Dear All,
The below information I got from Oriental Insurance Company.
Hope will help you all HR Professionals
Diffference between WC & PA is given :
PA Covers compensation against Accidental Injury or Death as agreed in the policy and
Mediclaim covers reimbursement against hospitalisation upto the limit covered under the policy.
The below information I got from Oriental Insurance Company.
Hope will help you all HR Professionals
Diffference between WC & PA is given :
- WC Policy is a Legal Liability Policy whereas in PA Policy certain Agreed Benefits are granted.
- W.C. Policy covers Legal Liability towards employees in case of death or injury sustained by them during the course of Employment.
PA Policy covers Accidental bodily injuries resulting solely and directly from accident caused by EXTERNAL & VIOLENT means resulting into death or disablement any time during the period of Policy. - In case of WC Policy amount of compensation depend on the nature of injury in case of injury cases. In case of Fatal accidents the compensation is worked out by taking the factors like Age and Income of the person Injured/died. Thus it varies from case to case.
In PA Policy certain Agreed Benefits are given as per cover taken in the policy. - If PA Policy is taken for higher Sum Insured, it may cover compensation payable as per WC Policy; if it is taken for lower Sum Insured, the Award under WC may be more than the cover taken under WC.
- The WC Policy covers occupational diseases that might be contracted by workers arising out of and in the course of employment (additional premium of 25%). PA Policy merely covers injury due to accidental external and violent means. The slow process of an occupational disease is totally outside the scope of the PA Cover..
- Premium rates under WC Policy depend on the nature of duties in which the workers are involved;
whereas in PA Standard Rates are charged for all exceps for Persons working in underground mines, Explosives Magazines, Workers involved in electrical install-ation
with high tension supply,'Jockeys, Circus personnels, persons e,pgagedin activities I,ikeracing on wheelsor horse back, big game hunting, Mountaineering, Winter sports, Sking, Ice hockey, Ballooning, Polo andpersons engage,d in occupations of similar hazard.
PA Covers compensation against Accidental Injury or Death as agreed in the policy and
Mediclaim covers reimbursement against hospitalisation upto the limit covered under the policy.