Aspects to Consider for Estimating Settlement under Workmen’s Compensation Insurance
The following things need to be kept in mind before estimating settlement:
The first step towards computing the claim amount under the workmen’s compensation policy is to get copies of reports about the accident. The reports generally include statements from witnesses and medical records.
Also, when a worker gets injured at the workplace, the employer needs to file a claim about the accident and keep it in record with the state’s workman compensation agency. The next step involves rating the bodily impairment. In case of a severe injury, it’s 100%. However, if the worker has recovered completely, it is 0%. The rating is based on the medical record received from the physician.
Generally, the compensation amount factors in the following:
Workmen’s Compensation Insurance in Different Cases
In case of death, Rs. 5,000 is payable for funeral expenses. Also, the deceased’s family gets 60% of the monthly salary multiplied by the worker’s age and other relevant factors as compensation. The minimum amount is Rs. 1.4 lakhs.
For Total Permanent Disability
Here, the compensation offered is 50% of the monthly salary along with other relevant factors based on the worker’s age. The minimum amount, in this case, is Rs. 1.2 lakhs.
For Permanent Partial Disability
Here, the compensation amount is based on the extent of the reduced earning capacity of the worker.
For Temporary Disability
In the case of temporary disability, 25% of the worker’s monthly salary is payable every half-month, and the max period of compensation is 5 years.
The Final Word
As evident, workmen’s compensation paid depends mainly on the worker’s age, nature of the injury, and the monthly salary paid. However, the maximum and minimum compensation payable for death and permanent disability is fixed. This is, however, subject to revision from time to time.
Workmen compensation insurance gives workers a peace of mind as they know that they will get the required financial help in case of a mishap.
- Workmen Compensation
- Product Code: 4010
- Product UIN: IRDAN115CP0017V01201920