Hyderabad: In a big win for worker welfare, Singareni Collieries has inked a significant deal with Punjab National Bank (PNB) to offer accident insurance worth ₹1.25 crore to its employees.
Calling it a historic move, company CMD N. Sridhar Balaram said the initiative is meant to give employees’ families a stronger financial safety net in case of accidental deaths.
Speaking at the MoU signing ceremony held in Hyderabad on Wednesday, Balaram noted that while the company had been extending some assistance to bereaved families, the new insurance scheme marks a significant expansion of that support. “This policy will offer a meaningful safety net to families at their most vulnerable time,” he said.
PNB came forward to offer a higher accident insurance payout than any other bank approached by Singareni, Balaram added. In addition to the ₹1.25 crore accidental death cover, the scheme also includes ₹10 lakh life insurance for cases of natural death.
Historic Agreement of ₹1.25 Crore Accidental Insurance with Punjab National Bank: SCCL CMD Sri. N. Balram
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Singareni… pic.twitter.com/jQ1mR8OOVg— Singareni Public Relations (@PRO_SCCL) June 11, 2025
The new policy doesn’t stop there. Balaram pointed out that a ₹40 lakh accident insurance scheme has also been finalised for contract and support staff working alongside Singareni’s regular workforce.
PNB Managing Director Ashok Chandra, who was also present at the event, confirmed that the agreement comes into effect starting Thursday. He reaffirmed the bank’s commitment to backing Singareni’s expansion projects, describing the partnership as a model for public sector collaboration in employee welfare.