What is Ethika Insurance Broking?

Ethika Insurance Broking is a new age 100% bootstrapped insurance broking company started by a group of enthusiasts led by Mr. Susheel Agarwal, who made a transition from HR to CEO with Ethika Insurance Broking. Ethika Insurance aims to combine technology with Innovation to make employee health insurance simple and accessible. Ethika insurance has included the concept of Employee well-being and happiness in Employee health insurance, focussing on a well-ignored fact that happy employees perform better. Ethika Insurance Broking was conferred with a broker license to sell both life insurance and general insurance plans. Ethika Insurance Broker is recognised as the best insurance broker for corporate, small, midsize, and large businesses.

What are the services provided by Ethika?

Ethika Insurance Broking offers life insurance plans such as Term life insurance, Pension insurance, Group Life insurance, Investment insurance plans, etc. Ethika also offers non-life insurance plans such as Vehicle insurance, Engineering insurance, construction insurance, Health insurance, Liability insurance, Personal accident insurance, etc. Ethika Insurance Broking is well known for its Group plans, such as Group health insurance, Group Term insurance and Group personal accident insurance.

What are the value adds provided by Ethika?

Ethika Insurance Broking provides value additions to its customers in the form of tailor-made programs such as Employee wellness programs, Employee happiness programs, Employee assistance programs, Employee engagement programs, Group insurance software and Red carpet claims settlement services. Know about each of them in detail here.

Is Ethika Insurance a good choice for insurance needs?

Ethika Insurance Broking is not like any other insurance booking company in India as it tries to offer value-added services to its customers, such as the Employee Happiness Program, which is a unique and novel concept unheard of by the insurance industry in India. Ethika Insurance has a nearly 97% retention ratio, which is one of the highest in the insurance industry. This ratio means that most of the clients are willing to renew their insurance plans with Ethika Insurance, which in turn shows their trust in the company. In addition to these, Ethika Insurance offers all kinds of insurance plans so that customers can get all their insurance needs in one place. Ethika Insurance also makes the best use of technology with the group insurance software that can be linked to any company's HR portal, thereby semi-automating the addition and deletion of employees from the group insurance plans.

How is Ethika Insurance Broking different from other insurance brokers?

Ethika Insurance Broking’s main focus is to make the insurance process pleasant, as insurance has been considered a headache to go through for many people and firms in India for a long time. Ethika Insurance Broking revolutionized the insurance purchase and claim settlement process in India by focusing on adding the most important missing element in group health insurance: Employee happiness. Ethika’s main focus is to address the overall well-being of employees by conducting various activities in addition to insurance coverage. Ethika Insurance provides various value add-ons to clients which go beyond the traditional profit and loss view of an insurance broker.

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:

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.

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.

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.

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

The New India Assurance Co Ltd won the Title of 1St MCA Corporate Trophy at Parsi Gymkhana Mumbai

Outlook Money Golden Award 2018-19

Best General Insurance Company at India's Leading BFSI Awards 2017.

New India Assurance gets Fintelekt Insurance Awards 2017

The New India Assurance Company Limited has won the award for Segment Leadership

CCR AAA/ Stable rated by CRISIL.

Key Statistics of New India Assurance Insurance

3000+ Network hospitals all over india

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

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

Common FAQs

Is it mandatory to take Workmen Compensation policy?

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.

Can Contractual employees be covered under Workmen compensation policy?

Yes. Contractual employees can be covered under the Workmen compensation policy subject to the same being mentioned in the proposal form at the time of taking the policy. The number of employees and their wages should be clearly mentioned in the proposal form which forms the basis of calculating the premium under the Workmen compensation policy.

Are medical expenses covered under WC policy?

The medical expenses incurred by the workmen due to an injury at the workplace or during the course of employment would be covered under the Workmen compensation policy. The limit of coverage under the Workmen compensation policy would be specified in the policy copy. The medical expenses for hospitalization due to an accident or illness are covered under the workmen compensation policy. The claim can be made on a cashless basis as well as reimbursement basis.