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Employee Benefit Insurance

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Group Health Insurance

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Employee’s Compensation

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What is Employee Benefit Insurance?

Most businesses with employees are legally required to have employee insurance cover. These policies protect employers, employees, and their families against financial setbacks due to unforeseen events. Not having such a policy in place can attract penalties.

We will discuss such insurance policies in this article.

Top Employee Benefit Insurance

Types of Employee Benefit Insurance coverage in India

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Employee’s Compensation Insurance

The Employee’s Compensation insurance policy covers the legal liability of the employers under the Employee’s Compensation Act 1923(and subsequent Amendment’s) and Fatal Accident Act 1855. Despite the preventive measures
and safety precautions taken, accidents at your workplace are inevitable The Employee’s
Compensation policy enables the employer to pay the compensation to the employees or to their families in
case of death or bodily injury (permanent partial disablement / permanent total disablement
/ temporary disablement) Got Customized Plans in Room/ICU and maternity benefits etc.
caused due to injury and accident at workplace (including certain occupational
disease) arising out of and in the course of the employment. This policy provides coverage for medical
expenditure, occupational disease, compressed air disease. Read more..

Recommended for: All manufacturing/trading/servicing setups for all floor workers and office staff, individual / public or private companies / partnership firms or by any of business / trading entity operating in the country.
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Group Health Insurance

Group health insurance cover is offered to the employees of an organization, which can also be extended to cover their family. this policy covers indemnification of medical expenses incurred by the
insured during hospitalization & any illness or injury suffered in India. Pre & Post hospitalization medical
expenses can be covered up to 30 days and 60 days and covers age from 91 days to 80 years. Read more..

Recommended for: Any organization with minimum 10 employees or 25 total lives.
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Group Personal Accident

A Group Personal Accident product coverage offers financial protection for human life against the risk of accidental death and disability. The policy pays to the insured if any of the insured persons sustain any
bodily injury resulting solely and directly from an accident, caused by external, violent and visible
means, to the extent of the coverage and benefit option. Read more..

Recommended for: Any organization for financial security for members, school / education institutions for students, associations / housing societies / clubs for members, seller taking policy for customers.

Employee Health Insurance Coverage

Employers can extend Employee Health Insurance to their employees to cover the employee and their family members. It is not mandatory for employers to offer Health Insurance to employees. Still, it is one of the best ways to boost workplace morale.

Employers may pay the full premium or split it with the covered employee for this insurance policy.

Even if the employees do not get hospitalised, they can avail health check-ups at network hospitals and diagnostic labs after a specific waiting period. Most Employee Health Insurance plans provide the following coverages:

  • Hospitalisation
  • Pre and Post Hospitalization
  • Hospital cash
  • Home treatment
  • Specialist doctors’ fees for post-treatment check-ups
  • Pre-existing diseases after a waiting period

Aside from being extremely beneficial to the employees and their families, this policy helps employers retain their valuable employees.

Best Employee Health Insurance Coverage
ICICI Lombards Employee's Compensation

Employee's Compensation
Insurance Policy

Under the Employees’ Compensation Act, 1923, and its later amendments, taking an Employee's Compensation Insurance Policy is an excellent way to let the employees know that you care for them. It can also help you fulfil the legal responsibility towards employees. Eligible employees will receive compensation in case of bodily injuries or death due to an accident at the job.

Moreover, for an extra premium amount, employers can choose add-on employee insurance benefits, including:

  • Hospitalisation
  • Medical expenses
  • Transportation costs

As with all insurance products, the insurer sets the premium amount based on the nature of work, type of employee, and the sum insured for which the employer opts

  • War
  • Intentional injury to oneself
  • Injury or losses caused under the influence of drugs or alcohol
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