Singareni’s ₹1 crore insurance scheme brings relief to 45 bereaved families
HYDERABAD: A free accident insurance scheme introduced for Singareni employees through an initiative of the Telangana government has provided financial assistance to more than 45 families over the past two years, with nearly ₹41 crore already disbursed as benefits. The scheme offers accident insurance coverage of up to ₹1.25 crore and has emerged as one of the largest welfare initiatives in the history of Singareni.
The scheme was launched in 2024 by Telangana Chief Minister A. Revanth Reddy and Deputy Chief Minister and Energy Minister Bhatti Vikramarka Mallu. It provides insurance coverage without any premium burden on employees through arrangements with banks operating corporate salary accounts for Singareni workers.
One beneficiary family is that of Nagula Rajaiah. His son, Santosh, who secured employment in Singareni on compassionate grounds, died in a road accident after serving the company for 18 months. With Santosh being the sole breadwinner and the family already facing health challenges, the ₹1 crore accident insurance benefit provided crucial financial support to his elderly parents.
Another beneficiary, Pendri Latha, received ₹1 crore after her husband, Singareni employee Ranjith Kumar, died in an accident while returning after visiting his month-old son. The compensation cheque was handed over by Bhatti Vikramarka Mallu. Latha said the assistance would help secure her son’s future and meet responsibilities left behind by her husband.
According to Singareni, similar support has reached more than 40 families affected by accidental deaths of employees. The organisation said the initiative is now being viewed as a model welfare programme by other companies and institutions.
Singareni currently disburses salaries to 40,275 employees through multiple banks. Punjab National Bank, Bank of Baroda and Indian Overseas Bank provide accident insurance coverage of up to ₹1.25 crore, while State Bank of India, Union Bank of India and Canara Bank offer coverage of up to ₹1 crore.
The scheme also covers permanent and partial disabilities arising from accidents. In one recent case, a worker from the Srirampur Area who lost both legs in a mine accident received ₹1 crore compensation under the insurance programme.
Apart from accident coverage, several banks provide free natural death insurance of ₹10 lakh, while Bank of Baroda offers coverage of up to ₹15 lakh. Employees are not required to pay premiums for these benefits.
As part of the broader welfare initiative, State Bank of India has introduced a health insurance scheme offering coverage of up to ₹50 lakh for corporate salary account holders. For an annual premium of ₹8,906, the policy covers the employee, spouse and two children below 25 years of age.
The programme has also been extended to outsourced workers. Punjab National Bank provides accident insurance coverage of ₹40 lakh and HDFC Bank offers ₹30 lakh coverage. In a recent case, the family of outsourced worker Kambala Rajesh received ₹50 lakh after his death in a road accident.
Singareni said discussions with banks have also enabled retired employees receiving pensions through participating banks to continue receiving free accident insurance coverage ranging from ₹30 lakh to ₹1 crore. The company said the model has since been extended to power utilities, state government organisations and government employees across Telangana.
