Rs 55 Lakh accident cover for SCCL workers

Kothagudem: With the intention of benefiting the workers, Singareni management and Union Bank of India signed a key agreement with them at Singareni Bhavan in Hyderabad on Thursday.

The bank will convert the accounts of 11,182 Singareni workers into super salary accounts without any additional payments. With this, an accident insurance facility of Rs 55 lakh will be implemented free of charge for every worker.

This applies to employees earning a minimum gross salary of Rs 25,000 to Rs 75,000 per month and above. In this, 40 lakh insurance scheme for having a super salary account, 5 lakh bank insurance and 10 lakh rupees through ATM rupee card insurance, totaling up to 55 lakh rupees will be paid under accident insurance facility.

Similarly, if the employee pays an annual premium of Rs 315 under the general accident insurance scheme, an additional accident insurance amount of Rs 30 lakh will be paid under the scheme.

The agreement has been signed to bring many benefits like half concession in processing fees for loans less than 25 lakhs, concession on loans taken by Singareni workers for house construction, concessions on personal loan, vehicle loan, education loans, concessions on usage of ATM card.

SCCL Finance Director Balram welcomed the agreement with Union Bank. He said that this is a good development that even the banks that conduct business transactions worth crores of rupees through Singareni have agreed to provide concessions to Singareni workers who have accounts with them.

Union Bank of India Chief General Manager K Bhasker Rao, General Manger P Krishnan, Regional Head D Aparna Reddy and others participated in the programme.