Singareni Workers Welfare Scheme Expanded with Rs 10 Lakh Free Insurance for Natural Death
Singareni introduces a free insurance scheme for workers covering natural death with Rs 10 lakh benefit from April 1 through Union Bank salary accounts without any premium burden.
- Singareni free insurance scheme announced for workers
- Rs 10 lakh insurance for natural death benefit added
- Union Bank salary account holders eligible for scheme
In a significant step towards strengthening employee welfare, Singareni Collieries Company Limited has introduced a new insurance benefit for its workforce. The latest scheme ensures that workers and officials receive financial protection even in cases of natural death, marking an expansion beyond earlier accident based coverage.
The initiative, which came into effect from April 1, offers Rs 10 lakh insurance coverage to employees holding salary accounts with Union Bank of India. Notably, workers are not required to pay any premium to avail this benefit, making it a completely free insurance support system for their families.
This move builds on the existing accident insurance scheme that already provides Rs 1 crore coverage to employees in case of accidental death during service. By including natural death coverage, the company has widened its safety net, ensuring broader security for workers’ dependents.
The agreement with Union Bank was finalized after detailed discussions between the Singareni management and the bank. The management pushed for extending insurance benefits beyond accidents to include deaths caused by illness or other natural reasons. Responding positively, the bank agreed to provide coverage to all employees with corporate salary accounts.
Industry estimates suggest that a Rs 10 lakh life insurance policy in the private sector would typically require an annual premium ranging from Rs 5000 to Rs 10000 depending on age. However, under this arrangement, the entire premium burden is borne by the bank, offering substantial relief to employees.
Currently, apart from Union Bank, other banks such as State Bank of India, ICICI Bank, and HDFC Bank are already providing accident insurance coverage of Rs 1 crore to Singareni employees. With the introduction of natural death coverage by Union Bank, efforts are underway to encourage other banks to adopt similar measures.
The decision has been welcomed by employees and workers’ unions, who see it as a major welfare boost. With management taking proactive steps and banks responding positively, more comprehensive insurance coverage for all Singareni workers may soon become a reality.
