Razorpay extends health insurance policy to employees' siblings, adopted children, and a third child

The updated policy also covers critical treatments for HIV/AIDS and PCOS, aiming to enhance the overall support for its employees' health & wellbeing.

⁠Razorpay, an Indian omnichannel payments and banking platform for businesses, unveiled a new employee health insurance policy on 14 May 2024 (Tuesday) as part of its commitment to creating an inclusive and healthy workplace.

The updated policy offers comprehensive coverage for all full-time team members, including employees of acquired entities, and their families.

This policy allows employees to customise their health insurance plans according to their needs, including defining their families to include live-in or LGBTQIA+ partners, and now, siblings. 

Additionally, the updated policy sets a new standard by covering critical treatments for HIV/AIDS and PCOS, and it eliminates co-payments for employees, their spouses, and children covered under the policy.

In brief, the new health insurance policy covers a range of benefits, including the following: 

1. ⁠Extended family coverage: Razorpay’s health insurance now includes siblings, adopted children, and a third child, allowing employees to define their own family structure.
2. Critical condition coverage: The policy covers essential treatments for HIV/AIDS and PCOS (Polycystic ovary syndrome), ensuring comprehensive healthcare.
3. Exclusive fitness perks: Employees get discounted memberships at Cult with Elite Cult membership.
4. Enhanced maternity benefits: The policy increases the C-section limit to INR1lakh.
5. No co-payment: Employees as well as their spouses and children are exempt from co-payment.
6. Daily health support: The policy covers doctor's consultations, diagnostic tests, and offers up to 50% discount on OPD expenses.
7. Regular health checkups: The policy includes regular health checkups for all employees.

Chitbhanu Nagri, Senior Vice President of People Operations, Razorpay said: "Our people are at the heart of Razorpay, and we believe in fostering an environment where every team member feels valued and supported. Today's employees are seeking benefits beyond offerings like traditional health insurance and retirement plans."

Chitbanu continued to share that with a majority of Razorpay's employees being bachelors, the conventional health insurance policy was not seen as having significant value.

"While our existing health insurance policy already included live-in partners and LGBTQIA+ partners, we're now taking it a step further by extending coverage to siblings, redefining how employee health insurance policies typically work.

"With this new addition, we intend to continuously keep expanding the scope of benefits for our Razors, enabling them to enjoy an elevated employee experience that truly aligns with their personal circumstances."

Razorpay said it has also implemented several initiatives in recent years with an aim to reinforce its dedication to fostering a diverse, secure, and inclusive workplace:

• ⁠The ‘Resume with Razorpay’ policy, a returnship programme for female professionals on a break who are looking to return to the workforce.
• ⁠‘Bring your children & pets to work‘, 
• 'Focus hours', 
• ‘Open hours of counseling’,
• ‘Family assurance benefits policy’, 
• ‘Health insurance policy for LGBTQIA+, and
• Live-in partners’

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Lead image / 123RF