J&K Bank employees to get accidental insurance cover

Jammu: All employees of Jammu & Kashmir Bank would be provided comprehensive accidental insurance cover by the bank through its general insurance partner Bajaj Allianz General Insurance Company Limited (BAGICL), a statement issued by the bank said.

The aim is to boost morale of the employees through this insurance protection cover so that their families remain insulated against any financial or social insecurity in the unfortunate event of his/her absence. The cost of insurance premium would be borne by the bank and the staff would be getting a risk cover from Rs 20 lakh to Rs 5 crore.

This was stated by J&K Bank Chairman & CEO, Parvez Ahmed, while addressing a Condolence Meeting held at the Bank’s Jammu Zonal office here today as an officer of the bank, M. K Bhat, had expired after being seriously injured in a mishap at home during Diwali celebrations. The officer had sought accidental insurance cover under Bajaj Allianz Global Guard Policy (Individual) at a premium of Rs.1276.

Chairman Parvez Ahmed accompanied by T. A. Ramalingam, BAGICL Chief Distribution Officer and other senior functionaries of Bank & Bajaj Allianz visited the family of the deceased today and offered his heartfelt condolences to the bereaved family besides handing over a cheque worth Rs 25 lakhs as insurance claim settlement to the family of the deceased.

On the occasion, Parvez Ahmed stated: “No amount of money can compensate for the loss of human life and in this tough time of the untimely loss the JK Bank family stands in solidarity with the family of the deceased. We can at least come to the rescue of the family of the deceased and protect or bail them out of any possible social and financial turmoil. The human capital of the Bank at all levels is priority to me and I would like to see them fully comfortable and financially secure as they are the prime movers of the premier organization of the state…”

The chairman instantly approved extending comprehensive accidental insurance cover under Bajaj Allianz Global Guard Policy to all staff members of the bank. The premium would be borne by the bank and risk would be covered from Rs20lakh to Rs 5 crore depending upon the band of the employee.

He also appreciated the insurance partner BAGICL for helping the bank to extend hassle free insurance services, be it settlement of claims or extending tailor-made insurance schemes, to its internal as well as external customers. He specifically hailed them for settling the claim of the deceased officer quickly. The deceased is survived by his wife and two minor girls. Notably, the wife of the deceased has already been given employment in the bank.

Earlier, T. A. Ramalingam, Chief Distribution Officer of BAGICL, spoke about the importance of accidental insurance cover which can go a long way to support families financially in such hours of distress. He requested the chairman of the bank to consider this policy cover for his employees. Notably, Ajaz Khan, Zonal Head (North) in his welcome address hailed Parvez Ahmed for his vision, customer service and overall well being of the society.


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