KSRTC employees get Rs. One crore insurance bonanza

Bengaluru, Nov. 15: KSRTC employees have a reason to cheer!
Yes, keeping he interest of its employees in mind who serve long distance travellers,
KSRTC has implemented a unique, first of its kind initiative in the country by extending Rs.1 cr Accident Insurance to its employees.

KSRTC had already inked an MoU with SBI as Accident Relief Insurance of Rs.50 lakh to its employees as a part of its Corporate Salary Package and today It entered into an MoU with United India Insurance Co ltd., for also an additional Accident Relief Insurance of Rs.50 lakh, totalling Rs.1 Cr.

Untied India Insurance Co ltd for an Accident Relief Insurance of Rs.50 lakh for Its employees Insurance scheme, employees have to contribute Rs.62.50 + GST premium per month totalling premium per annum of Rs.885.

On Monday at KSRTC Central Office, Mr. V. Anbukkumar, Managing Director, KSRTC and Mr. Angrup Sonam, General Manager, United India Insurance Company Limited signed the MoU in the presence of Mr. Chandrapppa, Chairman of KSRTC.

Speaking on this occasion, the Chairman of the corporation Mr. M. Chandrappa informed that this insurance plan implemented by the corporation is a very good scheme for employees and to their families, providing an additional Financial benefit applicate to on duty and Off duty Accidents also. The Chairman thanked Anantha Subba Rao, Union Leader, Joint Action Committee and other Union Leaders for their whole hearted cooperation.

In this program Dr. Naveen Bhat Y, Director (Personnel & Vigilance), Joint Action committee Union leader, Anantha Subba Rao, Usha Chandramouli, Regional Manager United India Insurance Company Ltd. Bangalore and other senior officers were present.

Salient features of the scheme:
• Employees have would contribute monthly Rs.62.50 + GST totalling to premium Rs.885/- per annum.
• Personal Insurance scheme would enable employee’s dependents, a compensation of Rs.50 lakh in case of Accidental Death.
• In the event of permanent Total disability to the employees, compensation of Rs.50 lakh will be provided.
• Another Unique feature of this insurance plan is that, this insurance covers personal accidents occurred during on-duty and off-duty also.

• In the event of accident , resulting in temporary disablement to employees and unable to perform duties in his original post, employee would be paid 1% of the Capital sum insured per week not exceeding Rs.5000/- per week or 25% of the monthly salary, which ever is low.
• With these two insurance schemes Corporation has implemented Rs.1 crore Accident Relief Insurance to its employees. Till now there were no Accident insurance facility to KSRTC employees.

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