Thiruvananthapuram: Kerala State Road Transport Corporation (KSRTC) employees will now be provided with insurance coverage of Rs 1 crore. In the event of accidental death, the dependents of permanent employees will receive Rs 1 crore as compensation. The scheme is being implemented in collaboration with the State Bank of India (SBI), and employees are not required to pay any premium, said Transport Minister K B Ganesh Kumar at a press conference.

A total of 22,095 permanent employees will benefit from this insurance scheme, which will come into effect from June 4. The Transport Minister said that the insurance is being provided by SBI in return for the corporation’s overdraft transactions, which will come around Rs 80 crore a month.

Even in cases of accidental disability, the insured amount of Rs 1 crore will be disbursed. In the case of partial disability, Rs 80 lakh will be provided. For employees earning between Rs 25,000 and Rs 50,000 per month, natural death will entitle their dependents to Rs 6 lakh.

The policy also covers Rs 10 lakh for burn treatment and plastic surgery, Rs 5 lakh for procuring medicines from abroad, Rs 5 lakh for treatment in a coma stage, and Rs 10 lakh for air ambulance services. Children of deceased employees will receive up to Rs 10 lakh each, and a similar amount will be provided for the marriage of daughters.

Rs 50,000 will be granted towards post-accident travel expenses and the ferrying of the deceased employee’s body to their hometown.

In addition, employees who opt to pay the premium can avail of health insurance benefits. For Rs 1,995, the employee, their spouse and two children will be eligible for medical coverage ranging from Rs 2 lakh to Rs 15 lakh. Those who pay Rs 2,495 will receive benefits up to Rs 30 lakh. Joining this scheme will be left to the discretion of the employees, the Minister added.

Come May 22, KSRTC buses to go fully cashless

From the 22nd of this month, all KSRTC buses will transition to a fully cashless payment system. Passengers will be able to book tickets even after long-distance buses have departed.