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.

Bajaj Allianz Workmen Compensation Policy

Bajaj Allianz general insurance company has introduced a workmen compensation policy to cover the legal liability of the employers in case of accidental injury or death of the workmen at the workplace or during the course of employment. There might be certain unforeseen circumstances which can lead to the injury or death of the workmen at the workplace even after taking necessary precautions. In such cases it would be the responsibility of the employer to compensate the workmen for their losses. This would mean that the employer has to pay from his pocket in case of absence of the workmen compensation policy which would not be viable for the employer for each and every case. Readmore...

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There could be certain instances which require the employer to pay for the hospitalization expenses of the workmen due to certain diseases such as occupational disease or the compressed air disease. Bajaj Allianz general insurance workmen compensation policy provides protection to the employer against all the liabilities arising out of the workmen injuries at the workplace or during the course of employment.
The policy is not only restricted to the workplace but also during the course of employment. For example if an employee is injured at the workplace then the workmen compensation policy would come into action, also if an employee is injured at some other place other than the workplace but in the course of his/her employment the same would be covered under the workmen compensation policy. For instance if your employee is visiting a customer’s place to show a demo or make a sale or on any official purpose and is injured at customer’s place then the workmen compensation policy would be applicable for compensation to be payable. View less...

What is Included in Bajaj Allianz Workmen’s Compensation Insurance?

Bajaj Allianz workmen’s compensation policy covers the following:

The basic cover under the Bajaj Allianz Workmen’s compensation policy include

Employees compensation due to an accidental injury or illness leading to death, permanent total disability, permanent partial disability and temporary total disability as per the Employees compensation act, 1923.
Common law in which the liability of the employer is secured by the insurance company as the liability under workmen compensation policy is unlimited. Under common law the employee can sue the employer for any amount and the court charges and litigation charges would be paid to the employer.
Occupational diseases cover on an employee basis where the per employee limit ranges from Rs. 1 lakh to Rs. 10 lakh. Aggregate liability of the company for all employees during the Period of Insurance shall be limited to 50% of the amount arrived at by multiplying per Employee limit with the number of Employees.
Contractors employees cover in which the employees of the contractors and sub contractors would be covered as per the Workmen compensation act, 1923.

Road ambulance cover which provides Rs.5000 per employee in the aggregate during the policy period. The road ambulance can be availed any number of times during the policy period up to the aggregate limit of Rs.5000 per employee during the policy period.
Transportation of mortal remains which provides Rs. 2000 per employee to transport the mortal remains from the place of death to the house of the employee or to the burial site. The limit per employee is Rs.2000 which is payable on an aggregate basis during the policy period.
Medical expenses cover which provides the medical claim expenses in case of hospitalization due to an injury or illness arising out of the workplace or during the course of employment. The sum insured under this cover ranges from Rs. 25k to Rs.10 lakhs.

Benefits of Bajaj Allianz Workmen’s Compensation Policy

High Claim ratio

Bajaj allianz has a claim settlement ratio of 98% which is a measure of the claims settled by the insurance company to the claims received. This ratio indicates that 98 out of 100 claims were settled by the company during the previous year which is one of the best claim settlement ratios in the Indian insurance industry. The claim settlement ratio indicates the chance of settlement of claims. Higher the claim settlement ratio, higher would be the chance of your claim getting settled.

Seamless claim settlement process

The other benefit of Bajaj Allianz Workmen compensation policy is the seamless claim settlement process it offers to its customers. Workmen compensation claims are settled within the short possible time if all the required details are submitted to the insurance company within the stipulated time period. Most of the claim settlement process is moved to online which even reduced the turnaround time of claim settlement.

Competitive premium

The major benefit of Bajaj allianz workmen compensation policy is the competitive premium that it offers to its customers. Bajaj allianz is the leading general insurance company in India and offers the best competitive premium in the market with all the extra coverage. Low premium and high coverage is the main benefit of Bajaj allianz workmen compensation policy.

Comprehensive cover

The other major benefit of Bajaj allianz workmen compensaiotn policy is the comprehensive cover it offers. As mentioned above it covers the basic cover as well as other add-ons such as ambulance cover, mortal remains cover, medical expenses cover etc on payment of additional premium. Any of the above mentioned covers can be chosen by the customer and premium is to be paid accordingly.

Exclusions in Bajaj Allianz Workmen’s Compensation Insurance

There are certain exclusions under the Bajaj Allianz workmen compensation policy
which would not be covered under the policy. The exclusions are mentioned below

Any injury by accident or disease directly attributable to war, invasion, act of foreign enemy hostilities, civil war, mutiny, insurrection, rebellion, revolution or military or usurped power.

The insured’s liability to employees of contractors to the insured.

Any liability of the insured which attaches to virtue to an agreement but which would not have attached in the absence of such agreement

Any sum which the Insured would have been entitled to recover from any party but for an agreement between the Insured and such party

Bajaj Allianz Workmen compensation policy requirement in proposal form

Bajaj Allianz workmen compensation proposal form can be downloaded from here. Bajaj Allianz workmen compensation policy requires the following to be filled in the proposal form

The name of the proposer, address and the occupation of the proposer.
Particulars of the details to be covered under the policy
Risk location address
Policy period- From and To
Coverage required including the add-ons
Own employee details as well as contractual employee details
Questions regarding the risk to be covered

Awards and Achievements of Bajaj Allianz

Bronze award at EFMA & Accenture Innovation in Insurance awards 2022.

Award in Enterprise application category at the Technology Senate Awards 2022

Notable award at the Emerging asia awards 2021.

Key Statistics of Bajaj Allianz Insurance

Bajaj Allianz general insurance has

6500+
Network

garages

8000+
Network hospital

24*7
claim assistance

Motor insurance
in 3 minutes online

Common FAQs

Is there any minimum number of employees requirement to avail Workmen compensation policy?

In India any organization with more than 20 employees should mandatorily have workmen compensation insurance. This was mandated by the Employees state insurance act, 1948 which ensured that employees and workers received insurance benefits from their employers. The companies with less than 20 employees can avail the insurance to comply with the rules and regulations mentioned under the Fatal act, 1855 and Workmen compensation act, 1923.

Can I purchase a Workmen compensation policy online?

Yes you can purchase a workmen compensation policy online from Ethika insurance broking which has tied up with all the insurance companies offering Workmen compensation policy. The process to purchase a workmen compensation policy is made simple by Ethika insurance broking company.

Where can I get proper advice for a Workmen compensation policy?

Workmen compensation policy is a mandatory policy for any organization having workmen and the policy comes with basic cover as well as add-ons such as compressed air disease, medical expenses etc. These covers cost extra bucks to the insured customer and therefore it is advisable to take an insurance expert's advice at the time of purchasing the workmen compensation policy. Ethika insurance broking can provide proper advice in terms of workmen compensation policy and let you decide the best cover by combining the add-ons with the basic cover.

What is the difference between Employee compensation policy and Workmen compensation policy?

There is no difference between the employee compensation policy and workmen compensation policy. It was known as employee compensation policy when it came into effect and later it was changed to Workmen compensation policy and the meaning of workmen is defined under the Workmen compensation act, 1923.