Dear all, Can a mediclaim policy be a substitute of workmen compensation policy legally? Regards, V K Sharma
From India, Delhi
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30From India, Delhi
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No, mediclaim policy cannot be a substitute of workmen’s compensation policy legally.
From India, Kolkata
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From India, Kolkata
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Only to add LIC has a plan to replace liability of WC by an insurance policy. That department is called P&G of LIC. It is notified by labour department.
From India, Kolkata
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From India, Kolkata
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WC Policy is an act under the Government of India passed in parliament that provides coverage for all incidents that occur in a workplace. Medical policy refers to illnesses of the human body only, which can be arranged by individuals or companies as well.
V. Murali
From India, Madipakkam
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V. Murali
From India, Madipakkam
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Workmen Compensation. It means compensation that is paid under the Workmen Compensation Act. See this Employer's Liability and Calculation of Compensation under Workmen's Compensation Act.
From India, Kolkata
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From India, Kolkata
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Understanding Workmen's Compensation vs. Mediclaim
The Workmen's Compensation Act provides employees with compensation for any injury resulting in temporary or permanent disability or death during the course of employment. This compensation can be in the form of a lump sum or monthly payments, covering all medical expenses related to the injury.
On the other hand, mediclaim only covers the cost of hospitalization and does not include any lump sum compensation or ongoing expenses like medications and outpatient treatments necessary for the employee.
In my opinion, opting for mediclaim alone may not be a wise decision considering the limitations it has in comparison to workmen's compensation. Interestingly, the cost of workmen's compensation insurance is lower than that of mediclaim for an equivalent coverage amount.
From India, Mumbai
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The Workmen's Compensation Act provides employees with compensation for any injury resulting in temporary or permanent disability or death during the course of employment. This compensation can be in the form of a lump sum or monthly payments, covering all medical expenses related to the injury.
On the other hand, mediclaim only covers the cost of hospitalization and does not include any lump sum compensation or ongoing expenses like medications and outpatient treatments necessary for the employee.
In my opinion, opting for mediclaim alone may not be a wise decision considering the limitations it has in comparison to workmen's compensation. Interestingly, the cost of workmen's compensation insurance is lower than that of mediclaim for an equivalent coverage amount.
From India, Mumbai
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Workmen Compensation Policy vs. Mediclaim Policy
Workmen Compensation Policy (now known as Employees' Compensation Policy) covers industrial injuries that occur during duty, providing benefits or compensation for temporary/permanent disablement or death benefits.
Under this policy, you can also cover hospitalization expenses due to accidents up to Rs. 1 lakh with a nominal additional premium. This benefit started in April 2015. Previously, hospitalization expenses were not covered, and employers had to bear these costs.
On the other hand, a Mediclaim Policy covers only hospitalization expenses during illness or accidents based on coverage limits, with numerous clauses such as caps, preexisting diseases, dental treatments, cosmetic surgeries, etc., but it does not provide any compensation.
Regards, Suresh
From India, Thane
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Workmen Compensation Policy (now known as Employees' Compensation Policy) covers industrial injuries that occur during duty, providing benefits or compensation for temporary/permanent disablement or death benefits.
Under this policy, you can also cover hospitalization expenses due to accidents up to Rs. 1 lakh with a nominal additional premium. This benefit started in April 2015. Previously, hospitalization expenses were not covered, and employers had to bear these costs.
On the other hand, a Mediclaim Policy covers only hospitalization expenses during illness or accidents based on coverage limits, with numerous clauses such as caps, preexisting diseases, dental treatments, cosmetic surgeries, etc., but it does not provide any compensation.
Regards, Suresh
From India, Thane
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Employees details Mediclaim Policy.xls
Compensation policy.doc