In a significant leap towards prioritizing the welfare of its workforce, the Central Railway (CR) Mumbai Division has forged a groundbreaking partnership with the Life Insurance Corporation (LIC) to introduce a comprehensive Group Term Insurance Plan. This initiative aims to provide vital coverage for the well-being of 31,466 dedicated railway employees. The official Memorandum of Understanding (MoU) signing event held today marks the commencement of this pioneering endeavor.
The new Group Term Insurance Plan offers a multitude of features tailored to safeguard the interests of railway employees:
- No Medical Examination Required: The plan streamlines accessibility by eliminating the need for rigorous medical examinations, ensuring a hassle-free enrollment process.
- Efficient Claim Settlement: In the unfortunate event of an employee’s demise, the plan assures a prompt claim settlement, with claims being processed within a mere 10 days of submitting the death certificate.
- Age Inclusive Coverage: The plan spans employees between the ages of 18 and 60, guaranteeing a wide demographic is under its protective umbrella.
- Comprehensive Coverage, Including Suicide Cases: This insurance plan goes beyond the norm by extending coverage to include suicide cases, offering a safety net during challenging times.
- Uniform Premiums: The plan’s unique feature is its consistent premium structure for all employees within each age bracket until their retirement, promoting equity for all.
- Convenient Premium Deductions: Monthly premiums will be effortlessly deducted from employees’ salaries according to their specific age groups, making the process seamless and user-friendly.
The official MoU signing event was graced by Naresh Lalwani, General Manager of CR, who affirmed the organization’s unwavering commitment to the welfare of its workforce. Notable dignitaries in attendance included Renu Sharma, Principal Chief Personnel Officer of CR, Rajneesh Kumar Goyal, Divisional Railway Manager of Mumbai, and Manju Bagga, Executive Director of LIC.
This momentous collaboration between the Central Railway Mumbai Division and LIC symbolizes a dedication to the well-being of the railway employees, ensuring they receive the protection and support they deserve. As the wheels of progress continue to turn, this partnership exemplifies a brighter and more secure future for the railway workforce.
