The ICICI Lombard Workmen’s Compensation Policy is designed to offer monetary compensation to the employees, in case of any type of medical emergency during the period of employment. The policy is allowed to be issued to those employees also who do not fall under the range of Workmen’s Compensation Act of 1923 and the succeeding statements there to.
The ICICI Lombard Workmen's Compensation Policy renders two types of policies in forms of insurance. Those are:
- Table A: Insurance against legal responsibility to all employees irrespective of belonging to the class or Workmen’s under the W. C. Act 1923 and following changes to the mentioned Act before the date of enactment of the policy, the Fatal Accidents Act, 1855 and at Common Law.
- Table B: Insurance against legal responsibility under the Fatal Accidents Act, 1855 and Common Law. These type policies may not be enacted to cover for people who fall within the category of “Workmen” under the Workmen’s Compensation Act, 1923 after the changes has been made.
The sum insured for the policy of ICICI Lombard Workmen's Compensation Policy is calculated on the basis of:
- No deduction for IT deducted at source
- Earnings include wages, salaries, over time, board / lodging, and other perquisites
- TA / traveling concessions not to be accounted
- No deductions for Pension / PF to be accounted
The premium rates of this policy depend on the wages and occupation of the workmen. In this policy the medical extension can be given by the charging premiums which are extra.