Indian Army and HDFC Bank have renewed their Memorandum of Understanding for another three years, till 2029, to provide banking services and Personal Accident Insurance coverage to Army personnel. This compensation is given in case of accidental death or disability for serving and retired personnel of the Indian Army.

 

The MoU provides enhanced Personal Accident Insurance cover of one crore rupees for all Serving Personnel, including Agniveers and Pensioners, along with Air Accident Insurance cover of one crore rupees. Other associated benefits, including child education cover of five lakh rupees and girl child marriage cover of five lakh rupees, will be covered under this agreement.