National Insurance Company Workmen’s Compensation Policy Review

National Insurance Company’s workmen compensation policy provides indemnity to the insured employer against statutory liabilities towards its employees.

National Insurance Company’s WC Policy

inclusion in national insurance wc policyInclusions

exclusions in workmen compensation Exclusions

 

Death

Any injury in a workplace accident to employee while under the influence of drugs, alcohol or any other intoxicating substances
Loss of income due to Permanent/temporary or Full/partial disablementAny injury as a result of committing or attempting to commit a breach of law with criminal intent
Medical expenses incurred by the insured to treat the injuriesAny non-fatal injury caused by the workplace accident directly attributable to the removal of safety devices intentionally.
Legal expenses and costs incurred for defending workmen compensation claimWar group and the nuclear group of perils

 Compensation amount payable under National Insurance

nature of claim workmen compensationNature of Claim

compensation payable workmen compensationCompensation Payable

Death due to workplace accident/illnessAn amount of INR.120000 or 50% of the monthly wages of diseased employee multiplied by the relevant factor – whichever is more
Permanent total disablement due to workplace accident/illnessAn amount of INR.140000 or 60% of the monthly wages of diseased employee multiplied by the relevant factor – whichever is more.
Permanent partial disablement due to workplace accident/illnessA percentage of compensation payable in case of permanent total disablement is paid on a pro-rata basis depending on the loss of earning capacity
Temporary disablement results due to workplace accident/illness25% of monthly wages of an employee paid in half monthly instalments.
Legal expenses and costs incurredOn an actual basis
Medical expensesINR 100000

Premium calculation WC policyContributing factors in the premium calculation

  • Type of work, job nature
  • Payroll size
  • Work location
  • Number of employees
  • Policy coverage
  • Policy term
  • Previous claims

Also read: Infographic on Factors involved in premium calculation here.

steps to place claimSteps to Place a Claim

  • Notify National insurance with complete details immediately
  • Take preventive measures
  • Survey assistance
  • Submit all the documents within 30 days from loss
  • Once the insurer receives an investigation report and verifies final documents, the claim will be quickly settled within 30 days’ time

required claims documentsRequired Claim Documents

  • Duly completed claim form
  • Medical practitioner’s certificate
  • Hospital and pharmacy bills
  • Surgeon’s certificate with all the details of surgery performed
  • Discharge summary
  • Death certificate in case employee is diseased
  • Attested copy of FIR, if applicable
  • Any other specific documents as and when asked by the insurance company

If you are an employer who believes in supporting and protecting employees’ health and their safety, availing National Insurance Company’s workmen compensation policy or workers welfare insurance is an ideal solution.

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