Many small businesses like sari-sari stores are constantly at risk of encountering financial challenges. In fact, at the height of the pandemic in 2020, at least 81% of informal retailers like sari-sari stores suffered job losses.
With a relatively small capital—which they use to sustain daily operations—these micro enterprises are badly affected when the owner gets sick or hospitalized, especially when this is their main source of income.
To help sari-sari store owners and their families during health emergencies, insurance provider AXA Philippines recently partnered with GrowSari to provide protection during emergency situations by offering free insurance coverage to member sari-sari store owners. The coverage includes a death benefit as well as a Daily Hospital Income (DHI) benefit in case of hospitalization.
GrowSari is a tech-enabled B2B platform that supports MSMEs in the Philippines, including sari-sari stores, carinderias, pharmacies, and other roadside and market shops.
The free insurance coverage is part of GrowSari’s Loyalty Program that is available to its Gold members who opt to be part of the program. It offers the following:
“Our partnership with GrowSari is in line with our advocacy of providing better protection and financial literacy among micro, small, and medium enterprise owners. Through this partnership, we hope we can better the lives of Filipino entrepreneurs amid this pandemic and beyond,” said Alok Rungta, AXA Philippines Chief of Retail Proposition.
- life insurance worth P35,000
- DHI benefit amounting to P1,500 for 3 days of confinement