The Revanth Reddy government is preparing to implement a record-breaking accident insurance scheme ranging from Rs. 1.25 crore to Rs. 1.50 crore for state government employees. In this context, the state finance department is holding internal discussions with the managements of various banks.
It is making strong efforts to implement the best accident and health insurance in the country for all government employees who have salary accounts in the bank.
The company has signed agreements with several banks to provide insurance of Rs. 1 crore to the victim’s family if Singareni employees and workers die in any accident. Several banks, including the State Bank of India (SBI), are implementing an accident insurance scheme of Rs. 1 crore for every worker with a salary account.
Seeing this scheme being implemented by Singareni, the central coal department responded and started implementing it in Coal India, the country’s largest coal company. Banks are already providing various facilities to central government employees who have salary accounts.
Among the important facilities provided by banks to central government employees, if a central government employee with a salary account in SBI dies in any accident, the bank pays an insurance of Rs. 1 crore to the family.
If he dies in a plane crash, it gives Rs. 1.60 crore, and if he has a RuPay debit card, it gives another Rs. 1 crore. In case of permanent disability, it gives Rs. 10 lakhs, and in case of natural death, it gives Rs. 10 lakhs. It provides health insurance facility up to a maximum of Rs. 30 lakhs by paying a premium of Rs. 2,495 per month. Health check-ups are free once a year.
Chief Secretary K. Ramakrishna Rao said that they are discussing with banks to provide better accident insurance and other facilities to state government employees. Some banks have already come forward to implement many facilities and concessions, and they are discussing to convince them to provide more insurance.
Singareni has already signed an agreement with Punjab National Bank (PNB) to implement an accident insurance scheme to pay compensation of Rs. 1.25 crore in the event of accidental death of workers in the state. PNB has come forward to implement the insurance scheme of Rs. 1.25 crore more than other banks.
It has also agreed to provide life insurance compensation of Rs. 10 lakh in case of natural death of an employee. Singareni is also implementing an accident insurance agreement of Rs. 40 lakh for employees of neighboring services.
