In a first-of-its-kind initiative, Kalyana Karnataka Road Transport Corporation (KKRTC) has signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) for offering insurance worth ₹1.20 crore, without premium, to its employees.
Managing Director of KKRTC M. Rachappa and Karnataka Zonal Head of UBI Navneet Kumar signed and exchanged the MoU in the presence of Transport Minister Ramalinga Reddy in Bengaluru on Thursday.
“When employees of the transport corporation are killed or critically injured in road accidents, their families suffer a lot. Their financial condition gets worse. Keeping these factors in mind, we have introduced this insurance scheme so that the families of the KKRTC employees can get insurance amount in their critical times,” Mr. Reddy said, after the agreement was signed. He thanked UBI for showing interest in the initiative.
As per information provided by Mr. Rachappa, the insurance facility is available for KKRTC employees having their salary accounts in UBI. An employee/ his family is entitled to get ₹1 crore insurance upon the death of the employee or his permanent disability in a road accident. They can also get accident insurance up to ₹15 lakh apart from ₹5 lakh for natural death under the scheme.
North Western Karnataka Road Transport Corporation Managing Director S. Bharath, Karnataka State Road Transport Corporation Managing Director K. Nandini Devi, Kalaburagi Regional Head of UBI Venkat Sudhir Chidella and other officials were present.
