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Selecting the Right Insurance Policy during Covid Time

This pandemic which started in a small way in March 2020 is getting extended and we are realizing is that it is becoming more and more complicated.

In early days those, who were in 60 years + age group were shown to be in high risk. As the time passed by and in May 2021, we find that in Wave 2 even persons in 30 years + age group without comorbidities are getting affected, are hospitalized and some of them are turning fatal.

Indications are that in near future children in 12+ age group may also get affected.

How this has affected all of us?

In this webinar we intend to look at how this has affected all of us:
• Individuals /Families – are now having lower earnings, many have exhausted savings, facing the financial and mental strain caused by hospitalization of some family members.

• MSME – All are affected by lock down 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.

• Senior Citizens -They are the worst affected with fear of them falling ill and may have to bear high and very high hospitalization bills. Depleting savings corpus and low health insurance coverage of Rs 2 lakhs is in front of them. Non availability of insurance, when they are 68 years or the higher

In this webinar we are discussing:

• Time to wake up and assess the risks being faced by any business?
• Issues being faced by Individuals /Corporates in deciding how risk mitigation can be done by buying insurance?
• How to decide about Property /Health Insurance/Life Insurance /Keyman insurance?
• 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 and 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):

• Everyone is facing reduced earnings
• Covid treatment in hospitals/ home needs lot of funds requirement
• Non insured 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
• High deductions in reimbursement claims being settled
• High outright rejection rate for Corona Kawach Claims
• Non issues of policies to Covid Recovered individuals
• Non issue of Group Term Insurance Policies (ever quotes not being given) for last few months

Questions before MSME’s are:

• Who can guide them is Risk Assessment?
• How to do risk sharing by buying insurance Policies comprising of
• Property Insurance
• Stock Insurance
• Health Insurance
• Group Term Insurance Policies – where to buy?
• Key Man insurance
• Trade Credit Insurance
• Policies taking care of statutory liabilities like Gratuity Act
• Maintaining the morale of the employees in this difficult /challenging time.

Who should attend?

All those who are connected with:

• MSME’s / Chambers of Commerce /NGO
• Individuals policy holders /who are desirous of planning for payment of health care costs in case the need arises.
• Senior Citizens, an important segment of the Society
• Insurance Companies
• Industry Associations / RWA’s
• Insurers
• TPA’s
• Hospitals
• Consultants
• Media /Press
• Small business owners /traders
• NGO’s

Delegate Fee:

No fee but pre-registration is requested.