SCCL signs MoU with PNB for Rs 1.25 crore accidental insurance scheme

SCCL has already implemented a Rs 40 lakh accidental insurance scheme for contract workers through PNB.

Hyderabad: The Singareni Collieries Company Limited (SCCL), which is implementing a Rs.1 crore accidental insurance scheme, has entered into an agreement with Punjab National Bank (PNB) to offer accidental insurance coverage of Rs 1.25 crore. A memorandum of understanding (MoU) to this effect was signed in Hyderabad on Wednesday.

Describing the development as a historic milestone, SCCL Chairman and Managing Director N Balram said the initiative aims to provide greater financial security to the families of workers who lose their lives in accidents. He said that existing insurance schemes have already helped extend strong financial support to many bereaved families.

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Expressing happiness that PNB had come forward to implement the Rs 1.25 crore scheme, Balram said the bank would additionally provide Rs.10 lakh term insurance cover for employees if the insured dies of natural causes. He also recalled that SCCL had already implemented a Rs 40 lakh accidental insurance scheme for contract workers through PNB.

PNB Chief Executive Officer and Managing Director Ashok Chandra said the agreement with SCCL would serve as a model for other sectors. He announced that the scheme would be effective for SCCL employees from Wednesday and assured that similar agreements would soon be extended to other industries.