Hyderabad, Apr 9 (TNT): A few days after rolling out a free natural death insurance cover of Rs 10 lakh each for employees of the ‘Singareni Collieries Company Limited’in association with Union Bank of India (UBI), the Telangana State Road Transport Corporation (TGSRTC) has partnered with the bank to introduce a similar Rs 10 lakh insurance cover for natural death of RTC staff holding salary accounts with the bank.
With this move, families of over 38,000 employees working in the corporation are expected to benefit from enhanced financial security.
According to a press release issued by the corporation on Wednesday, the bank has decided to extend its insurance facility, which was earlier applicable only for accidental deaths, to cover natural deaths as well, thereby enhancing social security for RTC employees.
Under the revised scheme, in the event of the natural death of an employee having a salary account with Union Bank, the bereaved family will receive Rs 10 lakh as free insurance compensation.
The new provision has come into effect from April 1, 2026.
The corporation said employees are not required to pay any premium for availing the benefit, as the entire premium amount will be borne by the bank.
It further stated that the existing accidental insurance cover of Rs 1 crore will continue as before, and the newly introduced natural death cover will be an additional benefit.
The decision was taken by Union Bank following special initiatives by TGSRTC Vice Chairman and Managing Director Y. Nagi Reddy, the release added.
TNT TS
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