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Dear all, Can a mediclaim policy be a substitute of workmen compensation policy legally? Regards, V K Sharma
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No, mediclaim policy cannot be a substitute of workmen’s compensation policy legally.
Only to add LIC has a plan to replace liability of WC by an insurance policy. That department is called P&G of LIC. It is notified by labour department.
WC Policy is an Act under Government of India passed in parliament gives coverage for all incidents occurred in a working place. Medical policy is refer to illness of human body only which can be arranged by the individuals or by companies too.
V.Murali
Dear sir, Can you any one explain what exactly WC is? Am a fresher....!
Workmen Compensation. It means compensation that is paid under Workmen Compensation Act. See this Employer's Liability and Calculation of Compensation under Workmen's Compensation Act
Workman compensation act gives the employees a compensation for any injury resulting in temporary or permanent disability or death in the course of employment. It's a lump sum compensation, or in the form of monthly payments plus all medical expenses connected with the injury.
Mediclaim will only cover cost of hospitalisation, definitely not any lumpsome compensation and not even continuing medicine and OPD treatment the employee may need.
So I think it would be a bad idea.
Incidentally the cost of WC insurance is lower than mediclaim for an equivalent amount
Workmen Compensation Policy (Now known as Employees' Compensation Policy) cover Industrial Injury while on duty which provides benefit / compensation for Temporary/Permanent disablement or death benefit.
Under this Policy you can also cover hospitalisation expenses due to accident upto Rs.1 lakh with nominal additional premium. This benefit is started from April, 2015, earlier hospitalization expenses were not covered, therefore employers used to bear hospitalization expenses.
Mediclaim Policy covers only hospitalisation expenses during illness/accident as per coverage limit with so many clauses. such as caps, preexisting diseases, dental treatment, cosmetic surgery etc. but not any compensation.
Suresh
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