Dear Senior Members,
Can anybody tell me the difference between Workmen Compensation Insurance Policy, Personal Accident Policy, and Employer's Liability Insurance Policy? What are the salient features of these three policies, what are the benefits under these policies, and whom do they benefit? Which of these policies are applicable in the Indian context? What is the applicability criterion for these policies? Which of the above three policies are beneficial to employees and employers? Whether Workers' Compensation Insurance Policy and Employer's Liability Insurance Policy are the same? I need a detailed reply. Can anybody kindly help me?
From India, Vijayawada
43Can anybody tell me the difference between Workmen Compensation Insurance Policy, Personal Accident Policy, and Employer's Liability Insurance Policy? What are the salient features of these three policies, what are the benefits under these policies, and whom do they benefit? Which of these policies are applicable in the Indian context? What is the applicability criterion for these policies? Which of the above three policies are beneficial to employees and employers? Whether Workers' Compensation Insurance Policy and Employer's Liability Insurance Policy are the same? I need a detailed reply. Can anybody kindly help me?
From India, Vijayawada
WC policy is applicable if there is no coverage under ESIC scheme. All these policies are offered by insurance companies only to safeguard the employer from liability to pay compensation amount in the event of any sudden accident leading to loss of earning capacity on the physique of the employee or death.
Generally, WC policy is an unnamed policy providing only the number of employees to be covered by the policy. Personal accident policy is taken out in individual names only to cover accidents outside of work and generally does not cover workplace accidents.
You can approach any insurance company (National Insurance, United India Insurance, General Insurance, etc.) who will provide full details (premiums and benefits) of the policies available with them. After collecting data from various companies, you can compare and decide which is best suited for your establishment.
Regards,
M. Venkatragahvan
From India, Selam
Generally, WC policy is an unnamed policy providing only the number of employees to be covered by the policy. Personal accident policy is taken out in individual names only to cover accidents outside of work and generally does not cover workplace accidents.
You can approach any insurance company (National Insurance, United India Insurance, General Insurance, etc.) who will provide full details (premiums and benefits) of the policies available with them. After collecting data from various companies, you can compare and decide which is best suited for your establishment.
Regards,
M. Venkatragahvan
From India, Selam
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