Implementation of Group Term Life Insurance Scheme to Benefit 40,000 Employees
SBI Agrees to Provide Rs 30 Lakhs in Accidental Insurance Coverage to Singareni Pensioners Up to Age 70
Singareni Bhavan, April 23: As part of its employee welfare initiatives, the Singareni Collieries Company Limited (SCCL) signed an agreement with the State Bank of India (SBI) for a new insurance scheme on Thursday at Singareni Bhavan in Hyderabad. Under this agreement, Singareni employees who hold a salary account with the State Bank of India will receive an insurance payout of Rs 10 lakhs under the Group Term Life Insurance scheme, even in the event of a natural death.
Until now, the State Bank of India had been implementing an insurance scheme that provided a payout of Rs 1 crore only to those who died in accidents. However, acting on the directives of Singareni Chairman and MD Dr. Buddaprakash Jyothi—and as a result of the special initiative taken by Director (Personnel & Finance) Mr. Gautam Potru—SBI decided to enter into this new agreement.
According to this agreement, an insurance payout of Rs 10 lakhs will henceforth be provided even in cases of natural death. Furthermore, several additional benefits and concessions for employees holding salary accounts have also been incorporated into this agreement. In an agreement signed in the presence of Director (Operations) Mr. L.V. Suryanarayana and Director (Planning & Projects) Mr. K. Venkateshwarlu, General Manager (Personnel) Mr. Kiran Kumar signed on behalf of Singareni, while DGM (CSP) Ms. Neelakshi Singh signed on behalf of SBI.
Speaking on the occasion, Director (Operations) Mr. L.V. Suryanarayana noted that a large majority of the 40,000 employees within the Singareni organization hold accounts with the State Bank of India. He stated that for those employees who have converted their accounts into salary accounts, a natural death insurance scheme—effective from today—will now be applicable in addition to the existing accidental insurance scheme.
He emphasized that the company’s primary objective is for all employees to discharge their professional duties with good health and longevity, living lives filled with happiness and contentment; however, such insurance schemes are being implemented to provide financial security to their families in the event of unforeseen tragedies.
Director (Planning & Projects) Mr. K. Venkateshwarlu stated that the State Bank of India has been implementing an accidental insurance scheme for Singareni employees since the 2021-22 fiscal year, and noted that the coverage limit was enhanced to ₹1 crore last year. He expressed pride in the fact that Singareni is the very first organization in the country to implement such a comprehensive insurance scheme. He further explained that, to date, a total of ₹30 crores has been disbursed as accidental insurance compensation to the families of 50 employees who lost their lives in various accidents. Speaking on the occasion,
Smt. Neelakshi Singh, DGM (CSP) at the State Bank of India, noted that Singareni Collieries Company conducts all its financial transactions exclusively through their bank and that a large number of its employees hold accounts with them. She added that, for the convenience of the workforce, the bank has established branches and ATMs even in remote areas.
Furthermore, she revealed that SBI offers a health insurance scheme worth ₹50 lakhs to the family members of employees holding a Corporate Salary Account; this coverage extends to the employee, their spouse, and two children, for an annual premium of ₹8,906. She emphasized that this scheme is being offered to Corporate Salary Account holders at a significantly lower premium compared to standard health insurance rates and urged them to avail themselves of this beneficial opportunity.
She explained that, in addition to implementing an accident insurance scheme worth ₹1 crore for employees holding a salary account, the bank would also pay out the full insurance sum of ₹1 crore—in accordance with the terms and conditions—in cases involving partial or total permanent disability resulting from an accident. She also mentioned that an accident insurance scheme worth ₹30 lakhs is being extended to retired employees, with coverage available up to the age of 70 years.
Furthermore, he stated that if children within the deceased’s family—aged between 18 and 25—are currently pursuing their studies, a financial grant will be provided to support their education: ₹8 lakhs for a male child and ₹10 lakhs for a female child. Additionally, if the family includes children who have reached marriageable age, a sum of ₹5 lakhs will be disbursed per child, up to a maximum aggregate limit of ₹10 lakhs for two children.
He also announced that if victims injured in accidents require plastic surgery, a sum of ₹5 lakhs will be provided to cover the costs. Moreover, the agreement incorporates various other benefits, including the facility to conduct free ATM transactions—not only at their own bank’s ATMs but also at those of other banks.
The event was attended by General Manager (Coordination and Marketing) Sri T. Srinivas, General Manager (Personnel) Sri Kiran Kumar, DGM (Personnel) Sri Mukunda Satyanarayana, State Bank of India Assistant General Manager Sri Muralikrishna, Senior Officer Sri Suresh Kumar, and others.
