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New India Assurance Workmen Compensation Policy

New India Assurance Workmen Compensation Policy

New India Assurance’s Workmen compensation policy is a form of insurance providing wage replacement and medical benefits in the form of cash compensation to the workmen or employees injured at the workplace or during the course of employment. Workmen compensation policy is a form of liability transfer in which the legal liability of the employer to compensate the workmen in case of injury or illness is transferred to the insurance company upon the purchase of workmen compensation policy. Readmore...


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    Workmen compensation policies provide for compensation to the employees if they are injured at the workplace or during the course of employment without regard for fault. The policy would also pay for the medical expenses of the injured workmen as well as loss of income resulting from the injury.

    The Workmen compensation act, 1923 makes it mandatory for the employers to provide compensation to their employees if they are injured at the workplace or during the course of employment. Even if the employee is injured at any other place other than the workplace but is on duty, then the workmen compensation policy makes it mandatory for the employer to provide compensation to the injured employee. The employer can transfer the legal liability of payment of compensation to the insurance company by purchasing the Workmen compensation policy on payment of premium. Workmen compensation policy is designed to protect the employer against their liabilities to their employees in respect of injuries suffered by them in the course of their employment as per the Workmen’s Compensation Act, 1923.

    Injury means any physical bodily injury including death resulting from such injury arising out of an accident at the workplace or during the course of employment but does not include any mental illness unless caused by such physical bodily injury.

    The Indian Fatal Accidents Act, 1855 enables claims for damages up to an unlimited amount to be maintained against a person who by any wrongful act, neglect or default caused the death of another.

    Common law gives a person the right to claim from another person for damages up to an unlimited amount for injury or loss sustained on account of negligence of such other person or of his servants acting in the scope of their employment. View less...

    What is Included in New India Assurance
    Workmen’s Compensation Insurance?


    The New India assurance company issues Workmen compensation policy
    that gives an employer any of the following two forms of cover:


    Table A: Table A covers the Indemnity against the Employer's legal liability to his Employees under the Indian Workmen's Compensation Act, 1923 and subsequent Amendments of the said Act, prior to the date of the policy, under the Indian Fatal Accidents Act, 1855 and at common Law. Table A covers the injury of the workmen resulting in death or disability at the workplace or during the course of employment. Disability could be permanent total disability, permanent partial disability and temporary total disability resulting from the injury at the workplace or during the course of employment. Table A can be selected alone at the time of purchasing the Workmen compensation policy.
    Table B: Table B covers the Indemnity against the Employer's legal liability to his Employees under the Indian Fatal Accidents Act, 1855, and at common Law.
    • The insurance benefit under Table A can be extended to cover diseases mentioned in part C of schedule III of Workmen’s compensation amendment act by paying an additional 50% premium of book rate.
    • Medical expenses of the injured workmen due to an injury or accident at the workplace or during the course of employment can be covered up to a certain limit by paying an additional premium. The limits of coverage under this coverage shall be as specified in the proposal form and accepted by the insured customer.
    • The company bears the costs and expenses incurred with its written consent in the settlement of claims as a result of litigation of claims.

    Benefits of New India Assurance Workmen’s Compensation Policy


    The benefits of New India Assurance Workmen’s compensation policy are mentioned below:



    Law Vector Icon - Legal Coverage New India Assurance Workmen Compensation Policy Legal Coverage

    The New India Assurance’s Workmen compensation policy provides legal liability coverage to the employer in case of injury of workmen at the workplace or during the course of employment. The legal coverage would also be applicable to the settlement of claims as a result of litigation.

    Thumsup Settlement Vector Icon - Hassle Free Claim New India Assurance Workmen Compensation Policy Hassle free claim settlement:

    The other benefit of New India assurance workmen compensation policy is the hassle free claim settlement facility in case of injury of the workmen leading to death of disability.

    Chart Vector Icon - Disability Coverage New India Assurance Workmen Compensation Policy Disability coverage

    The other major benefit of New India Assurance Workmen compensation policy is the disability coverage to the injured workmen at the workplace or during the course of employment. The disability coverage includes the permanent total disability, permanent partial disability and temporary total disability.

    Hand Shake Vector Icon - Ease of Availability New India Assurance Workmen Compensation Policy Ease of availability

    The other advantage of the New India Assurance’s Workmen compensation policy is the ease of availability of the policy. The policy can be purchased from any of the offices of the New India Assurance company located all over India.

    Exclusions of New India Assurance Workmen’s Compensation Policy



    IFFCO Tokio’s Workmen compensation policy proposal form can be downloaded from here. The basic details to be filled in the proposal form are mentioned below:-

    • For persons employed in the Business under a Contractor or Sub-Contractor of the Insured unless specifically covered in the Schedule
    • For Occupational Diseases contracted by an Employee unless covered under the policy.
    • The company does not cover any interest or penalty which may be imposed on all insured on account of failure to comply with the requirements as specified in the Workmen compensation act, 1923.
    • For any accident occurring whilst the Employee is under the influence of intoxicating drugs or liquor.
    • For any incapacity or death of an Employee resulting from his/her deliberate self-injury or the deliberate aggravation of an accidental Injury.

    Awards and Achievements of New India Assurance




    MCA Corporate Trophy at Parsi Gymkhana Mumbai Vector Icon - - New India Assurance Workmen Compensation Policy 
The New India Assurance Co Ltd won the Title of 1St MCA Corporate Trophy at Parsi Gymkhana Mumbai
    Outlook Money Golden Award 2018-19 Vector Icon - - New India Assurance Workmen Compensation Policy Outlook Money Golden Award 2018-19
    BFSI Awards 2017 Vector Icon - - New India Assurance Workmen Compensation Policy Best General Insurance Company at India's Leading BFSI Awards 2017.
    Fintelekt Insurance Awards 2017 Vector Icon - - New India Assurance Workmen Compensation Policy New India Assurance gets Fintelekt Insurance Awards 2017
    Award for Segment Leadership Vector Icon - - New India Assurance Workmen Compensation Policy The New India Assurance Company Limited has won the award for Segment Leadership
    Stable rated by CRISIL Vector Icon - New India Assurance Workmen Compensation Policy CCR AAA/ Stable rated by CRISIL.

    Key Statistics of New India Assurance Insurance



    Geo Tag Vector Icon - Network Hospitals all Over India New India Assurance Workmen Compensation Policy

    3000+ Network hospitals all over india

    Hand Vector Icon - Gross Premium Underwritten for the FY 2021-22 New India Assurance Workmen Compensation Policy

    Gross premium underwritten for the FY 2021-22 Outside India is Rs.2942 Crores

    Global Geo Tag Vector Icon - Gross Premium Underwritten for the FY 2021-22 New India Assurance Workmen Compensation Policy

    Gross premium underwritten for the FY 2021-22 in India is Rs.32573 Crores


    Common FAQs


    Yes it is mandatory to take Workmen compensation policy for any company having more than 20 employees as per the Workmen compensation act, 1923. It is advisable to take a workmen compensation policy even if the workmen strength is less than 20 as to cover the liability under the Fatal Accidents Act, 1855 and Common law. The liability of the employer would be unlimited under the Common law and it is advisable to take the Workmen compensation policy which has coverage under Table B.