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In A First, Razorpay Extends Health Insurance Policy To Include LGBTQIA+, Live-In Partners
Writer: Tashafi Nazir
For most people, journalism sounds hectic and chaotic. For her, it's a passion she has been chasing for years. With an extensive media background, Tashafi believes in putting efforts on presenting a simple incident in the most interesting way.
India, 2 Jun 2022 2:16 PM GMT
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A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Tashafi Nazir
For most people, journalism sounds hectic and chaotic. For her, it's a passion she has been chasing for years. With an extensive media background, Tashafi believes in putting efforts on presenting a simple incident in the most interesting way.
Anuradha Bharat, Vice President, People Operations, Razorpay said that the company is revolutionising 'caregiving' by extending coverage beyond the traditional definitions of a family.
Celebrating Pride Month starting June 1, Razorpay, India's leading payments and banking platform for businesses, has revamped its employee health insurance policy to cover all team members, including its LGBTQIA+ mates, live-in partners, and their families.
In addition, the firm provides other benefits such as gender reassignment surgery and infertility treatment among others.
The company said that the recently introduced new insurance policy will apply to all current team members of Razorpay.
Highly Inclusive Insurance Policy
"This industry-first move makes Razorpay country's first Fintech unicorn to introduce a thoughtfully diverse and highly inclusive insurance policy for its teammates," the firm said in a statement.
Anuradha Bharat, Vice President, People Operations, Razorpay said that the company is revolutionising 'caregiving' by extending coverage beyond the traditional definitions of a family.
In addition, she said that the COVID-19 pandemic has reaffirmed their faith that every individual is equal.
"We are proud custodians of a workplace free of discrimination or bias, full of equal opportunities, and a safe place to work for individuals irrespective of their identities," she said.
Modifications To Current Insurance Cover
Gender reassignment surgery without a cost limitation and only subject to co-pay.
Infertility treatment and any post-delivery issue that arises. Razorpay has also increased the maternity benefit cover from ₹50,000 to ₹75,000.
Ayurvedic treatment in specific scenarios.
Bereavement and widow-widower benefit: Introduced during the early days of the COVID-19 pandemic, the existing policy involved a 10 per cent co-pay for employees. Razorpay has decided to waive off the 10 per cent in the event of demise during hospitalisation under the bereavement benefit.
Over the last two years, Razorpay has taken several industry-first initiatives such as "No-Meeting Days" and "Wellness Leaves" towards building a people-centric workplace. The company firmly believes that a diverse, inclusive, and empathetic workplace is the key to building an employee-centric organisation.
Razorpay believes that inclusivity and employee centricity improve employee efficiency and performance and make people feel secure, empowered and respected.
"The new insurance policy covers are one of many steps that the firm has and will be taking to stand truly people-centric," it said.
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