Singareni Introduces ₹10 Lakh Free Insurance Scheme Even for Natural Deaths

With the special initiative taken by the Singareni management, Union Bank has made a significant decision. The bank, which has been implementing a ₹1 crore accidental insurance scheme so far, will now also extend free insurance coverage to Singareni employees and officers in the event of natural death. In the case of the demise of any employee or officer holding a corporate salary account, a benefit of ₹10 lakh will be provided under this scheme. The bank management has officially communicated this decision to the Singareni organization.

This decision was made possible under the guidance of Singareni Chairman and Managing Director Dr. Jyothi Buddha Prakash, with a special initiative taken by Director (Personnel and Finance) Gautham Potru. In 2024, with the support of the state government, Union Bank implemented a ₹1 crore accidental insurance scheme for Singareni workers. As a continuation of that agreement, the bank has now decided to extend insurance coverage to natural deaths as well.

This new insurance scheme came into effect from the 1st of this month. Typically, obtaining a ₹10 lakh insurance policy from other insurance companies requires a premium of over ₹5,000. However, due to the proactive efforts of the Singareni management, Union Bank is offering this facility completely free of cost. The move has received widespread appreciation. Additionally, Singareni management is also working towards encouraging other banks providing accidental insurance in Singareni to implement similar natural death insurance benefits.