Singareni SBI Pact Offers Rs 10 Lakh Life Cover to Employees
Singareni partners with State Bank of India to provide Rs 10 lakh life insurance cover to employees ensuring financial security for families along with expanded health and accident benefits.
- Singareni SBI pact provides Rs 10 lakh life cover to employees
- Singareni employees to get insurance benefits through SBI scheme
- Singareni SBI agreement boosts employee welfare and financial security
In a significant step toward strengthening employee welfare, Singareni Collieries Company Limited has partnered with State Bank of India to introduce a group life insurance scheme for its workforce. The agreement aims to provide financial protection to employees and their families during unforeseen circumstances.
The new scheme ensures that employees will receive an insurance payout of Rs 10 lakh even in cases of natural death, expanding the earlier coverage that was limited to accidental deaths. Around 40000 employees who maintain salary accounts with SBI are expected to benefit from this initiative.
The agreement was formally signed at Singareni Bhavan in Hyderabad, reflecting the company’s continued focus on improving social security measures for its workforce. Officials highlighted that the move was taken under the guidance of the company leadership to enhance existing benefits.
SBI has already been providing accident insurance to Singareni employees since 2021 to 22, with coverage later increased to Rs 1 crore. The addition of life insurance now brings a more comprehensive safety net for employees.
Along with life cover, the scheme also includes a health insurance option for employees’ families. For a premium of Rs 8906, families can avail coverage up to Rs 50 lakh for four members. Additional provisions include accident insurance up to Rs 1 crore and compensation for disability based on applicable norms.
The initiative also extends support to retired employees, offering accident insurance coverage of Rs 30 lakh up to the age of 70. Beyond insurance, financial assistance will be provided to families of deceased employees, including educational support for children and marriage assistance for dependents.
SBI officials noted that the bank has been expanding its services in mining regions by setting up branches and ATMs to improve accessibility for workers. Singareni management stated that the partnership is aimed at ensuring long term financial stability and welfare for its employees and their families.
