Hyderabad: Singareni Collieries implemented a Singareni insurance scheme providing ₹10 lakh free coverage for natural death of employees from April 1, 2026. The move expanded existing insurance benefits for workers.
Union Bank of India extended the coverage to all employees and officers holding corporate salary accounts. The bank had earlier implemented a ₹1 crore accident insurance scheme for Singareni employees.
Under the revised Singareni insurance scheme, employees will now receive ₹10 lakh coverage in case of death, including natural causes. As a result, the scheme significantly enhances financial security for workers and their families.
The decision followed suggestions from Singareni management. Buddhaprakash Jyoti led the initiative, while Director (Personnel & Finance) Gowtham Potru supported the effort.
Singareni insurance scheme expands employee benefits
The Singareni insurance scheme builds on an earlier agreement implemented in 2024. At that time, Union Bank introduced a ₹1 crore accident insurance policy for workers.
Now, the addition of natural death coverage ensures broader protection. Moreover, employees receive this benefit without paying any premium.
Officials noted that a similar ₹10 lakh policy in private insurance would cost at least ₹5,000 per month. Therefore, the free coverage represents a major welfare measure.
The Singareni insurance scheme has received positive response from employees and stakeholders. Workers welcomed the decision as a significant step toward social security.
Meanwhile, Singareni management has initiated discussions with other banks. It aims to ensure that institutions offering accident insurance also extend natural death coverage.
These efforts, officials said, will further strengthen employee welfare and financial protection across the organisation.