HYDERABAD
After introducing a free accident insurance scheme with ₹1 million each cover for its workers, employees and officers, the management of Singareni Collieries Company Ltd (SCCL) has decided to introduce free natural death insurance for its employees of ₹10,000 each from the current fiscal (2026-27), effective from April 1.
Union Bank of India, which extends accident insurance policies to Singareni workers, has agreed to be part of the new initiative. According to the decision communicated by the bank to SCCL, all workers, employees and officers holding corporate salary accounts with Union Bank would be entitled to an insurance cover of ₹10,000 in case of death, including natural causes.
The decision was taken on the initiative and instructions of SCCL Chairman and CEO Buddhaprakash Jyoti along with the special efforts of Director (Personnel & Finance) Gowtham Potra. The bank confirmed that the scheme came into effect on 1 April.
In 2024, Union Bank introduced an accident insurance scheme for Singareni workers worth ₹ 1 million free of charge at the initiative of the state government. Following this agreement, the bank has now extended an insurance cover of ₹ 10 lakh for natural death as well.
Meanwhile, the Singareni management is also talking about ensuring that other banks, which currently provide ₹1 crore accident insurance, extend the ₹10 lakh cover scheme to natural death as well.
Published – 04 Apr 2026 20:23 IST
