Workmen Compensation Insurance Policy In India

Workmen s compensation protects organization from the threat of expensive lawsuits and large compensation payouts.

Workmen compensation insurance policy in india.

In india for all manufacturing units with more than 20 employees having a workmen s compensation insurance is mandatory to have insurance benefits for workers or. The revised family medicare policy is launched w e f. Employees compensation insurance policy whereas the insured by a proposal which shall be the basis of this contract and deemed to be incorporated herein has applied to sbi general insurance company limited hereinafter called the company for the insurance hereinafter contained for the. Matter india is a manufacturing firm in ludhiana specializing in the production of automobile spare parts.

It is compensation payable under a scheme set out in the workmen s compensation act of india monitored by the ministry of labour. A wide scope of coverage is provided by the plan. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the insured s immediate service and arising out of and in the course of employment. Therefore any workmen compensation policy should cover the following.

The policy provides a list of coverage extensions which are available at an additional premium. Registered with irda of india regn. To know more about revised family medicare policy click here. The policy covers injuries and death suffered by employees of the insured organisation.

Also known as employee compensation insurance or labour insurance this insurance enables an employer to demonstrate his ability to meet the. Workmen compensation insurance policy covers these liabilities of the employer as prescribed by the workmen compensation act. To buy arogya sanjeevani policy uiic please click here. This insurance is mandatory under the workmen s compensation act 1923 in india.

The workmen s compensation insurance is the primary method by which an employer can demonstrate the ability to satisfy the obligations imposed by the worker s compensation statutes. It is important for both the employee and the employers. Workmen compensation insurance in india. For more details on benefits exclusions.

Workmen s compensation insurance policy covers statutory liability of an employer for death or bodily injuries caused to employees due to accidents arising out of and in the course of employment. Letter of introduction family medicare policy. United india launches corona kavach policy united india with effect from 10th july 2020. A case of workmen compensation policy.