The secret behind the success of any organisation is its employees. In case the employees face bodily injury or illness during or because of their work, there should be a reliable support to compensate them. Here's everything you should know about the benefits of workmen compensation insurance in India.
Thank you for showing your interest in workmen-compensation-policy. Our relationship manager will call you to discuss the details and share the best quotes from various insurers. In case you have any query or comments, please contact us at corporateinsurance@policybazaar.com
Advantages of Workers' Compensation Insurance | Policybazaar
Does India have Workers' Compensation Insurance?
Yes, workmen compensation insurance in India is provided by several insurers. Like many other countries, India too requires employers to provide their workers compensation in case of injury or death.
To meet this requirement, several workers’ compensation insurance plans are available in India. Some insurers that offer worker’s compensation insurance:
Go Digit General Insurance Limited
Raheja QBE General Insurance Company Limited.
Reliance General Insurance Company Limited
Universal Sompo General Insurance Co Ltd.
Bajaj Allianz General Insurance Company
Future Generali India Insurance Company Ltd.
Royal Sundaram General Insurance Co. Limited
Shriram General Insurance Co. Ltd.
This plan is very useful for workers who are employed in construction sites, factories, plantations, mines etc. The chances of facing occupational diseases are higher as they can get injured, disabled or worse resulting in medical costs and lost wages.
What is the Main Purpose of Workers’ Compensation Insurance?
The main purpose of workmen compensation insurance is to help the injured or deceased employee's family. This can be offered through financial support which will help cover their treatment or other necessary expenses that the family has.
Since the worker is not in a condition to work or worse, it's a justified safeguard against occupational hazards and diseases.
Legally too, employers are bound to provide workmen compensation to their employees.
As per the 2017 amendment in the Employee Compensation Act (1923), it is mandatory for employer to inform their employees about their compensation rights. These should be communicated in their regional/local languages too.
Thus, providing worker’s compensation insurance is an employer’s statutory liability and they must meet this condition by law.
Thus, providing worker’s compensation insurance is an employer’s statutory liability and they must meet this condition by law.
What are the Advantages of Workers’ Compensation Claim?
The exact benefits offered by workmen compensation insurance can vary from insurer to insurer. It will also depend on the types of coverage that that employer opts for. Following are the benefits of the Workmen compensation insurance policy:
Covers many work-related accidents that can cause temporary disability, permanent total disability, permanent partial disability, and death
Offers indemnity against any legal liabilities that may arise because of an employee's accident or fatal injury
Offers necessary protection from medical expenses that the injured employee requires
It will ensure that bulky medical bills are taken care of and their dependents have some financial help
The compensation amount is provided to the victim or their family in case of an industrial accident, which is helpful during the difficulty
Is Workers’ Compensation Beneficial to the Employer?
Definitely! Besides providing a safeguard against accidents, having a worker’s compensation insurance is useful for an employer too:
Firstly, it meets their statutory requirements as per the Workmen's Compensation Act 1923 (now known as the Employees Compensation Act)
As it promotes employee's safety and interests, it will provide a healthy work environment and reduce complaints in the workplace.
In case of an accident at work, employers will be covered for legal costs due to lawsuits
Any medical expenses because of workplace accidents will also be taken care of
Workmen Compensation Insurance Premium Calculator
What type of business do you run?
Your business details
Select the policy period
1 month
2 months
3 months
4 months
5 months
6 months
7 months
8 months
9 months
10 months
11 months
12 months
Here's the lowest premium matching your requirement.
Premium starts from
Try later
(Excluding GST)
Let's find the right plan for you
Speak to our experts to get the right plan for your company's needs
Re-calculate
Over to You,
The well-being of employees is every employer's responsibility. Occupational ailments or industrial accidents are common in mines, plantations and other factories. To minimise their devastating impact on the employees, a workers compensation insurance policy is absolutely necessary.
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Thank you, PolicyBazaar, for providing such a positive experience and ensuring that well-being of my employees and business!
Lucknow
4 June 18, 2023
Shreaya
Provides Financial Security
I purchased Workmen Compensation Insurance from PolicyBazaar for my business owner looking to secure their employees' welfare and protect their business interests.Thankyou. Worth buying.
Hyderabad
3.8 June 08, 2023
Raman
Nice Purchase
I purchased Workmen compensation plan which turn out to be the good decision. Thanks PB.
Pune
4.3 May 26, 2023
Mayur
Multiple Benefits
I recommend purchasing Workmen Compensation Insurance from Policybazaar. Their user-friendly platform, diverse policy options, exceptional customer support and efficient claims processing make them stand out from the competition.Thanks. It was a good decision.
Delhi
4 May 21, 2023
Shivam
Great Plan
I recently bought Workmen Compensation Plan at policybazaar website which provides comprehensive coverage giving me peace of mind knowing that my employees are well protected in case of any unfortunate event.Thanks.
Pune
3.8 May 16, 2023
Vishal
Helpful Representatives
The team at PolicyBazaar were responsive, courteous, and extremely knowledgeable. I had a few questions regarding the coverage terms and the representatives were patient in addressing all my queries. Thanks.
Coimbatore
4 May 11, 2023
Aditya
Good Platformm
When it came to selcting the right Workmen Compensation Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Chennai
3.8 May 06, 2023
Dhiraj
Well Informed
I recently purchased Workmen Insurance plan from PolicyBazaar. The process was straightforward and I felt well-informed throughout, thanks to the clear and concise information provided.
Delhi
4.3 May 01, 2023
Abhiraj
Good Decision
I am absolutely delighted with the Workmen Compensation Insurance policy I purchased through Policybazaar. From start to finish, the entire experience has been nothing short of exceptional. I can confidently say that this is one of the best decisions I have made for my business.
Mumbai
3.8 April 30, 2023
Anam
Instant Protection Against Accidental Misshappening
I bought Workmen Compensation Plan from the Policy bazaar website online for our workers in my industry to get protetion aganst any Accidental miss happening caused to them. It offers amazing deals which provide them with medical coverage and help me to get instant protection against any loss. Thanks, PolicyBazaar.
*All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. Premium varies on the basis of Occupancy, Business Activity & Coverage Type By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover. The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.
Your call has been scheduled successfully.
Expert advice made easy
Date
Time
When do you want a call back?
Today
Tomorrow
08 Sep
09 Sep
10 Sep
11 Sep
12 Sep
What will be the suitable time?
11:00am - 12:00pm
12:00pm - 01:00pm
01:00pm - 02:00pm
02:00pm - 03:00pm
03:00pm - 04:00pm
04:00pm - 05:00pm
05:00pm - 06:00pm
Tell us the number you want us to call on
Your privacy matters. We wont spam you
Call scheduled successfully!
Our experts will reach out to you on Today between
2:00 PM - 3:00 PM
Expert advice made easy
