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In its commitment towards building a truly inclusive and healthy workplace, Razorpay, an omnichannel payments and banking platform for Businesses has today unveiled its new Employee Health Insurance Policy which includes some thought-through benefits to cover all full-time team members, including all acquired entities, and their families.
With the reimagined policy, Razorpay empowers its employees to customise their health insurance plans according to their individual needs. This includes defining their own families, encompassing Live-in or LGBTQIA+ partners as spouses, and now extending coverage to Siblings.
This Sibling Insurance inclusion is a rare provision that less than 1 per cent of organisations in India currently offer, as per data from Prudent’s database. Also, the updated policy not only sets a new standard by incorporating coverage for HIV/AIDS and PCOS but also eliminates Co-Pays for employees, their spouses, and children covered in the policy.
In recent years, the landscape of employee benefits has experienced a significant shift. Once considered optional, occasional, and selective, it has now become the most indispensable component of a company’s culture. Highlighting this, a recent report, 'The State of Employee Benefits 2024', recorded a remarkable surge in India, in FY’24, with a 110 per cent increase in companies offering comprehensive healthcare plans. Pioneering this positive change within the industry, Razorpay’s insurance policy will encompass a wider spectrum of employee needs, reflecting the evolving priorities and expectations prevalent in today's dynamic workforce.
The new Health Insurance Policy covers an array of benefits, including:
● Extended Coverage for a Sibling, Adopted, or 3rd Child: Enabling employees to craft their own ‘family’ definition, Razorpay has expanded its health insurance offerings to siblings, adopted, or 3rd child. This expansion allows employees to select the plan that best aligns with their family structure and individual circumstances.
● Diagnosis for Critical Conditions: The revamped health insurance policy now encompasses vital treatments like those for HIV/AIDS, ensuring comprehensive healthcare coverage. Additionally, the policy extends support to conditions such as PCOS, addressing a broader spectrum of healthcare needs.
● Exclusive Perks: Championing the overall fitness of Razors in the truest sense, this revamped policy will enable the employees to get exclusive access to discounted membership at Cult on Elite Cult membership.
● Prioritising the well-being of Expecting Mothers: Cognisant of the rising expenses women have to account for during pre and post-pregnancy, the policy has been redesigned to add enhanced maternity benefits, including an increased C-section limit of INR 1 lakh from the earlier limit of INR 75,000.
● Exempting all employees from Co-Pay: Further boosting financial security and promoting peace of mind among Razors, this policy will exempt all employees from co-pays for themselves, their spouses, and their children covered under the policy.
● Enhanced Health Benefits: To support Razors in odds of life, the revamped policy is chalked out to provide coverage against day-to-day medical expenses for doctor's consultations, and diagnostic tests. The policy also provides up to 50 per cent discount on OPD expenses for all employees.
● Self-Health Checkups: To prioritise employee health and wellness, the new health insurance policy now includes regular health check-ups for all Razors as a new benefit.
Chitbhanu Nagri, Senior Vice President of People Operations at Razorpay, stated, “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. With a majority of our employees being bachelors, the conventional way of covering health insurance policy didn’t have a significant value-add for them. 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. At Razorpay, we aim to create an environment where everyone feels they belong because when our people are supported, they can achieve their best.”
Facilitating equal opportunities after career breaks for women, Razorpay recently introduced the ‘Resume with Razorpay’ policy, a returnship programme for female professionals on a break who are looking to return to the workforce. Other employee-focused initiatives such as ‘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’, among others have consistently strengthened the foundation for an equitable work environment.
