Punjab National Bank (PNB), a leading public sector bank, has signed a Memorandum of Understanding (MoU) with the Indian Coast Guard on September 16, 2025, to provide enhanced insurance coverage and other benefits to serving personnel and pensioners under its flagship PNB Rakshak Plus scheme.
The MoU was signed by S P Singh, General Manager, PNB, and DIG Narendra Singh, Directorate of Indian Coast Guard, in the presence of Suresh Kumar Rana, Chief General Manager, PNB, along with senior officials from both PNB and the Indian Coast Guard.
Under the agreement, the benefits offered include Personal Accidental Insurance of Rs 100 lakhs, Term Life Insurance of Rs 5 lakhs for all officers, Air Accidental Insurance of Rs 150 lakhs, Permanent/Partial Disability Coverage of Rs 100 lakhs, and an Additional Cover of Rs 10 lakhs for death during operations. Several additional benefits will also be provided to the dependents and families of Rakshak account holders.
PNB reaffirmed its commitment to supporting India’s maritime warriors, emphasizing its dedication to providing financial security and welfare services to Coast Guard personnel and their families.
