Union Bank, which has already been implementing a Rs 1 crore accident insurance scheme for Singareni employees, has now decided to extend free insurance coverage for natural death as well, following suggestions made by the Singareni management.
As per the decision communicated by the bank, all employees and officers holding corporate salary accounts with Union Bank will be eligible for a Rs 10 lakh insurance coverage in the event of death, including from natural causes.
The bank confirmed that the scheme came into effect on April 1, 2026.
It may be recalled that in 2024, under the initiative of the State government, Union Bank had implemented a Rs 1 crore free accident insurance scheme for Singareni workers. This Rs 10 lakh insurance coverage for natural death is a continuation of that arrangement.
Obtaining a Rs 10 lakh insurance policy from private insurance companies would normally cost at least Rs 5,000 per month. However, reportedly due to the proactive efforts of the Singareni management, employees are now receiving this benefit completely free of cost through the bank.
The Singareni management is reportedly also taking initiatives to ensure that other banks currently providing Rs 1 crore accident insurance coverage too extend similar benefits for natural death.
filed in:Telangana, Singareni Coal Mines, Employees, Government Employees, Insurance, Banks