BMTC, Union Bank of India sign MoU for accident insurance

NT Correspondent

Bengaluru: The Bengaluru Metropolitan Transport Corporation (BMTC) and Union Bank of India have signed a memorandum of understanding (MoU) to provide accidental relief insurance to BMTC employees as part of their corporate salary package.

The MoU was signed by BMTC Managing Director G Satyavathy, IAS, and Union Bank of India Regional Manager Asim Kumar Pal at the BMTC Central Office in Shantinagar.

Under the scheme, BMTC employees who have their salary accounts in Union Bank of India and draw their regular salary through the bank will be entitled to accidental insurance of a minimum of Rs 50 lakh and a maximum of Rs 65 lakh.

In the event of an air accident resulting in the death of the employee, the insurance cover will be up to Rs 1 crore. The insurance will be effective from the date of signature of the MoU and will be renewable annually.

The scheme provides financial security to BMTC employees and their families in the event of an accident.

The insurance coverage can help to meet the financial needs of the family in the event of the death or disability of the breadwinner.