Hyderabad, April 23 -- The Singareni Collieries Company Limited (SCCL) has agreed with the State Bank of India (SBI) to provide Rs 10 lakh insurance coverage to employees in case of natural death under a group term life insurance scheme.

The agreement was signed on Thursday, April 23, at Singareni Bhavan in Hyderabad as part of the company's employee welfare initiatives. The scheme will benefit around 40,000 employees who hold salary accounts with SBI.

Under the new arrangement, employees will now be eligible for Rs 10 lakh insurance payout even in cases of natural death, expanding the existing benefits that earlier covered only accidental deaths.

SBI has already been implementing an accident insurance scheme for Singareni employees si...