Hyderabad: Singareni Collieries Company Limited (SCCL) on Thursday entered into an agreement with Union Bank of India to provide Rs 55 lakh accidental insurance cover to their workers.
The accident insurance scheme (an insurance policy that offers a payout when people experience injury or death due to an accident) would apply to employees earning a minimum gross salary of Rs 25,000 monthly and above.
SCCL director N Balaram while giving the details of the new scheme 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, totalling up to Rs 55 lakh.”
“Likewise, 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,” said the director.
Balaram also said 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.
“Currently, about 11,182 Singareni workers are having super salary accounts in Union Bank of India,” added the Collieries director.
Additionally, the workers would get Rs 15,000 per year under Mediclaim hospital expenses, free chequebook, a 25 to 50 percent discount on the use of bank lockers under the scheme.
“The Union Bank has provided accident insurance compensation of Rs 3.5 crore to 8 employees who died in accidents during last year,” said the director adding that a full percent processing fee waiver for loans above Rs 25 lakh would be offered under b the scheme.
“These contractual concessions are agreed to continue even after retirement up to the age of 70 years,” said the Singareni’s director.
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