold debit card.

Insurance of Rs 30 lakh and additional protection

The most significant feature of this package is its insurance coverage. In the event of the pensioner's accidental death, the family will receive personal accident insurance (PAI) of up to ₹30 lakh. This includes several other benefits. For example, ₹10 lakh will be provided for post-accident plastic surgery and ₹5 lakh for imported medicines. If death occurs after being in a coma for more than 48 hours after the accident, a separate ₹5 lakh cover will be provided.

Safety for family and children

SBI has also taken full care of the family in this package. In case of emergency, air ambulance facility up to Rs 10 lakh and regular ambulance facility up to Rs 50,000 will be provided. This package also helps in the future of children. Financial assistance of up to Rs 8 lakh will be provided for higher education of children between the ages of 18 and 25, while for daughters this amount has been increased to Rs 10 lakh. In addition, in the event of an accident, a provision of Rs 50,000 for travel expenses of two family members and a separate Rs 50,000 for bringing back the mortal remains of the deceased is included.

Currently, this excellent package is available only with SBI, but in the future, other public sector banks like Punjab National Bank and Bank of Baroda may also introduce similar schemes. Interested pensioners can avail this security cover by visiting their nearest SBI branch.