Workmen Compensation Insurance Policy In India

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Workmen compensation insurance policy in india. A wide scope of coverage is provided by the plan. Also known as employee compensation insurance or labour insurance this insurance enables an employer to demonstrate his ability to meet the. 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. To know more about revised family medicare policy click here.

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. A case of workmen compensation policy. Workmen compensation insurance in india. Letter of introduction family medicare policy.

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. Workmen s compensation protects organization from the threat of expensive lawsuits and large compensation payouts. The revised family medicare policy is launched w e f. Therefore any workmen compensation policy should cover the following.

This insurance is mandatory under the workmen s compensation act 1923 in india. To buy arogya sanjeevani policy uiic please click here. 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 policy covers injuries and death suffered by employees of the insured organisation.

Workmen compensation insurance policy covers these liabilities of the employer as prescribed by the workmen compensation act. Registered with irda of india regn. It is important for both the employee and the employers. It is compensation payable under a scheme set out in the workmen s compensation act of india monitored by the ministry of labour.

A workmen compensation insurance policy is a commercial insurance policy that covers the legal liability of an employer to provide compensation to its workmen in case of their death or accident. Matter india is a manufacturing firm in ludhiana specializing in the production of automobile spare parts. Workmen s compensation insurance policy. 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.