KSRTC enhances staff accident insurance cover to Rs 1 cr

NT Correspondent

Bengaluru: KSRTC has implemented a unique initiative by providing Rs 1 crore accident insurance to its employees. KSRTC had already entered into a MoU with SBI and provided an accident relief insurance of Rs 50 lakh to its employees as a part of its corporate salary package.

Today, it entered into an MoU with United India Insurance Co Ltd, for an additional accident relief insurance of Rs 50 lakh, totalling to Rs 1 crore. Employees have to contribute Rs 62.50 along with GST premium per month, which will amount to Rs 885 per annum.

Speaking on this occasion, the chairman of KSRTC, M Chandrappa elaborated that the insurance plan is a good scheme for employees and to their families, providing an additional financial benefit applicable to on duty and off duty accidents.

The personal insurance scheme would enable the employee’s dependents, a compensation of Rs 50 lakh in case of accidental death. In the event of permanent total disability to the employee, a compensation of Rs 50 lakh will be provided.

In the event of an accident resulting in temporary disablement to the employee, making them unable to perform duties in their original post, they will be paid 1% of the capital sum insured per week, not exceeding Rs 5000 per week or 25% of the monthly salary. Until recently, there was no accident insurance facility available for KSRTC employees.