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Hyderabad: Chief Minister A. Revanth Reddy will launch an accident insurance scheme for state government employees and retirees at a program on Thursday, with accidental death insurance cover of up to Rs 1.2 lakh and term life insurance cover of Rs 10 lakh in case of natural death.

The government has designed the scheme to provide financial security to around 10 lakh working and retired families across Telangana. While the proposal was initially aimed at permanent government employees, the government has now decided to extend the benefits to temporary categories of workers, including contract workers, outsourcing staff and other non-regular staff.

The program will be implemented through salary accounts held by employees of participating banks. Thanks to the insurance opportunity being linked directly to their salary accounts, employees will not need to pay any premiums. In case of death of the employee due to an accident, the insurance compensation will be paid to the candidate through the bank where the salary account is held.

The insurance package goes beyond accidental death coverage to include permanent total disability (PTD) and permanent partial disability (PPD) protection, ensuring employees and their families receive significant financial assistance even in the event of life-changing injuries.

Different banks offer different levels of insurance cover depending on salary brackets. While some banks offered compensation ranging from Rs 60 lakh to Rs 1 crore, others offered accident insurance cover between Rs 1 crore and Rs 1.5 crore. Some banks also offer air accident insurance benefits ranging from Rs 2 crore to Rs 3 crore in certain salary categories.

Union Bank, UCO Bank, Reserve Bank of India, Punjab National Bank, Axis Bank and others offer accident insurance cover of up to 1.5 billion rupees for eligible employees, while in some cases air accident insurance cover reaches 3 million rupees.

The scheme is inspired by a similar accident insurance scheme introduced earlier for employees of Singareni Collieries Company Limited (SCCL). Insurance compensation worth Rs 1 billion was given to the families of approximately 45 Singarani employees who lost their lives in accidents recently.