
Vehicle insurance (also known as, GAP insurance, car insurance, or vehicle insurance) is purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from the specific terms of vehicle insurance vary with legal regulations in each region...
The purpose of bike insurance is to protect you from financial loss if you have an mishap while driving your bike.Its primary use is to provide financial protection against theft of the vehicle and possibly damage to the vehicle etc..
We can explain what each benefit means, what each exclusion means, and other details which you may find confusing. Not only do we help you get a policy, more importantly, we will also help you during the time of claim, if any, Act Now. Contact Us.
Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability, employee-related risks etc...
Life Insurance to protect your family and save for future expenses.Get one lump sum at the end of policy payment period.Guaranteed payment every month for several years and Get Hospital Cash Benefits...
As per the Employee's Compensation Act, an employer is liable to pay compensation if personal injury is caused to an employee due to an accident arising out of and in course of the person's employment.
In such cases, his employer shall be liable to pay compensation under the provisions of the Act. The employer will not be liable to pay compensation when:
An injury does not result in the total or partial disablement of the employee for more than 3 days;
An injury doesn't result in death or permanent total disablement caused by an accident under the influence of drink or drugs;
In case of accidents caused by wilful disobedience of the rules by the employee and wilful removal of safety guards, the employer is not liable to pay compensation.
The computation of compensation under the Act is done as per provisions on Section 4 of the Act:
An amount equal to fifty per cent. of the monthly wages of the deceased multiplied by the relevant factor; or an amount of Rs 1,20,000, whichever is more;
An amount equal to 60 per cent. of the monthly wages of the injured employee multiplied by the relevant factor; Rs 1,20,000, whichever is more.
As per the new rule notified by the government, Rs 15,000 will be considered as wage for calculating compensation under the Act.
The relevant factor for computation is mentioned in schedule IV of the Act.
Employee's Compensation Act 1923: Before 2010, Employee's Compensation Act, 1923 was known as Workmen's Compensation Act. It provides for compensation to an employee who dies or suffers partial or total disablement due to accident on duty.
The Central government has changed the amount of wages to be considered for calculation of compensation to workers under the Employee's Compensation Act 1923 vide notification S.O.71 (E) dated January 3, 2020. The amount of wages considered previously for the calculation of compensation was just Rs 8,000. Now, it will be Rs 15,000, according to the notification by the Ministry of Labour and Employment.
Before 2010, Employee's Compensation Act, 1923 was known as Workmen's Compensation Act. It provides for compensation to an employee who dies or suffers partial or total disablement due to accident on duty. The compensation has to be paid by the employers. An employee cannot claim compensation under the Act if he/she is already entitled to compensation from ESIC.
When a company takes Worker Compensation Policy, if any of your workers get injured while they were performing the duty, you will be liable to compensate the worker depending on the extent of injury. This is the law. When you take a Worker Compensation Policy (also called WC policy), the insurance company will make the payment to the worker instead of you.
The policy will pay the amount which the labour court decides that you should pay.
They all refer to the same policy.
In case of accidents resulting in death: an amount equal to fifty per cent. of the monthly wages of the deceased multiplied by the relevant factor; or an amount of Rs 1,20,000, whichever is more; 2. If the accident results in permanent total disablement: an amount equal to 60 per cent.