Unique accident insurance scheme of 50 lakh coverage

Bengaluru: As a Deepavali gift to the Karnataka State Road Transportation Corporation (KSRTC) employees, the corporation gifted an accident insurance scheme of Rs 50 lakh coverage. Earlier, if the employees of the Corporation died in an accident (while on duty or off duty) or suffered permanent/partial disability, no large sum of compensation was available either to their dependents or to them. Now

KSRTC employees work day and night for the organisation. In order to protect the interest of its employee's dependents in case of death or disability due to accidents, on Wednesday, a salary package Insurance scheme is implemented by KSRTC by entering an MoU with State Bank of India. The Managing Director, KSRTC, V Anbu K Kumar and Pankaj Thapliyal, DGM, State Bank of India signed the MOU in the presence of M Chandrappa, Chairman, KSRTC. KSRTC employees salary package Accident Insurance Scheme having features such as Premium free Personal Accident Insurance schemes applies to all employees of Corporation having their salary account with State Bank of India. (Currently 55% of KSRTC employees are having account with SBI). The personal Insurance scheme would enable employee's dependents a compensation of Rs.50 lakh in case of Accidental Death. In the event of permanent Total disability to the employees, Compensation of Rs.20 lakhs and for permanent partial disability Compensation of Rs.10 lakhs will be provided.

Another unique feature of this insurance plan is that, insurance covers personal accidents occurring during on-duty and off-duty. Accidents requiring plastic surgery during treatment, will be provided with Maximum Rs.10 lakh, for import of medicines maximum of Rs.5 lakh, additional Rs 2 lakh for death in Coma (Rs 50 lakh + Rs 2 lakh) and would enable air Ambulance service upto Rs 10 lakh. Insurance scheme includes financial assistance up to Rs. 5 lakhs for children's graduation and up to Rs. 5 lakhs for girls' marriage in case of death of the employees involved in an accident.

Speaking on the occasion, Chairman of the Corporation, M Chandrappa, informed that this insurance scheme for the welfare of employees implemented by the Corporation is a very good scheme for the employees and their families and appreciated the co-operation rendered by the State Bank of India. The Director (P&V),Dr. Naveen Bhat Y, Chief Manager, SBI, Sarojkumar Das and other Senior officers were present during the occasssion.