Navigating Insurance Choices for Field Engineers: Personal Accident vs. Worker's Compensation?

Dear All,

Hi! I have been asked to work on insurance coverage for some of our employees. We are an organization providing EPC turnkey solutions in and around Gujarat. We have around 5-9 field engineers. I am tasked with finding out which insurance policy works best for the company. I'm quite new to the field of insurance and do not know much. I talked to a few people like Bajaj Allianz, Oriental Insurance, LIC, etc.

I would like to know in industries which policy would work better. Will a personal accident policy be the best, or should we go in for worker's compensation? Can someone enlighten me on both these aspects?

My management wants the minimum liability for the company in case of an accident or in case the employee decides to leave. Please help me as I have to finalize this in another 3-4 days.

Regards,
Tittli

Hi Tittli,

You can provide two kinds of insurance benefits to your employees, and it will cost a little amount to the employer.

1. General Group Insurance: You can provide general group insurance to all of your employees, which would benefit in the case of accidental death. There are many companies that provide similar services, such as New India Insurance, Allianz Bajaj, and more.

2. Medical Health Insurance: It's a very good insurance benefit to provide to your senior employees or those who are not covered under the ESI Act. Under this scheme, there are many options available. For example, you may offer a medical insurance benefit of Rs. 100,000 or more, not only to the employee but also to their families.

The employee will receive a health card after being covered, which can be used at any covered hospital without any payment. This health card is provided by various companies like Allianz Bajaj, ICICI, New India Insurance, and others.

An Allianz Bajaj health card worth Rs. 100,000 (One lakh) is available at a premium of Rs. 1,600 only.

I hope this information helps you understand the insurance benefits.

Regards,

Amit Seth