A Story of Industrial Disaster In 1970, Union Carbide India Ltd (UCIL) set up a pesticide manufacturing plant in Bhopal. Pesticides are substances that protect crops from pest damage. Pesticides are chemical substances that are toxic. A fatal gas, namely Methyl Isocyanate (MIC), began leaking out of a tank at the UCIL Bhopal plant on December 3, 1984. Approximately 3,800 people lost their lives due to the leakage of this fatal gas and many others suffered other health-related disorders.
Human life is precious and nothing can make up for a life's loss. The company was bound to pay compensation for losing their lives to the victims ' dependents. The damage caused had to be compensated by UCIL.
Even though human life is invaluable, this is a great relief in situations like this Insurance. Insurance helps to recover the losses as the resulting financial liabilities could be transferred to the insurer to some extent. Insurance acts as a preventive measure to reduce the financial burden of unforeseen events.
Ultimately, a law was introduced to provide damage to the accident sufferers, resulting in hazardous chemicals being handled. The Act is the 1991 Public Liability Insurance Act, which applies to all owners in connection with the manufacture or handling of the hazardous substance.
Workers Compensation Act, 1923 also provides employees with compensation in case of workplace injury. The employer is liable in the event of mishappening to pay compensation to the injured employee. The compensation amount depends on various factors such as the nature of the injury, the employee's age, the employee's average monthly salary.Moreover, if the victims who died in the tragedy of Bhopal gas had their lives insured, they would have received some money as help from their families. Money can't make up for the life of anybody, but it can certainly act as some support to tide over their loss. Everyone must take advantage of insurance in today's period of uncertainty.
Conclusion
Indian economy is rapidly growing. In the insurance industry, there are several new players that have opened up new opportunities and contributed to job creation. At various levels of society, insurance awareness is very important.The importance and consequent benefits of insurance should be known to individuals. To achieve higher levels of insurance penetration and spread among larger sections of the population, insurance companies should pay more focus on rural communities than on the urban and higher segments of society. The insurance sector is regulated with IRDA in place and the interest of the policyholders is guaranteed. In consultation with stakeholders, IRDA must also bring the necessary changes whenever necessary.
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