Singareni Secures Extensive Insurance Agreements with Leading Banks
Hyderabad: Singareni workers are set to benefit from a substantial insurance initiative, courtesy of the state government’s latest decision aimed at providing crucial support to workers and their families in case of accidents or fatalities during work-related incidents. The comprehensive insurance scheme, totaling one crore rupees, was announced following agreements between Singareni management and several prominent banks, witnessed by CM Revanth Reddy, Deputy CM Bhatti Vikramarka, and ministers at the Secretariat on Monday.
Union Bank of India and SBI have extended significant insurance benefits to Singareni employees, while HDFC Bank offers exclusive provisions for those with salary accounts. Here’s a breakdown of the insurance benefits provided by each bank:
Union Bank of India:
- Free accident insurance cover of Rs. 1 crore, regardless of employee salary.
- Additional Rs. 15 lakh insurance benefit with monthly usage of Union Bank Debit Card.
- Financial assistance up to Rs. 2 lakhs for fire accidents and related treatments.
- Support for children’s education with Rs. 6 lakhs in case of the employee’s demise during their graduation.
- Air ambulance coverage up to Rs. 6 lakhs.
- Various financial aids for transportation, hospitalization, and banking privileges.
SBI:
- Compensation for accidental death or permanent disability, along with support for partial disability and medical expenses.
- Financial assistance for marriage, air ambulance, and transportation costs.
- Additional benefits for family members and various banking privileges.
HDFC:
- Substantial insurance coverage of Rs. 40 lakhs for Singareni employees with HDFC salary accounts.
- Additional benefits for contract workers and exclusive insurance provisions for head DFC debit cardholders.
- Financial support for education, hospitalization, and daily expenses.
These insurance schemes aim to ensure the financial security and well-being of Singareni workers and their families in various unforeseen circumstances. The agreements underscore a significant step towards prioritizing the welfare of workers in hazardous industries.
