This is yet another insurance policy of ICICI Lombard General Insurance that is meant for the indemnification of the people that work in factories or industrial premises.
Two forms of insurance cover are offered in the Workmen’s Compensation Policy of ICICI Lombard. The first one meant is meant for the purpose of indemnification of all the employees or workers from legal liabilities that are mentioned in the W. C. Act 1923 and also on the Fatal Accident Act, 1855.
The other form has been formulated to safeguard the employees or workers of an organization from legal liabilities that are mentioned in Fatal Accident Act, 1855 as well on the common law. The second form would not be used to cover the employees that fall within the definition of workman under the Workman Compensation Act, 1923.
In this policy, the details about the sum insured are not mentioned. Instead of that the estimated earnings of a workman is mentioned on this policy. This also means that the sum insured would depend mainly on the earning capability of an individual. Similarly the amount of insurance premium depends mainly on the earning capability as well.
Like every insurance policy of ICICI Lombard, there are certain exemptions under which the insured would not be able to claim any benefit or cover. The exemptions are mainly the losses that might have been incurred from war or contractual indebtednesses. Main extensions are also there in this policy and these are mainly medical expenses and occupational diseases.
These are some of the features of the Workmen’s Compensation Policy of ICICI Lombard and this policy strictly follows the rules that are mentioned in Workman Compensation Act, 1923.