I represent a group of around 150 employee's and is interested in taking a Accident insurance cover. All earn above 15000/- PM.
kindly advice should i go for
1) Nagrik suraksha Cover Oriental Insurance
2) Individual PA
3) GPA
Kindly refer in terms of cost to benifits
From India
kindly advice should i go for
1) Nagrik suraksha Cover Oriental Insurance
2) Individual PA
3) GPA
Kindly refer in terms of cost to benifits
From India
Dear Rceakgb,
In india, there is no compulsion to have any insurance by law except vehicle insurance. Why one need to take insurance is, in case of accidental death or injury there should be protection by way of compensation to the loss incurred due to such accident.
You said you have 150 employees. You are laible to pay compensation in case there any employment injury under the Employee Compensation Act. If you have an insurance for accident arising out of and in the course of employment then you are protected in case of employment injury, otherwise not. Such insurance i.e. Policy is called as WC, now EC.
In case of employment injury, no other policy other than EC will help you / protect you.
Hope I have made it very clear to you as well all viewers.
From India, Mumbai
2556In india, there is no compulsion to have any insurance by law except vehicle insurance. Why one need to take insurance is, in case of accidental death or injury there should be protection by way of compensation to the loss incurred due to such accident.
You said you have 150 employees. You are laible to pay compensation in case there any employment injury under the Employee Compensation Act. If you have an insurance for accident arising out of and in the course of employment then you are protected in case of employment injury, otherwise not. Such insurance i.e. Policy is called as WC, now EC.
In case of employment injury, no other policy other than EC will help you / protect you.
Hope I have made it very clear to you as well all viewers.
From India, Mumbai
Dear Sir,
Thanks for your valued reply and feedback, I agree with your view, yet WC or EC Insurance has its own benifits and flaws to this effect I have following points to add:
1) Compensation is limited in WC or EC insurance,
2) Maximum salary considered for compensation is 8000/- no matter what the insured was earning beyond 8000/-
3) PA scores over EC
a) as it is litigation free
b) Smooth stellement
c) More Product features
d) Ease of choosing SA
4) There is no sense of security with WCA or ECA insurance.
These are the reasons I was contemplating for PA or GPA or for that matter Nagrik suraksha of OIC
From India
Thanks for your valued reply and feedback, I agree with your view, yet WC or EC Insurance has its own benifits and flaws to this effect I have following points to add:
1) Compensation is limited in WC or EC insurance,
2) Maximum salary considered for compensation is 8000/- no matter what the insured was earning beyond 8000/-
3) PA scores over EC
a) as it is litigation free
b) Smooth stellement
c) More Product features
d) Ease of choosing SA
4) There is no sense of security with WCA or ECA insurance.
These are the reasons I was contemplating for PA or GPA or for that matter Nagrik suraksha of OIC
From India
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