The Kerala State Road Transport Corporation (KSRTC) has announced a landmark initiative offering insurance coverage of ₹1 crore for its 22,095 permanent employees, with no premium required from the staff. This welfare scheme, scheduled to come into effect on June 4, is being rolled out in partnership with the State Bank of India (SBI). According to Transport Minister K B Ganesh Kumar, the insurance is extended as a return benefit from SBI, which handles the corporation’s ₹80 crore monthly overdraft transactions.
In the case of accidental death, the dependent family members will receive ₹1 crore as compensation. The scheme also covers accidental disability, providing the full amount, while partial disability entitles the employee to ₹80 lakh. For natural deaths, employees drawing monthly salaries between ₹25,000 and ₹50,000 will have their families compensated with ₹6 lakh.
Additional medical benefits under the policy include ₹10 lakh for burn and plastic surgery, ₹5 lakh for overseas medications, ₹5 lakh for coma treatment, and ₹10 lakh for air ambulance services. The children of deceased employees will receive up to ₹10 lakh each, including support for daughter’s marriage. Travel expenses of ₹50,000 will be covered for post-accident transfers or transportation of the body.
An optional health insurance plan is also available. Employees can opt-in by paying ₹1,995 to secure medical coverage ranging from ₹2 lakh to ₹15 lakh for themselves, their spouse, and two children. A premium of ₹2,495 offers coverage up to ₹30 lakh.
In another progressive move, starting May 22, all KSRTC buses will become completely cashless, allowing passengers to book tickets digitally even after departure of long-distance buses, enhancing convenience and efficiency in public transport.
