Razorpay, a payments and banking platform for businesses, said it has revamped its employee health insurance policy to cover all team members including its LGBTQIA + teammates, live-in partners, and their families.
“Razorpay’s revised health insurance policy will now include live-in partners, same-gender partners, and those who identify as LGBTQIA +, in addition to providing other benefits such as gender reassignment surgery, infertility treatment among others,” the firm said.
The new insurance policy, introduced recently, will be applicable to all current team members of Razorpay, it added.
Anuradha Bharat, Vice President, People Operations, Razorpay said, “With this initiative, we’re revolutionizing ‘caregiving’ by extending our cover beyond the traditional definitions of a family. Furthermore, the pandemic has reaffirmed our belief that everyone is equal. We, at Razorpay are proud custodians of a workplace that is free of bias or discrimination, full of equal opportunities, and a safe place to work for people irrespective of their identities. “
Changes to the insurance cover include –
-Gender reassignment surgery without a cost limitation, and only subject to co-pay, said the firm.
-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 pandemic, the existing policy involved a 10% co-pay for employees. Razorpay has decided to waive off the 10% in the unfortunate event of demise during hospitalization under the bereavement benefit.
In 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. Razorpay strongly believes that a diverse, inclusive, and empathetic workplace is the key to building an employee-centric organization. Not only does it improve employee efficiency and performance but also goes a long way in making people feel safe, empowered and respected. The new insurance policy covers are one of many steps that Razorpay has and will be taking to stand truly people-centric.
Source: Healthy Duck.