The Singareni management has taken a significant step toward enhancing employee welfare by introducing improved insurance benefits in collaboration with Union Bank of India. As part of the existing arrangement, workers and officials employed in Singareni are currently covered under an accident insurance policy of ₹1 crore provided by the bank.
In a major expansion of this benefit, Union Bank has agreed to extend insurance coverage beyond accidental cases. Based on the recommendations of the Singareni management, the bank will now provide a free life insurance cover of ₹10 lakh to employees in the event of natural death. This benefit will be applicable to those holding corporate salary accounts with the bank.
The new insurance provision has come into effect from April 1 this year. The agreement was facilitated under the guidance of Singareni CMD Dr. Buddha Prakash Jyoti. In the open market, a life insurance policy worth ₹10 lakh typically requires an annual premium exceeding ₹5,000. However, due to the proactive initiative taken by the management, employees will receive this coverage at no cost.
Meanwhile, Singareni authorities are also engaging with other banks that currently offer ₹1 crore accident insurance to employees. The management is urging these banks to adopt similar measures, including coverage for natural death. If implemented, this move is expected to significantly strengthen financial security for the families of Singareni workers.