Safeguard Your Workforce with ICICI Workmen’s Compensation Insurance

Introduction

Work-related accidents and injuries can have serious consequences for both employers and employees. Employers may face legal liability and financial losses, while employees may suffer from physical and emotional distress, loss of income, and medical expenses. To protect both parties from these risks, ICICI Lombard offers Workmen’s Compensation Insurance, a comprehensive and flexible policy that covers the legal liability of the employers under the Workmen’s Compensation Act 1923 and Fatal Accident Act 18551.

The policy enables the employer to pay the compensation to the employees or their dependents in case of death or bodily injury (permanent partial disablement / permanent total disablement / temporary disablement) caused due to injury and accident at workplace (including certain occupational disease) arising out of and in the course of employment. The policy also provides coverage for medical expenditure, occupational disease, compressed air disease and terrorism.

The policy is suitable for all manufacturing/trading/servicing setups for all floor workers and office staff, as well as contractors/sub-contractors. The policy is easy to buy online with a few clicks and provides swift response and efficient service in handling claims2. The policy also offers add-on covers such as medical extension, compressed air disease, occupational disease, terrorism and sub-contractor coverage.

ICICI Lombard Workmen’s Compensation Insurance is a smart and reliable way to safeguard your business and your employees from unforeseen mishaps. It provides peace of mind and financial security to both parties in case of any unfortunate event.

Who should buy Workmen’s Compensation Insurance?

Workmen’s Compensation Insurance is suitable for all manufacturing/trading/servicing setups for all floor workers and office staff, as well as contractors/sub-contractors. It is mandatory under the Employee’s Compensation Act of 1923 and Indian Fatal Accidents Act of 18553.

Benefits of buying ICICI Lombard Workmen’s Compensation Insurance?

ICICI Lombard Workmen’s Compensation Insurance offers the following benefits:

1. Terrorism Coverage
2. Hassle-free and convenient buying journey in few clicks
3. Comprehensive and flexible policy
4. Swift response and efficient service in handling claims
5. Add-on covers such as medical extension, compressed air disease, occupational disease, terrorism and sub-contractor coverage.

How is the sum insured calculated in a Workmen’s Compensation policy?

The sum insured is calculated based on the number and category of workers (skilled, semi-skilled, unskilled), their monthly wages, and the nature of work. The sum insured is equal to the maximum liability that can arise under the policy for any one accident or any one year.

Eligibility criteria for this policy

The eligibility criteria for ICICI Lombard Workmen’s Compensation Insurance policy are as follows:

1. The employer must be engaged in a manufacturing, trading, or servicing setup that employs workers and staff for various tasks.
2. The employer must have a legal liability to pay compensation to the employees or their dependents under the Workmen’s Compensation Act 1923 and Fatal Accident Act 1855 in case of any work-related injury or accident resulting in death or disability.
3. The employer must provide the basic information such as the industry category, sub category, number and salary of workers, policy period, and claim history to get a quote and buy the policy online.
4. The employer must pay the premium amount as per the sum insured, which is calculated based on the number and category of workers (skilled, semi-skilled, unskilled), their monthly wages, and the nature of work.

Premium rate for this policy

The premium rate for ICICI Lombard Workmen’s Compensation Insurance policy depends on various factors, such as the industry category, sub category, number and salary of workers, policy period, and claim history. The premium rate is calculated based on the sum insured, which is equal to the maximum liability that can arise under the policy for any one accident or any one year. The sum insured is determined by multiplying the number and category of workers (skilled, semi-skilled and unskilled) by their monthly wages and by the age factor.

The overall premium for a standard policy ranges between 0.1% to 1% of total annual wages paid. However, this may vary depending on the nature and risk of work, as well as the add-on covers chosen by the employer. The add-on covers include medical extension, compressed air disease, occupational disease, terrorism and sub-contractor coverage.

Maximum sum insured under this policy

There is no fixed maximum sum insured under the ICICI Lombard Workmen’s Compensation Insurance policy. The sum insured is calculated based on the number and category of workers (skilled, semi-skilled, unskilled), their monthly wages, and the nature of work. The sum insured is equal to the maximum liability that can arise under the policy for any one accident or any one year.

However, the policy also follows the provisions of the Workmen’s Compensation Act 1923 and its amendments, which fix the limit of sum insured and revise it from time to time. In case of a contingency, the claim depends on the maximum and minimum limits of the sum insured applicable at the time of claim.

For example, in case of permanent total disablement, the compensation offered under the policy amounts to 50% of the monthly salary multiplied by the relevant factor based on the worker’s age. A minimum amount of ₹1,20,000 is payable in such situations.

Can you add or remove workers during the policy period?

You can add or remove workers during the policy period, but you need to inform the insurer about the changes and pay the additional or reduced premium accordingly. The sum insured of the policy is calculated based on the number and category of workers (skilled, semi-skilled, unskilled), their monthly wages, and the nature of work. Therefore, any change in these factors will affect the premium amount and the coverage of the policy.

To add or remove workers from your ICICI Lombard Workmen’s Compensation Insurance policy, you can use the self-service option on the ICICI Lombard website or call the toll-free number 1800-266612. You can also contact your nearest branch.

Some of the pros and cons of this policy are:

Pros:

1. It meets the statutory requirements of providing adequate compensation to the employees as per the Employee’s Compensation Act of 1923 and Indian Fatal Accidents Act of 1855.
2. It provides comprehensive protection for the employees against the risks of work-related injuries, or death, and covers medical expenditure, occupational disease, compressed air disease and terrorism.
3. It offers add-on covers such as medical extension, compressed air disease, occupational disease, terrorism and sub-contractor coverage.
4. It has a hassle-free and convenient buying journey in few clicks, and provides swift response and efficient service in handling claims.

Cons:

1. It does not cover any injury caused due to war, invasion, or other related perils, or injury which does not result in the total or partial disablement of the employee for a period exceeding three days.
2. It has a waiting period of 24 months for the add-on cover of medical extension, and 12 months for the add-on cover of occupational disease.
3. It requires the employer to provide the basic information such as the industry category, sub category, number and salary of workers, policy period, and claim history to get a quote and buy the policy online.
4. It depends on various factors, such as the industry category, sub category, number and salary of workers, policy period, and claim history, to calculate the sum insured and the premium rate.

How to renew policy online?

To renew your ICICI Lombard Workmen’s Compensation Insurance policy online, you can follow these steps:

Step 1: Visit ICICI Lombard website or ICICI Direct website and click on the “Renew Policy Online” option.

Step 2: Enter your existing policy number and your mobile number or email ID. You can get your existing policy number through your policy document or by calling the customer support helpline on 1800-103-2292.

Step 3: Verify your policy details and premium amount. You can also make any changes or additions to your policy, such as adding or removing workers, choosing add-on covers, or extending the policy period.

Step 4: Pay the premium online using your preferred mode of payment, such as credit card, debit card, net banking, UPI, or wallet.

Step 5: Receive your renewed policy document via email or download it from the website.

If you have any queries or issues regarding the renewal process, you can contact the customer support team at [email protected] or call them at 1800-2666. You can also visit your nearest branch for assistance.

Can you cancel my policy anytime?

You can cancel your policy anytime, but you need to follow certain procedures and conditions. For example, you need to provide a 15-day notice to the insurer and submit the required documents. You may also need to pay the premium for the period of coverage until the cancellation date. You can cancel your policy online using the self-service option on the ICICI Lombard website or by calling the toll-free number 1800-266634. You can also contact your nearest branch for more details.

Conclusion

ICICI Lombard Workmen’s Compensation Insurance is a policy that provides a win-win solution for both employers and employees. The policy covers medical expenditure, occupational disease, compressed air disease and terrorism, and offers add-on covers such as medical extension, compressed air disease, occupational disease, terrorism and sub-contractor coverage. The policy is easy to buy online with a few clicks and provides swift response and efficient service in handling claims. ICICI Lombard Workmen’s Compensation Insurance is a smart and reliable way to safeguard your business and your employees from unforeseen mishaps. It provides peace of mind and financial security to both parties in case of any unfortunate event. To know more about the policy features, benefits, exclusions, and premium rates, please visit ICICI Lombard website or call us at 1800-2666.

Frequently Asked Questions (FAQs)

1. What is Workmen’s Compensation Insurance, and why do I need it?

Workmen’s Compensation Insurance is a policy that provides financial protection to employees in case of work-related injuries or accidents. It’s essential for businesses to have this coverage to comply with legal requirements and ensure the well-being of their workforce.

2. Who is eligible for ICICI Workmen’s Compensation Insurance?

ICICI Workmen’s Compensation Insurance is designed for employers looking to protect their employees. Any business, whether small or large, can typically purchase this insurance to cover their workforce.

3. What does ICICI Workmen’s Compensation Insurance cover?

ICICI’s Workmen’s Compensation Insurance generally covers medical expenses, disability benefits, and death benefits resulting from work-related injuries or illnesses. Specific coverage may vary, so it’s crucial to review your policy to understand the details.

4. How much does ICICI Workmen’s Compensation Insurance cost?

The cost of Workmen’s Compensation Insurance depends on various factors, including the nature of your business, the number of employees, and the level of coverage you choose. ICICI offers customized policies, and you can get a quote tailored to your specific needs.

5. What steps should I take if an employee is injured at work and needs to make a claim?

In the event of a workplace injury, you should immediately notify your insurer, provide the necessary documentation, and support the injured employee in obtaining medical treatment. Your ICICI Workmen’s Compensation Insurance representative will guide you through the claims process to ensure a smooth and timely resolution.