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.

ICICI Lombard Workmen Compensation Policy

ICICI Lombard Workmen compensation policy compensates the employees or the workmen injured at the workplace due to unforeseen circumstances or their families in case of death of the workmen. The compensation payable depends on the type of injury and in certain cases the compensation is decided by the labor court depending on many factors such as the age of the workmen, monthly wages and other factors. Readmore...

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ICICI Lombard workmen compensation policy also covers the cost of medical expenditure incurred by the workmen due to an accident or illness at the workplace or resulting during the course of the employment, compensation for occupational disease, compressed air disease and terrorism.
ICICI Lombard workmen compensation policy covers the compressed air disease which would be caused by the difference in the air pressure than that of atmospheric pressure. The disease would affect the employees employed at high altitude areas or underwater.
As a person moves from a high pressure area to a low pressure area, the air’s gasses would get dissolved in the bloodstream forming bubbles throughout the body resulting in compressed air disease. ICICI Lombard workmen compensation insurance policy thus covers the workmen against such diseases which develop as a result of difference in the air pressure at the place of work or during the course of employment. ICICI Lombard workmen compensation policy can be taken by contractors or subcontractors, individual or private limited companies and public limited companies. View less...

What is Included in ICICI Workmen’s Compensation Insurance?

ICICI Lombard workmen’s compensation policy has basic cover
as well as add-on which can be purchased by paying additional premium.

The basic cover under the ICICI Lombard Workmen compensation policy include

Accidental death of the workmen in the workplace or during the course of employment
Permanent total disability of the workmen at the workplace as a result of an accident.
Permanent partial disability of the workmen at the workplace as a result of an accident.
Temporary total disability of the workmen at the workplace as a result of an accident.

The add-ons under the ICICI Lombard Workmen compensation policy include

Compressed air disease cover up to the specified limit mentioned under the policy
Medical extension cover with a fixed sum insured or actual medical expenses
Occupational disease cover
Terrorism cover
Sub contractor coverage

Benefits of ICICI Lombard Workmen’s Compensation Policy

Legal Expenses

The major benefit of ICICI Lombard Workmen’s compensation policy is that it bears the legal expenses of the insured customer in litigation, the amount awarded by the court and other expenses. It is important to note that there is no upper limit in the workmen compensation policy making it a beneficial plan instead of indemnity based plan. ICICI Lombard workmen compensation policy covers the claims payable which are awarded by the honorable courts.

Hassle free journey

ICICI Lombard workmen compensation policy can be purchased online from here in a very hassle free way without the trouble of going to the office of the insurance company.

Comprehensive and Flexible

The basic cover under the policy includes the death and disability of the workmen whereas the add-on cover includes compressed air disease, occupational disease, terrorism damage cover, medical extension cover, medical extension cover under which the sum insured option can be a certain limit or the actuals.

Swift response and efficient servicing of claims

The major advantage of ICICI Lombard workmen compensation policy is the swift response of the company in case of registration of a claim and handling of claims. The insured can call on the toll free number of the company to register the claim and within a few hours a call back would be arranged from the concerned department to understand the claim related details.

Awards and Achievements of ICICI Lombard

ICICI Lombard was awarded a "Bronze" in the "Continuous Campaign" category for their campaign "Ride to safety"

ICICI Lombard was recognised as one of the "20 best insurers in the Asia Pacific region" for 2020.

ICICI Lombard was awarded the "Best CSR Practices" award in 9th Edition World CSR Day Congress 8 Awards

ICICI Lombard was awarded with the "Insurance company of the year" in the Insurance Summit.

ICICI Lombard was awarded the "Most innovative insurance offerings" category for “AI enabled vehicle inspection facility" .

ICICI Lombard was awarded "India’s leading general insurance company - Private" in BFSI Summit Awards 2020.

Key Statistics of ICICI Lombard Insurance

ICICI Lombard general insurance has

283
branches

all over india

908
virtual offices

all over india

11247
network

garage

20863
network hospitals

with cashless claim settlement facility all over India

Common FAQs

What does Medical Extension add on cover?

Medical extension add-on cover provides for compensation to the workmen in case of hospitalization due to an illness, disease or an accident. The limit of sum insured under the medical extension cover can be selected by the insured customer at the time of taking the policy. The sum insured usually ranges from 10k to 2 lakhs depending on the insurance company. The medical coverage can also be the actual amount incurred by the insured employee due to hospitalization.

Does ICICI Lombard give Terrrorism Cover?

Yes. ICICI Lombard is offering terrorism cover as an add-on with the Workmen compensation policy. The add-on can be availed on payment of additional premium to the insurance company. Terrorism cover includes the injury or death of the workmen due to terrorist activites. The cover also compensates for disability due to terrorist activities.

What basic information the Insured needs to provide a quotation?

The basic information the insured need to provide for a workmen’s compensation quote is mentioned below:-

Number of workers to be covered under the Workmen compensation policy
Monthly wages of all the workers
Type of industry or the occupancy of the risk.
Nature of business operations.
Location of the risk
Insured basic details such as Name, Address, Contact details and other required details.

How is Sum Insured calculated in a Workmen compensation policy?

The sum insured is the maximum limit of liability in the workmen’s compensation policy. The sum insured would be calculated on the basis of the wages of the workmen for the period of insurance and the total number of workmen requiring the workmen compensation policy. The basic wages of the workmen employed by the insured determines the total sum insured under the workmen compensation policy.

What are the steps to get an ICICI Workmen Insurance Claim?

ICICI Lombard Workmen insurance claim can be availed in the below steps:

Step 1: The first step in the claim process is to intimate the injury or death of the workmen to the insurance company in writing so that a claim intimation number would be given to the insured customer.

Step 2: In this step the insurance company would ask the insured customer to submit the claim related details. Duly filled claim form along with the other details such as the attendance details of the injured employee should be shared with the insurance company.

Step 3: After the duly filled and signed claim form with other required details is submitted to the insurance company, the insurer would appoint a surveyor to inspect the claim and then decide on the merits of the claim. If the surveyor report states that the claim is genuine then the same would be settled within 7-15 days depending on the insurance company or if the claim is not settled then the customer can approach the labor court.

Step 4: In this step the labor commissioner would arbitrate for claim settlement and even if the insurer is not ready to pay the claim then the claim would be reported to the labor court where the court would give the ruling depending on the merits of the case. The labor court ruling would be binding on both parties concerned.