Singareni sets record with Rs 1 crore accident insurance for employees’ families
Singareni Collieries has rolled out a landmark accident insurance scheme, offering coverage up to Rs 1.25 crore for its employees. Over the past two years, Rs 41 crore has already been disbursed to 40 families, making SCCL the first organisation to implement such a welfare initiative in 2024.
Peddapalli: The Singareni Collieries Company Limited (SCCL) has set a record by providing free accident insurance benefits to its employees. Under the scheme, each family was provided Rs 1 crore insurance amount. About Rs 41 crore has already been distributed to 40 families during the last two years.
As part of employee welfare initiatives the SCCL has decided to implement an accident insurance scheme providing coverage up to Rs 1.25 crore. Singareni became the first organisation to launch the scheme in 2024.
For instance, family members of the Singareni employee Nagula Santosh, who died in a road accident, got the insurance benefit. After getting a job in the company on compassionate grounds, Santosh died after serving the company for only 18 months.
Another beneficiary is Pendri Latha, wife of late Ranjith Kumar who died in an accident while returning after visiting his month-old son.
Since he had a salary account with a bank that had an agreement with Singareni, his family received Rs1 crore under the accident insurance scheme. The cheque was personally handed over by the Deputy Chief Minister Bhatti Vikramarka Mallu.
Though the compensation cannot replace her husband, Latha emotionally stated that it would help fulfill the responsibilities he had left behind and secure the future of her son. She said that without this scheme, her family would have faced an uncertain future.
These are not isolated cases. Similar sentiments are being expressed by more than 40 families who have received financial assistance through the free accident insurance scheme introduced in Singareni over the last two years.
While the State Bank of India has disbursed nearly Rs 28 crore to the families of 32 deceased employees, then Union Bank of India has paid approximately Rs13 crore to the families of 13 employees.
Natural death insurance coverage ranging from Rs 10 lakh to Rs15 lakh and Rs 50 lakh health insurance scheme at a nominal premium have also been implemented in SCCL. Singareni currently disburses salaries to 40,275 employees through various banking institutions operating in its areas.
