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.

IFFCO TOKIO Workmen Compensation Policy

IFFCO tokio Workmen compensation policy states that if at any time during the period of insurance any employee (workmen) in the insured’s (Employer) immediate service shall sustain personal injury by accident or disease or illness arising out of the employment and also in the course of employment by the insured in the business and if the insured is liable to pay compensation for such injury under the Workmen compensation act,1923 or the Common law, then subject to the terms and conditions set under the Workmen compensation policy of IFFCO Tokio the company will indemnify the insured against all sums for which the insured shall be liable. Readmore...

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In addition to this the company would also be responsible for all costs and expenses incurred with its consent in defending any claim for such compensation.
The liability of IFFCO Tokio general insurance company would change in case of any change in the laws or the substitution of other legislation and the overall liability of the company before altering the law. The Workmen compensation policy of IFFCO Tokio general insurance covers the liability of the insured in case of death or disability of the workmen employed by the insured at the workplace or during the course of employment. The compensation payable by the company would be as prescribed under the Workmen compensation act, 1923. In addition to the compensation payable under the Workmen compensation act, the policy also pays for the litigation costs incurred by the insured in consent with the insurance company. View less...

What is Included in IFFCO TOKIO Workmen’s Compensation Insurance?

IFFCO Tokio’s Workmen compensation policy includes the following:

Table A: This section provides indemnity to the insured if any employee in the insured’s immediate service shall sustain any bodily injury due to an accident or illness or contracts any disease arising out of employment and in the course of employment by the insured in the business and if the insured is liable to pay any compensation for such injury either under :

Workmen's compensation act, 1923 and subsequent amendments of the said act prior to the date of issue of the policy provided that the insurance granted is not extended to include any penalty or interest imposed on the insured on account of his/her failure to comply with the requirements of the Workmen compensation act.
The Fatal accidents act, 1855 & common law and in addition all costs and expenses incurred by the insured with respect to litigation with the written consent of the insurance company.
The policy covers the death or disability of the workmen employed by the insured at the workplace or during the course of employment. The cost of litigations and defense costs would also be payable under the workmen compensation policy with written consent of the insurance company. Disability includes permanent total disability, permanent partial disability and temporary total disability.

Table B: This section provides for indemnity to the insured against their legal liability under the Fatal accidents act, 1855 and at Common Law. This policy is not issued to cover employees who fall within the definition of the workmen under the workmen compensation act, 1923 as amended.

Benefits of IFFCO TOKIO Workmen’s Compensation Policy

Timely Claim Settlement

Iffco tokio general insurance is known for its timely settlement of claims with regards to any of the insurance policies. If the required documents are submitted within the mentioned period then the claim would be settled within 7-10 days. The timely settlement of claim depends on the response from the insured side as well.

Hassle free purchase process

The other benefit of IFFCO Tokio’s workmen compensation policy is the hassle free purchase process. The purchase process of workmen compensation policy is made hassle free and anyone can purchase the policy with ease. The policy can be purchased from any of the intermediaries tied up with the company. Click here to purchase Workmen compensation policy from IFFCO Tokio online.

Comprehensive coverage

IFFCO Tokio offers comprehensive coverage to customers purchasing workmen compensation policy. The policy is offered in two sections namely Table A and Table B. Customers can choose Table B depending on their requirements.

IFFCO TOKIO Workmen’s Compensation Policy Proposals

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:-

The name of the proposer, address of the proposer and trade and occupation of the proposer. The particulars of the work should also be filled in the proposal form as it forms the material information to decide the premium for the policy.
The next seduction is the number of employees and their categories. Clerical staff, Commercial staff, Travelers and Employees engaged with woodworking machinery including machinists and machinists laborers are the description of employees which needs to be filled. In addition to this the monthly wages of the employees and the type of insurance i.e. Table A/B should be filled in the proposal form.
Any contractors or contractors under your service requiring coverage should be mentioned under this section.

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

The name of the policyholder, policy number, business, address, district and particulars of the insured person such as Name, religion or caste, local address, occupation in which injured person is employed. Time and place of injury and other details about the injury should also be mentioned in the claim form.
Particulars of the accident such as date of accident, place of accident,nature of accident etc should be mentioned in the claim form.
The attendance of the workmen with the wages should also be submitted to the insurance company to process the claim.

Awards and Achievements of IFFCO TOKIO

L&D Excellence award 2022 at the 9th Edition of Future of Learning and Development Summit and Awards” organized by UBS FORUMS

'Best Good Company Initiative Award 2021' By Tokio Marine Asia

Mahatma Award' for CSR Excellence on 1st October 2021

3rd Annual BFSI Technology Excellence Awards 2022' in 'BEST DIGITAL AWARENESS CAMPAIGN' category

Key Statistics of IFFCO TOKIO Insurance

4300+
Cashless garages

all over india

7500+
network hospitals

Total of 1148 Lakh claims

were settled in FY2021 with a claim settlement ratio of 95.82%.

Claim settlement
within 4 hours

Free roadside assistance

Common FAQs

What is the amount of compensation payable under Workmen Compensation policy?

Death : 50% of the worker’s monthly wages multiplied with relevant factors; or ₹1,20,000, whichever is more.
Permanent Total Disability: In case of permanent total disability an amount equal to 60% of the monthly wages, multiplied by relevant factors or ₹1,40,000, whichever is more.
Permanent Partial Disability: In case of permanent partial disability the amount payable is a percentage of the loss of earning capacity due to the injury.
Temporary Disability: In case of temporary disability the amount payable is 25% of the employee’s monthly wages.

Is it mandatory to take Table B of the Workmen compensation policy?

It is not mandatory to select the Table B under the Workmen compensation policy.