Hyderabad, Apr 23 (TNT): The Singareni Collieries Company Limited (SCCL) on Thursday signed a new insurance agreement with State Bank of India (SBI) to enhance financial security for its employees and their families.
Under this agreement, Singareni employees with SBI salary accounts will now be eligible for ₹10 lakh insurance coverage under a Group Term Life Insurance Scheme, even in the case of natural death, the Mining company said in a release here.
Previously, SBI had been providing insurance coverage of ₹1 crore only in cases of accidental death.
Following the directions of SCCL Chairman & Managing Director (CMD) Dr. Buddhaprakash Jyoti, and through the special initiative of Director (Personnel & Finance) Gowtham Potru, SBI has agreed to extend this benefit to cover natural deaths as well.
In addition, several other concessions for salary account holders have been included in the agreement.
The agreement was signed by Singareni’s General Manager (Personnel) Kiran Kumar and SBI DGM (CSP) Ms. Neelakshi Singh, in the presence of Director (Operations) L.V. Suryanarayana and Director (Planning & Projects) .K. Venkateswarlu.
Speaking on the occasion, Suryanarayana stated that a majority of Singareni’s 40,000 employees maintain accounts with SBI. Those who convert their accounts into salary accounts will now benefit from both the existing accidental insurance scheme and the newly introduced natural death insurance scheme also.
He emphasized that while the company wishes for all employees to remain healthy and continue their duties, such insurance schemes provide financial security to families in the event of unforeseen incidents.
Venkateswarlu noted that SBI has been implementing the accident insurance scheme for Singareni employees since 2021–22, and last year the coverage was enhanced to ₹1 crore.
He described it as a matter of pride that such a scheme is being implemented first time in the country in Singareni.
He further informed that ₹30 crore has been disbursed as accidental insurance to the families of 50 employees who lost their lives in various accidents so far.
Ms. Neelakshi Singh stated that Singareni has been conducting its financial transactions through SBI and that a majority of employees hold accounts with the bank.
She added that SBI has established branches and ATMs even in remote areas to facilitate workers.
She also revealed that family members of corporate salary account holders can avail a health insurance scheme of ₹50 lakh coverage for a premium of ₹8,906, covering Self, spouse and up to two children. This scheme is offered at a significantly lower premium compared to regular health insurance plans.
In addition to the ₹1 crore accidental insurance coverage, employees will also receive insurance benefits up to ₹1 crore in cases of partial or total disability due to accidents, as per terms and conditions.
Retired employees are also covered with accidental insurance of ₹30 lakh up to the age of 70 years.
Furthermore, in case of the death of an employee, children aged between 18 and 25 who are pursuing education will receive financial assistance—₹8 lakh for male children and ₹10 lakh for female children. If the children are of marriageable age, assistance of ₹5 lakh each will be provided, up to a maximum of ₹10 lakh for two children, the release said.
In case of injuries requiring plastic surgery due to accidents, ₹5 lakh will be provided. Additionally, employees will be allowed free transactions at ATMs of other banks as well. Several other benefits have also been included in the agreement.
TNT TS
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