Singareni’s ₹1 Crore Accident Insurance Scheme Emerges as National Welfare Model

Hyderabad: In a landmark employee welfare initiative, the Telangana Government-backed Singareni Collieries Company Limited (SCCL) has provided financial security to dozens of workers’ families through its accident insurance scheme offering coverage of up to ₹1.25 crore.

Introduced in 2024 under the leadership of Chief Minister A. Revanth Reddy and Deputy Chief Minister Bhatti Vikramarka Mallu, the scheme has already benefited more than 45 families affected by accidental deaths and disabilities. Nearly ₹41 crore has been disbursed as insurance benefits over the last two years.

The scheme has brought relief to families such as that of late Santosh, a Singareni employee who died in a road accident just 18 months after joining the company. As the sole earning member of the family, his death left his elderly parents in a difficult situation. The ₹1 crore accident insurance payout provided crucial financial support during the crisis.

In another case, the family of late Ranjith Kumar, a Singareni employee who died in a road accident, received ₹1 crore under the scheme. The compensation has helped support his wife, infant son and mother after the sudden loss of the family’s breadwinner.

According to Singareni management, the initiative is one of the largest employee welfare programmes in the company’s history. Employees with corporate salary accounts in participating banks receive accident insurance coverage ranging from ₹1 crore to ₹1.25 crore without paying any premium.

Punjab National Bank, Bank of Baroda and Indian Overseas Bank offer coverage up to ₹1.25 crore, while State Bank of India, Union Bank of India and Canara Bank provide insurance coverage up to ₹1 crore.

The scheme also covers permanent and partial disabilities resulting from accidents. In a recent case, a worker who lost both legs in a mine accident received ₹1 crore as compensation under the insurance programme.

Apart from accident coverage, employees are also eligible for natural death insurance benefits ranging from ₹10 lakh to ₹15 lakh, depending on the bank. These benefits are provided free of cost.

Expanding employee welfare further, State Bank of India has introduced a health insurance scheme offering coverage up to ₹50 lakh for employees and their families at a nominal annual premium.

The initiative has also been extended to nearly 30,000 outsourced workers employed by Singareni. Depending on the banking institution, outsourced workers are eligible for accident insurance coverage ranging from ₹30 lakh to ₹40 lakh, with some cases receiving compensation up to ₹50 lakh.

Retired employees have also been brought under the welfare umbrella. Several banks have agreed to provide free accident insurance coverage ranging from ₹30 lakh to ₹1 crore for pensioners receiving pensions through their institutions.

Officials said the success of the Singareni model has inspired similar welfare initiatives in power utilities, state government organisations and other sectors. The Telangana Government’s approach is increasingly being viewed as a model for employee welfare across the country, combining life insurance, health protection and financial security for workers and their families.

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