Singareni providing accident insurance coverage to employees

SCCL Director (Finance) N Balaram has urged all employees to convert their savings accounts to Corporate Salary Account to get the benefit of 'Accident Insurance Scheme' being provided by banks

Hyderabad: Singareni Collieries Company Limited (SCCL) Director (Finance) N Balaram has urged all employees to convert their savings accounts to Corporate Salary Account to get the benefit of ‘Accident Insurance Scheme’ being provided by banks.

In a statement issued here on Saturday, Balaram said the company had signed a Memorandum of Understanding with State Bank of India and Union Bank of India for providing accident insurance coverage to its 44,000 employees. Since the insurance is available for only corporate salary account holders, all employees need to convert their savings accounts to corporate, he said.

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Those opting for SBI insurance scheme would be provided an accident insurance coverage of Rs.40 lakh to Rs.50 lakh and those preferring Union Bank of India’s insurance would get an insurance coverage of Rs..40 lakh to Rs.62 lakh, he informed, adding that 30,000 accounts have already been converted into ‘Corporate Salary Account’ by the banks.