Dear Ramakanth,
Mediclaim policy is a personal insurance policy for health care of an individual and family members in order to meet the medical expenses on unexpected diseases.
Employees Compensation insurance policy is taken by the employer to get indemnified the liability of paying compensation to certain class of employees in the event of any employment accidents.
Therefore, the scope and purpose of the two types of insurance policies are totally different. Just because funding the mediclaim policies on behalf your employees, you fail to take the insurance under the Employees Compensation Act, 1923, you will have to bear the entire burden of compensation and medical expenses in case of employment accidents to any of your employees.
Further your mediclaim policy may cover the medical expenses but not the compensation towards disabilities arising out of such accidents.