Sri Lanka’s leading private sector bank, HNB PLC, together with HNB Assurance, has launched a Group Term Policy for small and medium-sized enterprises (SMEs) to facilitate risk protection coverage for a minimum of 10 employees.
HNBA will offer a uniformed ‘One Single Policy’ for all staff members of the enterprises. The benefits are derived by the employees of SMEs and employers as it provides a wide range of risk coverage. HNB Deputy General Manager Retail & SME Banking Sanjay Wijemanna and HNBA Chief Executive officer Lasitha Wimalaratne were present to at the occasion.
“SMEs are the key driving force of our economy and as a bank that has worked closely with them over the years we are delighted to be supporting them further during these turbulent times. The Group Term Policy we have introduced in partnership with HNBA will support these enterprises which make up the backbone of our economy,” HNB Assistant General Manager Kailaivasan Indravasan said.
Notably, SME employees will have the option of an annually renewable policy and the convenience of customizing their package to their requirements and preferences. The policy will provide cover for the family in the unfortunate event of an employee’s death, total permanent disability, critical illness, and other health-related problems. Employees can also obtain funds to pay their hospital bills on a per-day basis.
Moreover, in an event of death, unique salary protection coverage is also provided for the family by HNBA.
“Given the current economic situation, the cost of health care is increasing on a daily basis. Every employee is equal, and such health assurance measures should also be provided to employees of small enterprises, especially at its inception. Therefore, as a responsible company working with different industries, we intend to provide these services for those who require them,” HNBA Assistant General Manager Lasitha Wimalaratne said.
With the use of internal Risk Management Solutions, HNBA will identify potential SME clients to grant Group Term Policy benefits.
HNB has been closely linked to the growth of Sri Lankan enterprises since its establishment and, by the 1980s, became the first private sector commercial bank to enter the MSME sector with the specific purpose of fostering growth and wealth creation in Sri Lanka’s rural economy.
