Our Bank’s Managing Director & C.E.O., Sri P. S. Jayakumar has informed that Bank’s Board has decided to obtain a Group Term Life Insurance cover for a sum assured of Rs. 20,00,000/- in respect of each individual employee of the Bank.

Sri. P.S. Jayakumar has extended his thanks to the Board for the same.

Group Term Life Insurance is now expanded to cover life, in addition to the Group Accidental Policy, as death also arises from illness of various types.

Quotations for ‘ annual premium ’for obtaining a life cover of Rs. 20,00,000/- for all the employees of the Bank have been invited from reputed Insurers. While 90% of Annual Premium will be borne by the Bank, the individual employees are required to pay 10%. The terms and conditions of the policy, procedure thereof, the actual amount of annual premium will be shared with all employees shortly.

Our M.D. & C.E.O. concludes, “ Our objective is to create an environment that constantly offers social security, opportunities for further learning, spontaneous growth, overall development and satisfaction of Bank’s ‘ Human Capital.’ The proposed Group Term Life Insurance is step in this direction.”

Formation of this scheme is the outcome of meeting between Working President of ‘ Bank Karmachari Sena Mahasangh ’ ( to which our Union is finally affiliated ) Hon. Sri. Anil Desai, M.P. and Shiv Sena Party Secretary led team including Sri. Vilas Ghugare, General Secretary of Mahasangh and our young General Secretary Sri Vinod Nikam and Our Bank’s Managing Director & CEO Sri P.S.Jayakumar assisted by Sri S.K.Chaudhary, Ex-General Manager (HRM).

The meeting was held on 7th November, 2017 at B.C.C., B.K.C.. News about this meeting appeared in Marathi daily “ SAAMANA ” (सामना) of 9th November, 2017.

For the information of our Members we took out Circular No. : 17/2017 dated09-09-2017 detailing therein Minutes of Meeting.

While discussing ‘delay in appointments on compassionate grounds,’ it was felt that such delays cause financial difficulties to bereaved families. These appointments come with very lengthy delays. Also there is always uncertainty about job prospects. In many cases amount received from Bank by way of PF, Gratuity are not enough to cover liabilities like HL, OD etc. Family incurs heavy debt after departure of bread winner. Hence such lump sum Insurance claim amounts will be of great help to bereaved families.

After our M.P. Hon. Sri.Anil Desai and M.D. & CEO Sri. P. S. Jayakumar met on 7th November, 2017 the matter was closely followed by our General Secretary Sri. Vinod Nikam. It has borne fruit.

It’s a great victory for ‘ Bank of Baroda Karmachari Sena !’

We thank our mentor Hon. Sri. Anilji Desai, M.P. and our Bank’s M.D. & C.E.O. Sri P.S. Jayakumar.