Hyderabad: The Singareni accident insurance scheme emerged as a landmark welfare initiative after providing financial assistance to more than 45 families of employees affected by fatal accidents and disabilities since its launch in 2024.
The Telangana government introduced the scheme to ensure financial security for the families of Singareni workers. Chief Minister A. Revanth Reddy and Deputy Chief Minister Bhatti Vikramarka Mallu launched the programme with coverage ranging from ₹1 crore to ₹1.25 crore.
According to Singareni Collieries Company Limited (SCCL), the initiative became the first accident insurance programme in India to offer coverage of up to ₹1.25 crore. The company said the scheme has received widespread appreciation from employees and trade unions.
Families of beneficiaries acknowledged the support provided through the programme. The compensation helped them address financial obligations, including education expenses and future commitments following the loss of a family member.
Banks extend support under Singareni accident insurance
The scheme operates through corporate salary accounts maintained by Singareni employees in various banks. Punjab National Bank, Bank of Baroda and Indian Overseas Bank offer accident insurance coverage of up to ₹1.25 crore. State Bank of India, Union Bank of India and Canara Bank provide coverage of up to ₹1 crore.
Singareni currently processes salaries for 40,275 employees through banks operating in the region. Unlike conventional insurance policies, employees do not pay premiums under this arrangement. The Telangana government and Singareni negotiated the framework to ensure workers received insurance benefits without additional financial burden.
The welfare measure has also encouraged other coal companies and organisations to examine similar programmes for their workforce. SCCL said the initiative has set a benchmark for employee welfare and financial protection across the country.
In the past two years, State Bank of India disbursed nearly ₹28 crore to the families of 32 deceased employees. Union Bank of India provided around ₹13 crore to the families of 13 employees. The scheme also covers workers who suffer permanent or partial disabilities due to accidents, extending financial support beyond death claims.