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Occupational Accident Insurance

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Accidents and hazards can catch us unawares, at home, at work or on the roads. We might suffer an accident while doing our job and such accidents might cause permanent disability or untimely death in a few cases. Hazards can be predicted but not accidents as accidents happen without a sign of warning. Hence it is advisable to be prepared for such unforeseen happenings and its consequences. Occupational accident insurance is the best solution for such unforeseen circumstances. As the name suggests, it offers protection for accidents at work/occupation.


Occupational accident insurance is considered as an alternate to workers' compensation as it provides employers and their employees' protection if a work injury or accident occurs. Occupational accident insurance covers you for:

  • Medical expenses
  • Disability
  • Accidental death
  • Dismemberment (that you may suffer due to accident for not fault of yours)

When any of the above happens to the employee at his/her workplace, he/she should be suitably compensated for the loss or damage incurred. The affected person will be compensated by the person/employer whose negligence caused the damage or the company under whom the person is insured.



Understanding occupational accident insurance

  1. If, a person covered under occupational accident insurance suffers an accident while performing his/her duty, the insurer will bear the medical expenses to the limit as mentioned in the policy.

  2. In the event of death, the policy claim will be useful in supporting the family of the deceased.

  3. In the event of permanent disability or dismemberment, the insurance will provide sustained financial support to the affected person.

Check out

While opting for occupational accident insurance, check out on the following aspects:

  • The validity period of the insurance terms.

  • The duration for which the scheme benefits are valid, as the scheme will automatically lapse after an aforementioned period.

  • Choose an option that best suits your requirements.

  • Look out for any pre-existing conditional limitation to the policy.

Premiums

Premiums for occupational accident insurance should be paid out on a monthly basis. The premiums are generally affordable.


Do I need an occupational accident insurance?

If you belong to any of the below mentioned category, then you require this insurance:



For employees

  • If you do not have worker's compensation plan.
  • If you cannot pay high premiums but want the best protection cover.


For employers

  • If you use contractors, and need them to provide for their coverage, you can opt for this insurance.

  • Few policies have the advantage of offering cover for round-the-clock incidents thus making it easy on your finances.

Limitations of occupational accident insurance

  • The insurance policy is limited in nature as it offers cover only if the insured meets with an accident.

  • Main insurance policies themselves cover benefits offered under this policy.

  • As benefits mentioned in this policy are already covered by other policies, not many people prefer to enroll under this plan.

  • Many people prefer to subscribe to this policy as an add-on to the main policy they hold.

Occupational injury insurance

The occupational injury refers to injury, disability or death caused by work activities and occupational factors. An employee is eligible to claim this insurance if he/she gets injured while at work and during working hours. Injuries sustained while traveling to and from work are not covered.


Every employee working for an employer is covered by the Occupational Injury Act. This law makes sure that employees receive compensation for injury/illness if they get injured as an outcome of an occupational injury. In addition to this it provides compensation to the dependants of the employee, if the employee meets with death as a result of the occupational injury/illness. Every employee is eligible for this insurance immaterial of the employer.



What injuries are compensated?

  • Personal injury suffered due to work accidents or certain occupational illnesses

  • Covers injuries and illness that occur while working, during working hours and while at work

  • Does not cover problems caused by muscular strain

  • Certain occupational diseases and climatic and epidemic diseases are also considered as occupational injuries.


What is compensated?

  • Medical expenses
  • Lost earnings
  • Paid medical leave
  • Paid hospitalization leave
  • Travel and prescription expenses
  • Death benefits
  • Specific loss benefits
  • Physiotherapy expenses


Who is compensated?

  • If the injury leads to invalidity above 15 %, the employee receives compensation for permanent injury based on the extent of invalidity.

  • If the person becomes completely or partially disabled, he/she will receive compensation based on the extent of the invalidity.

Work injury compensation

If an employee suffers an injury while at work, he/she is entitled to claim work injury compensation. All employees are covered under the work Injury Compensation Act. Under this Act, the injured employee should be compensated immaterial of whose mistake caused the injury.


Who is covered?

All employees who have signed a service contract or apprenticeship with their employer are covered. Employees working overseas are also covered under the act.



What injuries are compensated?

  • Injuries that arise while at work are covered. Diseases like heart attack and stroke are also covered, diseases contracted through the course of work like arthritis, asthma etc are also covered.

  • Injuries sustained while traveling for work is also covered (travel after reporting for work).

How much compensation?

Compensation will be decided based on the following factors:

  • The severity of injuries
  • Ongoing pain and sufferings
  • How much have these injuries prevented the person from carrying out his/her normal activities

What is compensated?

Any employee injured in a work-related accident, including contracting occupational diseases, is entitled to claim.

  • Medical expenses
  • Lost earnings
  • Paid medical leave
  • Paid hospitalization leave
  • Travel and prescription expenses
  • Death benefits
  • Specific loss benefits


Who is compensated?

  • If the injury leads to invalidity above 15 %, the employee receives compensation for permanent injury based on the extent of invalidity.

  • If the person becomes completely or partially disabled, he/she will receive compensation based on the extent of the invalidity.

How to claim compensation?

If the employee suffers an injury at work, he or she should:


  • Notify the employer at the earliest regarding the injury even if treatment is not required immediately, the injury must be notified to the employer.

  • Complete a worker compensation claim form if medical treatment is required or if the person has to take leave from work. Remember, the claim should be made at the earliest.

  • Take workers compensation medical certificate from the doctor if the person should take off from work.

  • Submit the claim form to the employer your and retain a copy

  • Reach a copy of the claim to the workers compensation insurer

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