Singareni Collieries Company Limited logo
Hyderabad: The Singareni Collieries Company Limited (SCCL) has agreed with the State Bank of India (SBI) to provide Rs 10 lakh insurance coverage to employees in case of natural death under a group term life insurance scheme.
The agreement was signed on Thursday, April 23, at Singareni Bhavan in Hyderabad as part of the company’s employee welfare initiatives. The scheme will benefit around 40,000 employees who hold salary accounts with SBI.
Under the new arrangement, employees will now be eligible for Rs 10 lakh insurance payout even in cases of natural death, expanding the existing benefits that earlier covered only accidental deaths.
SBI has already been implementing an accident insurance scheme for Singareni employees since 2021-22, which was later enhanced to Rs 1 crore.
Officials said the latest initiative was introduced following directions from SCCL Chairman and Managing Director N. Balaram, with special efforts from Director (Personnel & Finance) Gautam Potru.
Apart from the life cover, SBI is also offering a health insurance scheme for employees’ families at a premium of Rs 8,906, covering up to Rs 50 lakh for a family of four. Additional benefits include Rs 1 crore insurance for accidental death and compensation for partial or permanent disability as per norms.
Retired employees will also be covered under an accident insurance scheme of Rs 30 lakh up to the age of 70.
Further, financial support will be extended to the families of deceased employees. Children aged between 18 and 25 pursuing education will receive Rs 8 lakh (for boys) and Rs 10 lakh (for girls), while marriage assistance of up to Rs 10 lakh will be provided for eligible dependents.
SBI officials said the bank has been strengthening its presence in remote mining areas by setting up branches and ATMs for the convenience of workers.
SCCL said the initiative aims to provide financial security to employees’ families in case of unforeseen events, while continuing to prioritise worker welfare through expanded insurance coverage.
This post was last modified on April 23, 2026 3:13 pm