Singareni rolls out ₹10 lakh cover for natural death after ₹1 cr. accident insurance

HYDERABAD

After implementing the free accident insurance scheme with ₹1 crore each coverage to its workers, employees and officers, the management of Singareni Collieries Company Ltd (SCCL) has decided to roll out free natural death insurance cover of ₹10 lakh each to its workers from the current fiscal (2026-27), effective from April 1.

The Union Bank of India, which is extending the accident insurance policy to Singareni workers, has agreed to be a part of the new initiative. As per the decision communicated to SCCL by the bank, all workers, employees and officers holding corporate salary accounts with Union Bank would be eligible for ₹10 lakh insurance coverage in case of death, including natural causes.

The decision was taken following the initiative and guidance of SCCL Chairman and Managing Director Buddhaprakash Jyoti, along with special efforts of Director (Personnel & Finance) Gowtham Potru. The bank confirmed that the scheme had come into effect from April 1.

In 2024, with the initiative of the State Government, the Union Bank implemented a ₹1 crore free accident insurance scheme for Singareni workers. As a continuation of that agreement, the bank has now extended insurance coverage of ₹10 lakh for natural death as well.

Meanwhile, the Singareni management is also talking to ensure that other banks, which are currently providing ₹1 crore accident insurance coverage, extend the ₹10 lakh coverage scheme for natural death as well.