Hyderabad: A family that lost their sole breadwinner, a wife, whose husband died leaving her and their one-month-old baby all alone, and an elderly man who lost both legs in a mine accident are a few examples of the 45 families that were given a lifeline by Singareni Collieries Company Limited (SCCL) after their tragic loss.
In a release on Sunday, May 31, SCCL outlined the various insurance benefits offered to its employees and how it is helping save families from falling into dire circumstances for the past two years.
Accident insurance
The person on the extreme left, Santosh, who was the sole breadwinner for his family, lost his life in a road accident only 18 months after securing a job at SCCL.
At this difficult time, Singareni’s Rs 1 crore accident insurance scheme came as a lifeline for the family that was already struggling to pay medical bills.
Another beneficiary, Pendri Latha, had given birth just one month prior. Her husband, Ranjith Kumar, who had come home for a visit, tragically lost his life in an accident while returning. This sudden demise left Latha without support and a mountain of responsibilities.
This is when the Rs 1 crore cheque helped ease the loss to some degree. “Even though the compensation cannot replace my husband, it will help fulfil the responsibilities that he left behind,” Latha said.
Insurance coverage up to Rs 1.25 crore
Through special arrangements facilitated by Singareni and the state government, multiple banks now provide accident insurance coverage to employees holding corporate salary accounts, without having to pay premiums.
Punjab National Bank, Bank of Baroda and Indian Overseas Bank provide accident insurance coverage up to Rs 1.25 crore. State Bank of India, Union Bank of India and Canara Bank provide coverage up to Rs 1 crore.
Over the past two years, State Bank of India has disbursed nearly Rs 28 crore to the families of 32 deceased employees, while Union Bank of India has paid approximately Rs 13 crore to the families of 13 employees.
Permanent and partial disability coverage
Employees who suffer permanent or partial disability due to accidents are also eligible for compensation. Such was the case for Satyanarayana, a worker from the Srirampur area who lost both his legs in a mine accident. To him, the support of Rs 1 crore proved no less than a boon.
Natural death coverage and health insurance
State Bank of India, Union Bank of India, Indian Overseas Bank and Punjab National Bank are providing free natural death insurance coverage of Rs 10 lakh to SCCL employees. Bank of Baroda is offering coverage up to Rs 15 lakh.
SBI has also introduced a health insurance scheme with coverage up to Rs 50 lakh for an annual premium of Rs 8,906. The scheme covers the employee, spouse and two children below 25 years of age.
Coverage remains valid up to the age of 63 years, with options for continuation thereafter at a revised premium.
Insurance coverage for outsourced workers
Nearly 30,000 outsourced workers employed by Singareni are also eligible for insurance benefits. They can receive accident insurance coverage of Rs 40 lakh with Punjab National Bank, while HDFC Bank offers coverage of Rs 30 lakh.
In a recent case, Kambala Rajesh, an employee of Singareni Thermal Power Plant (STPP), opened a Punjab National Bank account just one month before passing away in a road accident. This is when an insurance payout of Rs 50 lakh ensured his wife and two young children received immediate support.
Free accident insurance for retired employees
Several banks have also agreed to provide free insurance coverage ranging from Rs 30 lakh to Rs 1 crore to retired employees who receive their pension through the respective banks.
Follow on Twitter | Posted by Saleha Fatima | | 
