Singareni Implements ₹10 Lakh Free Insurance Scheme for Natural Death: Effect from April 1

Union Bank Decision Following Management Initiative:

Singareni Bhavan, April 04: Union Bank, which has already been implementing a ₹1 crore accident insurance scheme for Singareni employees, has now decided to extend free insurance coverage for natural death as well, following the suggestions made by Singareni management.

As per the decision communicated by the bank, all employees and officers holding corporate salary accounts with Union Bank will be eligible for ₹10 lakh insurance coverage in case of death, including natural causes.

This decision was taken as a result of the initiative and guidance of Singareni Chairman and Managing Director Dr. Buddhaprakash Jyoti , along with the special efforts of Director (Personnel & Finance) Sri Gowtham Potru. The bank confirmed that the scheme has come into effect from April 1, 2026.

It may be recalled that in 2024, with the initiative of the State Government, Union Bank implemented a ₹1 crore free accident insurance scheme for Singareni workers. As a continuation of that agreement, the bank has now extended insurance coverage of ₹10 lakh for natural death as well.

In general, obtaining a ₹10 lakh insurance policy from private insurance companies would cost at least ₹5,000 per month. However, due to the proactive efforts of Singareni management, employees are now receiving this benefit completely free of cost through Union Bank.

The decision has been widely welcomed by employees and stakeholders.

Meanwhile, Singareni management is also taking initiatives to ensure that other banks, which are currently providing ₹1 crore accident insurance coverage, extend similar benefits for natural death as well.