Axa Australia has unveiled an upgraded group insurance policy to provide flexibility in response to changing workforce needs.

New terms include more generous parental leave provisions, the removal of a distinction between employees living overseas and travelling overseas for their employer, and the elimination of a $1 million cap on terminal illness benefit payments.

Axa Head of Group Insurance Robert Bergin says the modern workforce is increasingly dynamic.

“It is no longer a homogenous group of permanent employees,” he said. “Instead it comprises a diverse group of people who are exercising more choice over their working lives, so we have tailored our new offer to complement this change.”