Premium-free accident insurance for KKRTC staff

Bengaluru: On Tuesday, under the chairmanship of Ramalinga Reddy, Minister for Transport and Muzrai, Government of Karnataka, an agreement was signed between KKRSA Corporation Managing Director M Rachappa and Canara Bank General Manager Vijayakumar in the presence of the Transport Minister.

Under the said agreement, the salary accounts of the employees of the corporation will be opened under the “Payroll Package Scheme” of Canara Bank and all the employees will be able to avail the said insurance facility free of cost.

The Minister, noting the number of deaths and injuries due to accidents in the corporation in recent days, said that the corporation will provide an accident insurance compensation amount of Rs 1 crore in case of death of employees due to accidents while on duty and a free “Term Insurance” policy of Rs 6 lakh to Rs 14 lakh if they have a debit card and a free premium-free “Term Insurance” policy of Rs 1 lakh to Rs 6 lakh to Rs 6 lakh to the nominees.

He expressed his happiness that a scheme has been formulated to provide a substantial amount of compensation to the employees in case of disability due to an accident.

The K.K.R.S.A. Corporation has formulated several schemes for the welfare of the employees, in addition to providing good, safe, and economical transport facilities to the public passengers. The employees of the corporation who are already getting their salaries from SBI Bank and Union Bank are covered by accident insurance.

Apart from the aforementioned banks, the Managing Director of the Corporation explained in the meeting that Canara Bank provides free “Term Insurance” policy up to Rs 6 lakhs without premium for natural deaths other than accidents and also provides special interest rates on education of employees’ children, home loans and personal and vehicle loans. Senior officials of Canara Bank and the Corporation were present at the program.