Apparel sector leads in mass-scale insurance for employees and their families

Thursday, 26 March 2020 00:03 - - {{hitsCtrl.values.hits}}

At a time when calamity strikes us, when every one of us in the whole wide world are caught off-guard, how many of us citizens would have some kind of financial support to meet such an unexpected crisis situation? Something drastic like this has to strike us to realise its true value.

In most developed world countries (where the citizen has to pay hefty premiums) they have some solace as their financial needs for post/pre-medical care will be met by insurance companies, thus placing less of a burden on the state.

COVID-19 is our latest enemy and medical insurance is a small price one has to pay to secure a future to meet emergency requirements. Even a few hundred will give just be enough to meet your needs without having to seek outside contribution.

On the part of the insurance industry itself, they need to do their numbers and offer the citizens from all walks of life an affordable proposition where they will be assured of some kind of medical or life cover to meet any life and death situation.

The Joint Apparel Association Forum (JAAF) recently entered into a landmark agreement with Ceylinco Life and General for a total life, medical and death cover for the employee and their children, parents and parents-in-law. This is a great step aimed at providing a sense of relief and stability to families at times of unforeseen or sudden calamity they could face.

“We have a potential base of 400,000 employees in the apparel sector and we have taken advantage of our collective bargaining strength and have been able to come up with a standard package that could fit everyone in the apparel industry,” a source close to the apparel industry said.

“We want to make insurance a lifestyle product, where every single individual in the apparel sector, their immediate family members and even the extended family members (such as the parents in law) would be covered in some way or another. We have to educate these employees on the benefits they could accrue from a small investments to meet emergency cash requirements,” CH17 Loyalty CEO Jumar Preena said.

It takes a huge load off the employer as well, he added. Already nearly 20,000 employees and staff from more than 10 factories have subscribed for this service within a very short span. More inquiries have been made from top tier apparel manufacturing and exporting companies as they find this scheme very competitive from a cost point of view.

He further pointed out that the industry privilege scheme Ransalu Pranama Privilege program gives benefits to employees on an array of consumer goods and day-to-day essentials and personal items from partner merchants and retailers. The savings from these products would eventually cover the annual premium they pay for insurance. The net gain from this entire exercise is zero investment on life and medical cover, he explained.