Hyderabad: Singareni Collieries CMD N. Balram has called on banks to extend ₹50 lakh accidental insurance coverage to all contract workers. He made the request during a meeting with senior officials from major public and private sector banks at Singareni Bhavan on Saturday.
Balram highlighted that Singareni’s free accident insurance scheme has become a national model. Regular employees receive up to ₹1.25 crore in coverage, while outsourced staff are covered for ₹40 lakh. He noted that both the Centre and states are adopting similar policies.
₹30 crore paid to families of 34 accident victims
So far, the scheme has disbursed ₹30 crore to the families of 34 employees who lost their lives in accidents. “This financial support has brought timely relief and long-term security,” Balram said.
He urged banks to raise the coverage for contract workers to ₹50 lakh. Additionally, he proposed a term insurance of ₹20 lakh in cases of natural death. “This move would extend social security to all categories of workers,” he said.
Singareni’s expansion plans need bank backing
Balram thanked banks for supporting employee welfare and recalled that other states and Coal India have adopted Singareni’s model. He added that the company is now expanding into thermal and solar power projects, along with pumped storage ventures.
These projects will require bank loans. Balram said such partnerships would benefit both the company and financial institutions. He urged bankers to consider improving insurance packages.
Bank representatives from SBI, Union Bank, PNB, Canara Bank, IOB, BoB, and HDFC Bank responded positively. They assured continued collaboration and promised improved financial and insurance services.