Singareni workers get accident insurance coverage of Rs 55 lakh

The scheme would apply to employees earning a minimum gross salary of Rs 25,000 per month and above

Hyderabad: The Singareni Collieries Company Limited (SCCL) on Thursday entered into an agreement with Union Bank of India to provide free accident insurance coverage of Rs 55 lakh to all workers having a super salary account in the bank. The scheme would apply to employees earning a minimum gross salary of Rs 25,000 per month and above.

Giving details on the insurance scheme, SCCL Director (Finance) N Balaram said the workers would be eligible for Rs 40 lakh insurance coverage as part of a super salary account, Rs 5 lakh bank insurance and Rs 10 lakh through ATM Rupay card insurance, totaling up to Rs 55 lakh.

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Similarly, if the employee pays an annual premium of Rs. 315 under the normal accident insurance scheme, an additional accident insurance amount of Rs 30 lakh would be paid under the scheme, he said, adding that a maximum of Rs 78 lakh has been paid under these two schemes to the Singareni workers who died recently and 22 additional benefits would be provided along with this accident insurance facility. Currently about 11,182 Singareni workers are having super salary accounts in union Bank of India.

Apart from this the workers would get Rs 15,000 per year under Mediclaim hospital expenses, free checkbook facility, 25 to 50 percent discount on use of bank lockers, full percent processing fee waiver for loans above Rs 25 lakh, he informed. The union Bank has provided accident insurance compensation of Rs 3.5 crore to 8 employees who died in accidents during last year, he said.

These contractual concessions are agreed to continue even after retirement up to the age of 70 years.