Singareni urges banks to extend insurance cover to regular, contract staff

HYDERABAD

The management of Singareni Collieries Company Ltd (SCCL) has urged seven banks operating in the mining areas to implement ₹50 lakh accident insurance cover to contract workers and ₹20 lakh life cover to regular employees in case of natural death.

In a meeting with the bankers – State Bank of India, Union Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Overseas Bank and HDFC – held here on Saturday, Chairman and Managing Director of SCCL N. Balram stated that Singareni was the first company in the country to have introduced such a huge insurance cover to its employees – both permanent and contract.

He explained that the accident insurance scheme was providing claim up to ₹1.25 crore to regular employees and up to ₹40 lakh to contract and outsourced staff/workers in the event of their death in accidents. He appealed to the bankers to extend the cover to ₹50 lakh in case of the contract/outsourced staff and ₹20 lakh term insurance cover. So far, about ₹30 crore claim amount was provided by the banks to the surviving families of 34 employees/workers, ensuring financial security to them, he noted.