Bengaluru: For the first time in the history of country’s Road Transport Corporations, an Accident Insurance scheme for Rs.1 crore has been announced by the Karnataka State Road Transport Corporation (KSRTC) for its employees.

KSRTC Managing Director Anbukumar, in the presence of MLA M. Chandrappa, signed a Memorandum of Understanding (MoU) with United India Insurance company Chief Manager, Angrup Sonam at the KSRTC Central Office in Bengaluru recently.

This is in addition to another MoU signed earlier by KSRTC with State Bank of India (SBI) for providing Rs. 50 lakh insurance. Now, KSRTC has decided to provide Rs.1 crore Accident Insurance to its employees.

As per the provisions of the SBI scheme, if a KSRTC employee dies in an accident or suffers temporary or permanent disability, his family members will be paid an amount of Rs.50 lakh irrespective of the fact whether the employee is on duty or not.

As a continued part, now an MoU has been signed with the United India Insurance. Under this scheme, an employee needs to pay a monthly premium of Rs.62.50 or an annual premium of Rs.885 including GST. If an employee dies in an accident his dependents will get Rs. 50 lakh under this personal insurance scheme and in case of permanent disability, Rs.50 lakh will be provided irrespective of the fact whether  he/she is on duty or not. In case of injuries leading to his non-continuation of his basic duties, he will be paid an amount equal to 1 percent of the insured amount that is Rs.5,000 per week or a monthly salary of 25 percent of the insured amount by the insurance company.