Dear All, Can Any one tell which all Policy & Insurance is Required for Worker’s as per Factories Act. Please share the details . Please mail me on kishor@vijayss.com
From India, Mumbai
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From India, Mumbai
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Workers whose salary does not exceed Rs. 21,000 will be covered by the ESI scheme. For such workers, there is no need for any other insurance apart from the one included in the PF schemes, i.e., the Employees' Deposit Linked Insurance Scheme. For workers whose salary exceeds Rs. 21,000, you will need to obtain a policy that covers compensation payable in the event of accidents resulting in disablement or death during employment, as per the Employees' Compensation Act.
From India, Kannur
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4766From India, Kannur
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In the Factory Act, there is no provision for insurance. For this, there are separate acts as mentioned by Madhu Sir. You can opt for the GAP (Group Accident Policy), GMP (Group Medical Policy), as well as GTI (Group Term Insurance). For other life insurance options, you can approach your team for individual plans. There are differences among various types of policies:
Life insurance - provides total coverage for any employee, with benefits payable to the employee at maturity if they are alive, and to their nominee in case of death.
GAP - benefits are payable only in the event of death due to an accident.
GMC - offers medical facilities to employees, covering expenses for sickness or medical emergencies, borne by the medical company as per the sum insured and other terms.
GTI - benefits are paid out after the death of the insured, with suicide covered only after one year. For other cases, the insured amount goes to the nominee.
From India, Rudarpur
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Life insurance - provides total coverage for any employee, with benefits payable to the employee at maturity if they are alive, and to their nominee in case of death.
GAP - benefits are payable only in the event of death due to an accident.
GMC - offers medical facilities to employees, covering expenses for sickness or medical emergencies, borne by the medical company as per the sum insured and other terms.
GTI - benefits are paid out after the death of the insured, with suicide covered only after one year. For other cases, the insured amount goes to the nominee.
From India, Rudarpur
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You can go for ESIC, if ESIC not applicable then WC/EC(WORKMAN COMPENSATION/EMPLOYEE COMPENSAION).
From India, Mumbai
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From India, Mumbai
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GROUP LIFE INSURANCE
I. Description
The Company provides a Group Life Insurance Program, in addition to Labor Insurance and National Health Insurance for employees, which is sponsored by the private Life Insurance Company. Benefits include death payment, disability payment, injury subsidy, and hospitalization payment in addition to the Labor Insurance payment and National Health Insurance.
II. Application
This insurance is for a fixed term of one year, renewable contract. All participants must complete the appropriate application form by the 15th of each month and return it signed to the HR Department. New participants may join only at that time, including new employees. Withdrawal or change of coverage during the year is not allowed, except upon termination of employment.
III. Payment
The premium of the insurance is paid by the Company on a monthly basis to the Life Insurance Company. If the employees want to include their spouse or children in the insurance coverage, they have to pay half the premium of the additional benefit.
IV. Information
Interested employees who desire detailed information on coverage, premiums, and other conditions should consult the HR Department.
Best regards, John Chiang
From China, Shanghai
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I. Description
The Company provides a Group Life Insurance Program, in addition to Labor Insurance and National Health Insurance for employees, which is sponsored by the private Life Insurance Company. Benefits include death payment, disability payment, injury subsidy, and hospitalization payment in addition to the Labor Insurance payment and National Health Insurance.
II. Application
This insurance is for a fixed term of one year, renewable contract. All participants must complete the appropriate application form by the 15th of each month and return it signed to the HR Department. New participants may join only at that time, including new employees. Withdrawal or change of coverage during the year is not allowed, except upon termination of employment.
III. Payment
The premium of the insurance is paid by the Company on a monthly basis to the Life Insurance Company. If the employees want to include their spouse or children in the insurance coverage, they have to pay half the premium of the additional benefit.
IV. Information
Interested employees who desire detailed information on coverage, premiums, and other conditions should consult the HR Department.
Best regards, John Chiang
From China, Shanghai
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