Dear All, Can Any one tell which all Policy & Insurance is Required for Worker’s as per Factories Act. Please share the details . Please mail me on kishor@vijayss.com
From India, Mumbai
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From India, Mumbai
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Workers whose salary does not exceed Rs. 21,000 will be covered by the ESI scheme. For such workers, there is no need for any other insurance apart from the one included in the PF schemes, i.e., the Employees' Deposit Linked Insurance Scheme. For workers whose salary exceeds Rs. 21,000, you will need to obtain a policy that covers compensation payable in the event of accidents resulting in disablement or death during employment, as per the Employees' Compensation Act.
From India, Kannur
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4526From India, Kannur
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In the Factory Act, there is no provision for insurance. For this, there are separate acts as mentioned by Madhu Sir. You can opt for the GAP (Group Accident Policy), GMP (Group Medical Policy), as well as GTI (Group Term Insurance). For other life insurance options, you can approach your team for individual plans.
Differences among various types of policies:
Life insurance - provides total coverage for any employee, with benefits payable to the employee at maturity if they are alive, and to their nominee in case of death.
GAP - benefits are payable only in the event of death due to an accident.
GMC - offers medical facilities to employees, covering expenses for sickness or medical emergencies, borne by the medical company as per the sum insured and other terms.
GTI - benefits are paid out after the death of the insured, with suicide covered only after one year. For other cases, the insured amount goes to the nominee.
From India, Rudarpur
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Differences among various types of policies:
Life insurance - provides total coverage for any employee, with benefits payable to the employee at maturity if they are alive, and to their nominee in case of death.
GAP - benefits are payable only in the event of death due to an accident.
GMC - offers medical facilities to employees, covering expenses for sickness or medical emergencies, borne by the medical company as per the sum insured and other terms.
GTI - benefits are paid out after the death of the insured, with suicide covered only after one year. For other cases, the insured amount goes to the nominee.
From India, Rudarpur
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Factories Act.doc
TN Building Workers Act, 2006.pdf