Hyderabad: In an important development, the Telangana State Road Transport Corporation (TSRTC) has entered an agreement with the Union Bank of India (UBI) to increase accident insurance for its employees from Rs 40 lakh to Rs 1 crore.
The insurance will be beneficial to employees who become permanently disabled or die prematurely because of road accidents.
An accident insurance of Rs 1 crore and insurance coverage up to another Rs. 12 lakh via the RuPay card will be provided to the deceased’s family under the UBI Super Salary Saving Account (USSA) without any additional premium.
This accident insurance will come into effect on February 1, a press release informed.
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TSRTC Managing Director VC Sajjanar stated that it was a good move to raise the accident insurance to Rs 1.12 crore without any premium.
Transport Minister Ponnam Prabhakar said that it would greatly benefit the staff.
“Under the UBI Super Salary Saving Account scheme, Rs. 40 lakh has been given to the families of 12 personnel who died in road accidents recently,” he said.