Business EconomyPosted at: Nov 9 2025 1:57AM


Singareni launches free accidental insurance scheme to its employees & contract workers

Hyderabad, Nov 8 (UNI) Singareni Collieries Company Limited (SCCL) Chairman and Managing Director N. Balram today stated that the free accident insurance scheme, launched for the first time in the country for Singareni employees and contract workers with the cooperation of government and private sector banks as per the directions of the State Government, has become a model for the entire nation.
He said that both the Central and State Governments are now taking steps to implement this scheme in their respective organizations.
He stated that both Central and State Governments are now taking steps to replicate this insurance model across various sectors.
Expressing gratitude to the banks for supporting this initiative, Balram , who held a special meeting at Singareni Bhavan here with senior bank officials from State Bank of India, union Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Overseas Bank, HDFC Bank, he said: “Through this free accident insurance scheme, Singareni employees are covered maximum up to Rs 1.25 crore, while outsourced employees are insured up to Rs 40 lakh.”
So far, insurance claims amounting to nearly Rs 30 crore have been settled for 34 employees who lost their lives in various accidents, ensuring financial security for their families, he said.
He requested that a minimum of Rs 50 lakh accidental insurance coverage be extended to all contract workers and also proposed that a term insurance of at least Rs 20 lakh be provided to employees in cases of natural death.
Balram reminded that the accidental insurance scheme introduced in Singareni has now been adopted as a model by other states and implemented in Coal India as well.
He said that as part of Singareni’s expansion plans, the company is taking up projects such as Thermal Power Plants, Solar Power Plants, and Pumped Storage Projects, for which loan support from the banks will be sought.
“This will be mutually beneficial for both institutions,” he added, urging the banks to consider enhancing the insurance coverage packages positively.
Responding to the CMD’s appeal, the bankers expressed their willingness to continue the long-standing business relationship with Singareni and assured to offer better insurance and financial packages.
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