CM Revanth Reddy to Launch Mega Insurance Scheme for Telangana Employees, Pensioners
The government has designed the scheme to provide financial security to nearly 10 lakh employee and pensioner families across Telangana.
Hyderabad: Chief Minister A. Revanth Reddy will launch an accident insurance scheme for state government employees and pensioners at a programme on Thursday, with an accidental death insurance coverage of up to Rs 1.2 crore and a term life insurance cover of Rs 10 lakh in case of natural death.
The government has designed the scheme to provide financial security to nearly 10 lakh employee and pensioner families across Telangana. While the proposal was initially intended for permanent government employees, the government has now decided to extend the benefits to temporary categories of workers as well, including contract employees, outsourcing personnel and other non-regular staff.
The scheme will be implemented through salary accounts maintained by employees in participating banks. Employees will not be required to pay any premium, with the insurance facility being linked directly to salary accounts. In the event of an employee's accidental death, the insurance compensation will be paid to the nominee through the bank in which the salary account is maintained.
The insurance package goes beyond accidental death coverage and includes protection against permanent total disability (PTD) and permanent partial disability (PPD), ensuring that employees and their families receive substantial financial assistance even in cases of life-altering injuries.
Different banks have offered varying levels of insurance coverage depending on salary slabs. While some banks have proposed compensation ranging from Rs 60 lakh to Rs 1 crore, others have offered accident insurance coverage between Rs 1 crore and Rs 1.5 crore. Several banks have also offered air accident insurance benefits ranging from Rs 2 crore to Rs 3 crore in certain salary categories.
Union Bank, UCO Bank, Central Bank of India, Punjab National Bank, Axis Bank and several others have proposed accident insurance coverage of up to Rs 1.5 crore for eligible employees, while air accident insurance cover in some cases reaches Rs 3 crore.
The scheme draws inspiration from a similar accident insurance programme introduced earlier for employees of the Singareni Collieries Company Limited (SCCL). Nearly 45 Singareni employees who lost their lives in accidents had their families receive insurance compensation of Rs 1 crore each recently.