Telangana News | TSRTC enhances accidental insurance for employees to Rs1.12 cr
The Telangana State Road Transport Corporation (TSRTC) has forged collaboration with the Union Bank of India (UBI) to augment accident insurance for its employees.
Hyderabad: The Telangana State Road Transport Corporation (TSRTC) has forged collaboration with the Union Bank of India (UBI) to augment accidental insurance for its employees.
Under the newly inked agreement, the accidental insurance has been elevated from Rs 40 lakhs to an impressive Rs 1.12 crores. The agreement, formalized at Bus Bhavan in Hyderabad, was signed by TSRTC MD VC Sajjanar, IPS, along with UBI CGM and Zonal Head Bhaskar Rao on Saturday.
This expanded accident insurance will be applicable to personnel who face premature death or permanent disability due to road accidents.
Through the UBI Super Salary Saving Account (USSA), employees will now have access to additional Rs 12 lakh accident insurance via the Rupay card.
Remarkably, TSRTC, in collaboration with UBI, will provide accident insurance up to Rs. 1.12 crore to affected families without any premium. The effective date for this enhanced accident insurance is set for February 1.
During the event, MD VC Sajjanaru expressed appreciation for the significant increase in accident insurance coverage, emphasizing its immense utility for families affected by premature deaths and permanent disabilities resulting from road accidents. He conveyed gratitude to UBI officials for their agreement to amplify the accident insurance.
Transport Minister Ponnam Prabhakar welcomed the enhanced accident insurance and highlighted its substantial benefits for staff members.
Under the UBI Super Salary Saving Account, Rs 40 lakhs have already been disbursed to the families of 12 personnel who lost their lives in road accidents.
Minister Prabhakar emphasized that the new agreement ensures accident insurance of Rs. 1 crore for every employee, irrespective of salary slabs. Additionally, possessing a Rupay card entitles employees to an extra Rs 12 lakh in insurance.
Two years ago, TSRTC shifted the salary accounts of its staff and employees to UBI, providing a free accident insurance facility.
Minister Prabhakar underscored the organization’s commitment to supporting families who lose their primary breadwinner, with the free accident insurance serving as a pillar of support to maintain morale and courage. He reiterated the organization’s dedication to employee welfare.
Employees are encouraged to familiarize themselves with UBI’s free accident insurance and verify its presence in the USSA account. It is recommended that individuals obtain a RuPay Select card for transactions to qualify for the additional Rs 12 lakh in accident insurance.
The event witnessed the presence of company officials, including CVO Dr. V. Ravinder, EDs S. Krishnakanth, PV Munishekhar, Vinod Kumar, Venkateshwarlu, Finance Adviser Vijaya Pushfa, CPM Ushadevi, and UBI General Manager Krishnan. Deputy Zonal Heads Ravi Kumar, Arvind Kumar, and Secunderabad Regional Head Arun Kumar were also in attendance, along with TSRTC HVODs and other officials.
