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BOI Partners with NIACL for General Insurance & Signs MoU with IAF for Rakshak Salary Package.

Banking & Finance | Dated: 28 Mar 2025

In March 25, 2025, Mumbai (Maharashtra)-based Bank of India (BOI), one of India's leading Public Sector Banks (PSUs), entered into a strategic partnership with Mumbai-based New India Assurance Company Limited (NIACL), India's largest nationalized general insurance company, to offer general insurance products to BOI customers.

🎯 Key Highlights:

  • - The collaboration aims to provide BOI customers with a comprehensive suite of general insurance products, including health, motor, personal accident, home, and commercial insurance.
  • - This partnership aligns with BOI's vision of offering end-to-end financial solutions under one roof, enhancing convenience for its vast customer base.
  • - The Bank of India (BOI) signed its first-ever Memorandum of Understanding (MoU) with the Indian Air Force (IAF) to offer customized banking benefits through the ‘BoI Rakshak Salary Package’ to IAF personnel, veterans, and Agniveers under the Agnipath scheme.

💡 Other Important Facts:

  • (i) The MoU exchange ceremony took place at the IAF Headquarters in New Delhi, with Air Vice Marshal Updesh Sharma, Assistant Chief of Air Staff (Accounts & Air Veterans), presiding over the event.
  • (ii) The package includes enhanced financial perks, such as Personal Accident Insurance (PAI) coverage of ₹100 lakh, providing security in case of unforeseen incidents. Additionally, it offers Air Accident Coverage of ₹200 lakh, ensuring substantial financial protection for IAF personnel. The package also includes special benefits on debit and credit cards, enhancing convenience and financial flexibility for account holders.
  • (iii) This partnership reflects BOI's commitment to providing tailored financial solutions to defense personnel, ensuring greater financial security and convenience for IAF members and their families.

📚 Test Your Knowledge:

Which public sector bank recently partnered with New India Assurance Company Limited (NIACL) to offer general insurance products?

Correct Answer: Bank of India

🚀 Quick Recap:

About Bank of India (BOI)

  • MD & CEO : Rajneesh Karnatak
  • Headquarter : Mumbai