Workmen Compensation Policy Premium Calculator India

And there is no hard rule to calculate the premium.

Workmen compensation policy premium calculator india. 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. The influence of individual state rating rules cannot be discounted. How workmen s compensation insurance functions. All employees doing non manual work earning a salary of 2 100 or less a month excluding any overtime payment bonus payment annual wage supplement productivity incentive payment and any allowance.

All rating formulas contain similar elements however you must understand that each. Wc policy premium will calculate on the basis of salary and the type of category i e skilled or unskilled and semiskilled i am attaching recent quotation from united india insurance company ltd. Case on workmen compensation policy premium. 3rd february 2011 from india dhanbad attached files.

Also known as employee compensation insurance or labour insurance this insurance enables an employer to demonstrate his ability to meet the obligations imposed by the workmen compensation act. We got quotations from different companies with deferent premiums. Workmen compensation calculator xls 53 5 kb 18907 views. What is covered under workmen compensation insurance policy.

The workers compensation premium calculation is made up of many individual rating elements that come together in a rating formula ultimately used to develop the premium an employer pays for their individual workers compensation policy. Enclose find a workmen s compensation calculator for calculation of compensation in case of death. Application and settlement of the workmen s compensation insurance is a quick and easy process. The work injury compensation act wica lets employees make claims for work related injuries or diseases without having to take legal action.

Let us understand how the plan works. If you are an employer you are required to buy work injury compensation insurance for. All employees doing manual work regardless of salary level. Shoumik das is working with an insurance advisor to work out the minimum premium for worker s compensation policy for his firm.

Of any of his employees who is a ï workmanï as defined under workmen compensation act. Find out what is covered and how to file or dispute a claim. With on duty accident ranging from rs 80 to 2400 per case as per the option given at the inception of the policy by the insured and extra premium paid. Understand your needs for this policy properly the sum insured number of employees to be covered etc.

With a wc insurance premium calculator. Workmen s compensation protects organization from the threat of expensive lawsuits and large compensation payouts. Shoumik is a civil contractor and employs about 70 workers and supervisors at any time for the work. United india launches corona kavach policy united india with effect from 10th july.