Choosing the Right Accident Insurance for 150 Employees: Cost vs. Benefits?

I represent a group of around 150 employees and am interested in taking an accident insurance cover. All earn above ₹15,000 per month. Kindly advise if I should go for:

Insurance Options

1. Nagrik Suraksha Cover Oriental Insurance
2. Individual PA
3. GPA

Kindly refer in terms of cost to benefits.

In India, there is no compulsion to have any insurance by law except vehicle insurance. The reason one needs to take insurance is that in case of accidental death or injury, there should be protection by way of compensation to cover the loss incurred due to such accidents.

You mentioned having 150 employees. You are liable to pay compensation in case of any employment injury under the Employee Compensation Act. If you have insurance for accidents arising out of and in the course of employment, then you are protected in case of employment injury; otherwise, not. This insurance, known as Workers' Compensation, is now called Employee Compensation.

In the event of an employment injury, no other policy other than Employee Compensation will help or protect you. I hope I have made this clear to you and all viewers.

Kind Regards

Thank you for your valued reply and feedback. I agree with your view, yet WC or EC insurance has its own benefits and flaws. In this regard, I have the following points to add:

1. Compensation is limited in WC or EC insurance.
2. The maximum salary considered for compensation is ₹8,000 regardless of what the insured was earning beyond ₹8,000.
3. PA Scores Over EC

- It is litigation-free.
- Smooth settlement.
- More product features.
- Ease of choosing SA.

4. There is no sense of security with WCA or ECA insurance.

These are the reasons I was contemplating PA or GPA, or for that matter, Nagrik Suraksha of OIC.