Jammu and Kashmir Bank has increased the group personal accident insurance cover for permanent Jammu and Kashmir government employees from ₹25 lakh to ₹1 crore under a five-year agreement signed with the Union Territory administration. The agreement, signed on October 23, 2026, also introduces additional insurance benefits, family assistance provisions and banking concessions for eligible employees.
The revised package includes air accident insurance cover of ₹1.35 crore, coverage of ₹75 lakh for permanent total disability and ₹55 lakh for permanent partial disability. An air ambulance benefit of ₹10 lakh is also included, subject to the applicable terms and conditions.
The agreement extends financial support to employees’ families in specific circumstances. Following the death of an insured employee, eligible families can receive higher education assistance of ₹8 lakh for a male child and ₹10 lakh for a girl child. The package also provides girl child marriage assistance of up to ₹10 lakh, subject to the scheme’s conditions.
Beyond insurance, the banking package includes zero-balance accounts, free international debit cards with spouse add-on cards and lifetime-free RuPay credit cards. Eligible employees will also receive a 25-basis-point concession on applicable personal loan interest rates, subject to the prescribed benchmark floor.
The bank has also waived processing fees on personal, automobile, home and education loans for permanent government employees. Other facilities include overdrafts of up to ₹6 lakh, capped at six months’ salary, and collateral-free education loans of up to ₹10 lakh for employees’ children.
Eligible employees can also access 100% financing for new cars and two-wheelers, along with housing repair and renovation loans of up to ₹10 lakh without a property mortgage, subject to the applicable eligibility criteria and scheme conditions.
The memorandum of understanding was signed in the presence of Shailendra Kumar, Financial Commissioner and Additional Chief Secretary of the Finance Department, and Amitava Chatterjee, Managing Director and CEO of Jammu and Kashmir Bank. Ashutosh Sareen, the bank’s Chief General Manager (Credit), and Mohd Youqub Ittoo, Director General (Resources) in the Finance Department, signed the agreement on behalf of their respective institutions.
The five-year agreement reinforces the bank’s role as the preferred banker for Jammu and Kashmir government employees. It brings together enhanced insurance protection, family-oriented benefits and preferential banking facilities under a single arrangement.
For employees and their families, the revised accident cover represents a significant increase in the financial protection available under the agreement. The actual benefits will depend on the applicable policy terms, eligibility requirements and conditions specified by the bank.
