Implement ₹20 Lakh Term Insurance for Employees’ Natural Deaths
Singareni CMD N Balram Urges Seven Major Banks
Insurance Scheme Initiated in Singareni Emerges as a National Model
HYDERABAD, NOVEMBER 08M 2025: Singareni CMD N Balram 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 organisations.
He stated that both the Central and State Governments are now taking steps to replicate this insurance model across various sectors. Expressing gratitude to the banks that supported this initiative in its early stages, Mr Balram held a special meeting on Saturday at Singareni Bhavan with senior officials from the State Bank of India, Union Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Overseas Bank, and HDFC Bank.
During the meeting, he said: “It is heartening that through this free accident insurance scheme, the Singareni employees are covered up to ₹1.25 crore, while outsourced employees are insured up to ₹40 lakh. So far, insurance claims amounting to nearly ₹30 crore have been settled for 34 employees who lost their lives in various accidents, ensuring financial security for their families.”
He requested that a minimum of ₹50 lakh accidental insurance coverage be extended to all contract workers. Also, he proposed that a term insurance of at least ₹20 lakh be provided to employees in cases of natural death.
Mr 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 thanked the bankers for their continued cooperation in implementing such progressive welfare measures.
He further 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.
The meeting was attended by Director (Personnel) Gowtham Potru, GM (Coordination) T. Srinivas, AGM (Finance) Chakravarthi, and senior officials from PNB, SBI, Union Bank, Bank of Baroda, Canara Bank, Indian Overseas Bank, and HDFC Bank, Sujeet Jha, Suresh Kumar, Sumanth Reddy, Rekha Rao, Ramesh, Vikram Singh, Rajesh Sinha, Edric D’Souza, Shankar Kumar, Rajeev Kumar, Vani, Madhuri, Saidulu, Manikandan and Mallikarjun.
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