Workman Compensation

Dear All,

Hi! I hv been asked to work on insurance coverage for some of our employees. We r an organisation providing Epc turnkey solutions in and around Gujarat. We have around 5-9 field engineers. I am to find out which insurance policy works best for the ompany. Im quite new to the field of insurance and do not know much. i talked to a few people like bajaj alliance, oriental insurance, lic. etc.

I wud like to know in industries what policy wud work better. Will personal accident policy be the best or shud we go in for workman compensation.

Can someone highlight me on both these aspects.

My mgt wants the minimum liability for the company in case of an accident or incase the employee deides to leave.


Please help me as I hv to finalize this in another 3-4 days.

Regards

Tittli

Hi Tittli,

You can provide two kinds of Insurance benefit to your employees.. and it will cost a little amount to the employer even.

1. General Group Insurance- You can provide a general group Insurance to all of your employees, it would benefit in the case of accidental death.. There are so many companies which are providing the same.. like New India Insurance, Allianz Bajaj n more..

2. Medical Health Insurance: Its a very good insurance benefit to provide to your senior employees or those who are not covered under ESI Act.
Under this scheme so many options are there.. Like you may have an Medical Insurance benefit of Rs. 100000 or more and not to the employee only but their families too.
The employee will get a Health card after been covered and they can use it to any of the covered Hospital without paying a single rupee.
This health card is been provided by so many different companies.. like Allianz Bajaj, ICICI, New India Insurance and so on..
Allianz Bajaj health card os rs. 1,00000 (One lakh) is available at a premium of rs. 1600 only..

Hope this information would help you to get information regarding the Insurance benefits.

Regards,

Amit Seth.

Workmens Compensation is good for employees whose annual income is around 5.5 lakhs since the maximum compensation is only around that level.

The highest award given in Indian courts for death and disability is 5 times annual income.

Depending upon the amount of benefits you want to extend to your employees PA can be taken for a minimum Sum Insured of 2 to 3 years annual income.

For a given Sum Insured, PA would be cheaper when compared to Workmens' compensation .

Compensation for Workmen's compensation is remitted to the Workmens' Compensation Commissioner whereas in case of PA compensation is sent to the company directly so that it can be sent to the aggrieved person directly.

Workmens' compensation claim settlement normally takes 30-60 days whereas PA claims can be settled within a week.


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