Singareni implements Rs 10 lakh free insurance scheme for natural deaths

Union Bank has expanded its existing Rs 1 crore accident insurance scheme for Singareni employees to include natural death coverage of Rs 10 lakh. The initiative, guided by Singareni CMD Dr Buddhaprakash Jyoti and Director Gowtham Potru, came into effect on April 1, 2026.

Peddapalli: Union Bank, which has already been implementing a Rs 1 crore accident insurance scheme for Singareni employees, has now decided to extend free insurance coverage for natural death as well, following the suggestions made by Singareni management.

As per the decision communicated by the bank, all employees and officers holding corporate salary accounts with Union Bank will be eligible for Rs 10 lakh insurance coverage in case of death, including natural causes.

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This decision was taken as a result of the initiative and guidance of Singareni Chairman and Managing Director Dr Buddhaprakash Jyoti, along with the special efforts of Director (Personnel & Finance) Gowtham Potru. The bank confirmed that the scheme has come into effect from April 1, 2026.

It may be recalled here that in 2024, with the initiative of the State Government, Union Bank implemented a Rs 1 crore free accident insurance scheme for Singareni workers. As a continuation of that agreement, the bank has now extended insurance coverage of Rs 10 lakh for natural death as well. The decision has been widely welcomed by employees and stakeholders.