Social Security and Workers Compensation in India

Workmen's compensation is an integral part of the broader social security system in India. Social security encompasses a range of measures aimed at safeguarding individuals and families from unforeseen risks and vulnerabilities. In the context of workmen's compensation, social security goes beyond mere financial compensation.

Read more
Unlimited workmen liabilities covered starting just ₹1500*
workmen-compensation-policy

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from prominent insurers

You'll be surprised to check premium! Save up to 85% on Workmen Compensation Insurance!

Step 1/2
Covers Death & Disability
Covers Injury due to Accident
Covers Legal Expenses

You'll be surprised to check premium! Save up to 85% on Workmen Compensation Insurance!

Covers Death & Disability
Covers Injury due to Accident
Covers Legal Expenses
secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now

You'll be surprised to check premium! Save up to 85% on Workmen Compensation Insurance!

Step 2/2

Social Security and Workers Compensation in India

As per The Code on Social Security, 2020 (“SS Code”), social security draft measures to protect employees, including unorganized workers, to ensure they get access to affordable health care, and to provide income security (mostly in cases of old employees) during unemployment, sickness, work-related injury, maternity or death of an employee. 

The SS Code 2020 was passed in September 2020 and forms a part of the labour reforms in India. It merges some of the existing social security laws and attempts to include an unorganized workforce within the realm of social security.

Some of the social security instruments include:

- Gratuity benefit

- Workers Compensation/ Employees Compensation

- Maternity Benefits

- Employee Provident Fund

- Employees Liability

- Employees State Insurance

Workers compensation forms a part of India’s social security system. The Workers Compensation Act 1923 is a compensation act where the employer is required to financially compensate his employees and workers in case of any workplace-related accident leading to an injury or death. 

In such situations, employees and their dependents shall receive financial support. Employers are also entitled to compensation for occupational diseases caused due to working conditions or on the job. Workers compensation is a legal liability of an employer, and it protects employees/ workers from huge financial costs.

Interplay Between Workmen's Compensation and Social Security

Workmen's compensation can be considered a microcosm of the larger social security landscape. While it specifically addresses workplace injuries, it embodies the core principles of social security, including solidarity, collective responsibility, and equitable distribution of resources.

Additionally, workmen's compensation serves as a safety net for workers who may not have access to comprehensive social security measures. It provides immediate relief in times of crisis, offering a degree of protection to workers across various industries and sectors, including those in informal employment.

Conclusion 

In today’s globalizing world, individuals are exposed to higher health and financial risks, social security and workers compensation play an important role in contributing towards building a strong nation with sustainable gains. Having a robust social security benefit like workers compensation insurance can help the employer comply with the appropriate applicable laws, and gain a competitive advantage during the employee hiring and retention process.

Written By: PolicyBazaar - Updated: 08 August 2023

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Workmen Compensation Insurance Articles
The Workmen’s Compensation Act, 1923, is a type of social security legislation that was enacted to make the...Read more
19 Nov 2020 by Policybazaar 44605 Views
Under the Workmen’s Compensation Act, compensation is offered to the workers and their dependents in case of...Read more
01 Apr 2020 by Policybazaar 24650 Views
It is a known fact that a company's success depends on its employees. Each employee expects a secure job and gets...Read more
23 Aug 2022 by Policybazaar 4530 Views
In India, various insurance policies provide different kinds of cover to the employees of an organization. Being...Read more
05 May 2021 by Policybazaar 12221 Views
Employee and worker safety is an integral part of the smooth functioning of the business. Worker’s safety is a...Read more
16 Nov 2022 by Policybazaar 5917 Views
Workers' compensation claims can be a significant financial...Read more
09 Apr 2024 by Policybazaar 149 Views
Many employers mistakenly believe that Workers' Compensation and...Read more
08 Apr 2024 by Policybazaar 225 Views
A workplace injury can be a stressful and disruptive event for...Read more
08 Apr 2024 by Policybazaar 278 Views
In the fast-paced world of entrepreneurship, small businesses...Read more
15 Dec 2023 by Policybazaar 371 Views
In the fast-paced world of transportation, workers, including...Read more
15 Dec 2023 by Policybazaar 494 Views
Policybazaar for Business - Workmen Compensation Insurance - Customer Reviews
View all
4.2/5
Based on 92 reviews
4.2
out of 5
Based on 92 reviews
8 users
68 users
16 users
0 users
0 users
4.3 June 28, 2023
Abha
Positive Experience
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.
Madurai