With the recent ratification of the Occupational Safety Act, employers now face new obligations to ensure the safety and well-being of their employees. The Labor Relations Authority has introduced the “Occupational Safety Regulations,” setting clear requirements for workplaces to guarantee robust safety measures and provide protections to employees, underscoring the critical importance of maintaining a safe work environment.
Under these new regulations, employees are eligible for compensation in the event of workplace injuries or accidents that occur during working hours. In cases of fatal incidents at the workplace, employers are now required to provide compensation to the employee’s next of kin. Compensation amounts can reach as high as MVR 1 million, determined by the severity of the incident and the circumstances surrounding it.
To help employers navigate these new responsibilities, Group Term Assurance plans provide an effective way to prepare for unforeseen events. This form of Life Insurance covers a group of employees under a single policy, making it an ideal employment benefit. Group Term Assurance plans provide financial compensation to employees or their beneficiaries in the event of an accident, injury, or death that occurs at or due to work.
Allied Insurance offers a range of Group Term Assurance plans, enabling employers to select coverage options that suit their organization’s needs. Employers can choose assured sums of MVR 50,000, MVR 100,000, MVR 150,000, or higher per employee. This assured amount is disbursed to the beneficiaries in the case of an employee’s passing or provided directly to the employee as compensation for workplace injuries.Employers now have a practical solution to ensure compliance with the Occupational Safety Regulations while demonstrating their commitment to employee well-being. To learn more about Allied Insurance’s Group Term Assurance plans and see how your company can meet regulatory requirements and safeguard your team, visit https://allied.mv/insurance-plan/group-term-assurance/
