Time has changed:

May be 40 years ago assets were considered to be valuable and insurance started with physical assets and ended with the same. Then India started emerging as the base for IT or we can say Knowledge industry. This resulted in importance being given to educated, trained manpower like software Professionals, Research Scientists, Professors and Doctors. For Organizations it became Important to retain your good people, attract good people and build Strong team. Employees benefit like cab pick-up, good cafeteria, office lunch supported with health insurance was introduced.

How this has affected all of us?

Your employees can be poached by another company by offering salary, may be at same level but withbetter or higher employee benefits like:
• Group Term Insurance
• Group Health Insurance
• Group Personal Accident Insurance
• Group Gratuity
• Group EDLI
• Keyman Insurance

In this webinar we intend to look at how these products have affected or may be benefited all of us and we will discuss Issues like:

• Need
• Myth
• Reality
• Strategy

Has Pandemic added a new dimension to this?

Yes MSME’s all over the country are–are badly affected by lockdown with reduced market size, lower earnings, reduced funds inflow, some key employees falling ill and nearly all of them are expecting advance /loan from employers for treatment. The worst affected MSME’s are the ones where some employee has expired and the family of the employee is asking for:

• Lump sum payment of salary equal to 2 years
• Education cost of children to be borne up to University level
• Job for widow or another family member

Assuming the employee was having CTC of Rs 5 lakhs per year we are talking of sum which in money terms is more than Rs 15 lakhs.

Social Media is full of such news and our information shows that this is emerging as a common norm now and you as an organization will have to bear this cost. Let us not forget that this is going to be an additional cost.

Can we say a Group Term Insurance Policy with company would have taken care this unfortunate event?

In this webinar we are discussing:

• Time to wake up and assess the risks being faced by any business especially with respect to human resources?
• Issues being faced by Corporates in deciding how risk mitigation can be done by buying insurance?
• How to decide about the sum assured required under Health, Term, PA policy.
• Keyman insurance is it a necessity for entrepreneur as well as key persons?
• Should employers take proactive role to provide insurance support to employees and families?
• Consolidation/ aggregation of the demand at Chambers Level/ Association level so that benefits of economies can be shared among organizations for the ultimate benefit to large number of employees

How to take care of requirement under:

• Statutory Liabilities
• Employees Liabilities (mix of statutory and morale related expectations – necessary to retain the employees)
• Keep the business competitive to survive in Covid affected world.

Issues being faced by employees (working in unorganized, organized sector):

• Employees are facing reduced earnings
• Covid treatment in hospitals/home needs lot of funds requirement -should this be borne by employer
• Noninsured persons are becoming dependent on their employer

Those having no support are depending on unsecured personal loans (at very higher interest rate) and are getting into serious debt trap. Employment of a person, who is in debt can be risky preposition for nay business

Present Scenario:

• Non-issue of Group Term Insurance Policies (even quotes not being given) for last few months
• Increase in Health Insurance premium
• Group corona Rakshak and Corona Kavach policies not being issued

Questions before MSME’s are:

• Employee Benefits are adding to your costs or in realty reducing the costs.
• How to decide sum assured?
• Is it worth investing in Group Gratuity Scheme?
• Group Term Insurance Policies – where to buy?
• Keyman Insurance – is it a good strategy to satisfy/ retain/ motivate top management of your company.
• Trade Credit Insurance -not a wish, it is a necessity.
• Policies taking care of statutory liabilities like Gratuity Act. Can save entrepreneur from prosecution when the days turn bad.
• Maintaining the morale of the employees in this difficult/ challenging time. Soon the economy will pick up. Let us be positive

Who should attend?

All those who are connected with top management and HR function in:

• MSME’s/ Chambers of Commerce/ NGO
• Insurance Companies
• Industry Associations/ RWA’s
• Insurers
• Consultants
• Media/ Press
• Small business owners/ traders
• NGO’s

Delegate Fee:

No fee but pre-registration is requested.