Hyderabad: Singareni Collieries Firm Restricted (SCCL) on Thursday entered into an settlement with Union Financial institution of India to supply Rs 55 lakh unintentional insurance coverage cowl to their employees.
The accident insurance coverage scheme (an insurance coverage coverage that gives a payout when individuals expertise harm or loss of life resulting from an accident) would apply to staff incomes a minimal gross wage of Rs 25,000 month-to-month and above.
SCCL director N Balaram whereas giving the main points of the brand new scheme mentioned, “the employees could be eligible for Rs 40 lakh insurance coverage protection as a part of an excellent wage account, Rs 5 lakh financial institution insurance coverage and Rs 10 lakh by ATM Rupay card insurance coverage, totalling as much as Rs 55 lakh.”
“Likewise, if the worker pays an annual premium of Rs 315 below the conventional accident insurance coverage scheme, an extra accident insurance coverage quantity of Rs 30 lakh could be paid below the scheme,” mentioned the director.
Balaram additionally mentioned {that a} most of Rs 78 lakh has been paid below these two schemes to the Singareni employees who died not too long ago and 22 further advantages could be offered together with this accident insurance coverage.
“At present, about 11,182 Singareni employees are having tremendous wage accounts in Union Financial institution of India,” added the Collieries director.
Moreover, the employees would get Rs 15,000 per 12 months below Mediclaim hospital bills, free chequebook, a 25 to 50 % low cost on using financial institution lockers below the scheme.
“The Union Financial institution has offered accident insurance coverage compensation of Rs 3.5 crore to eight staff who died in accidents throughout final 12 months,” mentioned the director including {that a} full % processing price waiver for loans above Rs 25 lakh could be provided below b the scheme.
“These contractual concessions are agreed to proceed even after retirement as much as the age of 70 years,” mentioned the Singareni’s director.
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