Singareni's ₹1 Crore Accident Insurance Pioneers Employee Welfare
Singareni Colleries Ltd's₹1-crore accident insurance scheme, launched in 2024, offers extensive coverage for accidental death and disability. The initiative has benefited many families while inspiring industries across India.
Highlights
- •Singareni's ₹1 crore accident insurance covers upto ₹1.25 crore with some banks
- •45 families have benefitted, disbursement of over Rs 41 crore made possible through SBI and Union Bank
- •Extended to about 30,000 outsourced workers with coverage ranging from ₹30 lakh - ₹40 lakh
- •The scheme has inspired other industries to implement similar welfare programs
HYDERABAD, India – Singareni Colleries Ltd has launched a groundbreaking ₹1-crore accident insurance scheme in 2024 under the initiative of the Telangana government. This endeavor is not only transforming employee welfare but also setting a new standard across similar industries.
Benefits and Scope
The scheme, which covers accidental death and both partial and permanent disability up to ₹1 crore, has benefited 45 families so far. Some of the banks involved offer coverage up to ₹1.25 crore, significantly enhancing protection for employees. The scheme was launched by Chief Minister A. Revanth Reddy, with special arrangements in place for employees holding corporate salary accounts, ensuring that they receive coverage without any premium burden.
Under this initiative, multiple banks such as Punjab National Bank, Bank of Baroda, and Indian Overseas Bank offer up to ₹1.25 crore, while State Bank of India, Union Bank of India, and Canara Bank provide up to ₹1 crore per individual policy holder. To date, over Rs 41 crore has been disbursed, with SBI alone paying nearly Rs 28 crore to 32 families and Union Bank disbursing about Rs 13 crore to 13 families.
The scheme extends beyond full-time workers to include approximately 30,000 outsourced staff. Banks like PNB are offering up to ₹40 lakh for these workers, while HDFC Bank provides up to ₹30 lakh per individual. Notably, SBI also introduced a Rs 50-lakh health insurance option at a nominal annual premium that covers the employee, spouse, and two children.
Employee Satyanarayana, who worked deep inside the mine, lost both his legs in an accident but received ₹1 crore from this initiative. The scheme has also provided financial relief to Santosh's and Ranjith Kumar's families following their sudden deaths. These measures have been widely appreciated by employees and trade unions, with Singareni officials reporting that it has inspired other coal companies and state utilities to explore similar welfare programs.
