(a) PERSONAL ACCIDENT POLICY:
(i) In PA Policy certain agreed benefits are granted.
(ii) PA Policy covers Accidental bodily injuries resulting solely and directly from accident caused by EXTERNAL & VIOLENT means resulting into death or disablement any time during the period of Policy.
(iii) In PA Policy certain Agreed Benefits are given as per cover taken in the policy.
(iv) PA Policy merely covers injury due to accidental external and violent means. The slow process of an occupational disease is totally outside the scope of the PA Cover.
(v) Standard rates are charged for all except for Persons working in underground mines, Explosives Magazines, Workers involved in electrical installation with high tension supply, Jockeys, Circus personnel, big game hunting, Mountaineering, Winter sports, Skiing, Ice hockey, Ballooning, Polo and persons engage in occupations of similar hazard.
(vi) PA & Medi- claim policies cover benefits as per their standard terms and conditions.
(b) WORKMEN OR EMPLOYEE COMPENSATION POLICY
(i) WC Policy is a Legal Liability Policy
(ii) W.C. Policy covers Legal Liability towards employees in case of death or injury sustained by them during the course of Employment.
(iii) In case of WC Policy amount of compensation depend on the nature of injury in case of injury cases. In case of Fatal accidents the compensation is worked out by taking the factors like Age and Income of the person Injured/died. Thus it varies from case to case.
(iv) The WC Policy covers occupational diseases that might be contracted by workers arising out of and in the course of employment (additional premium of 25%).
(v) Premium rates under WC Policy depend on the nature of duties in which the workers are involved.
(vi) Benefits under ESI are as per WC Policy
Note: If PA Policy is taken for higher Sum Insured, it may cover compensation payable as per WC Policy; if it is taken for lower Sum Insured, the award under WC may be more than the cover taken under WC.