Protect your employees against life's unpleasant surprises with a single policy

The coronavirus or COVID-19 pandemic has had a serious effect on our lives and livelihoods. Now into July, the daily counts of newly confirmed COVID-19 cases and deaths have continued to increase steadily, despite the lockdown measures imposed by the government.

While these lockdown measures have arguably helped slow down the spread of the disease, they have certainly limited economic activity, resulting in increased unemployment across countries.

According to McKinsey estimates,India’s GDP could reduce by 20 percent in the first quarter of the 2020–21 financial year, in comparison to the same quarter last year.

On the other hand, the World Bank projects that India’s full-year GDP will reduce by more than 3 percent, as the unemployment rate in the country increased to 27.1% in April, from 8.4 percent before the lockdown.

Nevertheless, businesses have started to work towards tackling a sustained economic downturn, acknowledging some of the long standing challenges that corporate India had been facing alongside.

Economies worldwide are cautiously reopening. While businesses are keen to re-establish normalcy into their workplaces, they are also looking

tentatively ahead to adapt changes imposed by the COVId-19 pandemic.

According to McKinsey Insights, the recovery to normalcy would be a muted one, with data showing that it could take more than five years for some economic sectors and businesses to get back to their 2019-levels of contributions towards the GDP (see figure below).

The beginning of May’20 saw the government of India cautiously lift certain restrictions under ‘Unlock One’, so that some businesses may reopen. By mid-May, this helped bring down the unemployment rate to 24 percent.

According to a McKinsey Survey of global executives ^[1] , seeking their views on the economic front in early May, almost 50% of the respondents in India agreed that they expect economic conditions in the country to improve moderately or substantially in six months’ time.

According to the survey, the employers agreed to address and act upon the following priorities so as to provide for their employees in a better way and to emerge stronger from the COVID-19 crisis –

• a) Make cost structures and balance sheets more resilient
• b)Reshape business portfolios for to create greater value
• c)Embed digital and analytics to build new businesses and transform legacy ones
• d)Build greater safety, productivity, and flexibility into operations

As an employer, you understand that your employees are your most valuable and critical assets. Post COVID-19 crisis, businesses are keen to create a motivated workforce and work towards maintaining a healthy talent retention rate – both experienced and fresh.

With a group insurance scheme for employees, employers can take the right step towards securing your most prized assets and their families against life's unpleasant surprises.

• a) Protect your entire workforce with a single employee group insurance policy.
• b)Avail of optional Accelerated Critical Illness benefit helps provide financial assistance in times of need.
• c)Enhance financial security through the addition of riders.

In India, many employers offer a base amount of insurance coverage to their employees in the form of the group insurance scheme.

The group policy also provides supplemental coverage for the dependents of the employees.

Group Insurance Policy Axis Max Life Insurance

Compared to individual life insurance, group term life insurance is relatively inexpensive, and therefore, attracts a higher participation rate.