Singareni has introduced a revolutionary insurance scheme that is creating waves across India by offering every employee an accident insurance cover of Rs 1.25 crore without charging a single rupee as premium. The scheme, which started in Singareni, is now being implemented in Coal India, Telangana RTC, police departments, and other public sector organizations.

Under this scheme, employees only need to open a salary account with a bank that has an agreement with the company to receive the coverage, providing financial security to families in case of accidents. The Prime Minister’s Office has issued directives for its nationwide implementation across all government departments and public sector units, including regular and contract employees.

Previously, insurance companies and banks offered accident insurance with premiums, and the coverage amount depended on the premium paid. Now, with this scheme, there is no premium, and employees are assured of coverage up to Rs 1.25 crore simply by having a salary account in an agreed bank. The program is part of a Corporate Salary Package (CSP) model and has generated significant interest among employees, government departments, institutions, and banks.

The program was first implemented at Singareni under CMD N. Balaram, who coordinated with various banks including Union Bank, Punjab National Bank, and Bank of Baroda. Employees, laborers, and contract workers across Singareni were provided coverage at zero premium under this agreement. Following Singareni’s success, Coal India also adopted the program for its thousands of employees and laborers.

Other Telangana government organizations such as GENCO, RTC, and police departments have shown interest and initiated discussions for its implementation to ensure families of employees receive financial support during emergencies.

The Prime Minister’s Office, after reviewing the scheme, recognized its effectiveness in providing financial security to employees and their families in case of accidents. It issued circulars directing all government departments and public sector organizations to implement the CSP scheme across regular and contract employees.

The scheme offers accident insurance from Rs 1 crore to Rs 1.25 crore for regular employees and from Rs 2 lakh to Rs 62.5 lakh for contract workers. Air accident coverage ranges from Rs 40 lakh to 1 crore, while natural death benefits are up to Rs 10 lakh. The PMO also suggested additional benefits like discounts on health insurance premiums, lower loan charges, and increased ATM facilities for employees.