BHUBANESWAR: The Odisha Power Transmission Corporation Limited (OPTCL) on Monday signed a memorandum of understanding (MoU) with Union Bank of India (UBI) to implement a comprehensive insurance coverage package for all its employees.
The pact, signed at the Lok Seva Bhawan in presence of deputy chief minister-cum-Energy minister KV Singh Deo, would provide unparalleled financial security to regular employees of OTPCL, irrespective of their cadre or designation.
Under the scheme, each employee will receive personal accident insurance of Rs 1.20 crore, along with an additional term life insurance cover of Rs 20 lakh. It also includes an annual hospital cash benefit of Rs 30,000.
Employees will be issued a RuPay select debit card on their zero balance savings bank (SB) accounts, which comes with additional accidental insurance coverage of Rs 15 lakh. It also comes with annual lifestyle benefits worth Rs 75,000 at no extra cost, including free airport lounge facility, quarterly free health check-ups and free transactions.
Speaking on the occasion, Singh Deo said it was a welcome step for the OPTCL employees. “The partnership signifies a long, meaningful and welfare-oriented association between OPTCL and Union Bank of India,” he added.
It was announced that the existing accounts of the OPTCL staff with the Union Bank of India will automatically migrate to the new scheme, ensuring a seamless transition. A similar welfare package under ‘Union Samman’ has been specially designed for OPTCL pensioners, extending the comprehensive benefits to the retired community as well.
Principal secretary, Energy, Vishal Kumar Dev, CMD, OPTCL, Bhaskar Jyoti Sarma and other senior officials of the Energy department and Union Bank of India were also present.