On Pride Month starting today, 1st June 2022, Razorpay, a payments and banking platform for businesses, announced revamping its Employee Health Insurance Policy to include some noteworthy benefits 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, and infertility treatment among others. The new insurance policy, introduced recently, will be applicable to all current team members of Razorpay.
Changes to the insurance cover include –
- Gender reassignment surgery: Razorpay takes pride in being a gender-inclusive workplace and as an extension of that notion, Razorpay’s employee insurance policy will cover gender reassignment surgery without a cost limitation, and only subject to co-pay.
- Infertility treatment: As part of maternity benefit cover, Razorpay includes coverage for infertility treatment and any post-delivery issue that arises. This is done keeping in mind that women often manage pre and post maternity complications which otherwise are excluded from maternity policies. Razorpay has also increased the maternity benefit cover from INR 50,000 to INR 75,000.
- Ayurvedic Treatment: Keeping in mind that many employees may prefer alternative medicine, the new insurance policy will cover 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. Similarly, for the widow and widower benefit, the policy remains active for the remaining policy period for dependents with the 10% co-pay waived off completely, in case of an employee’s unfortunate demise.
Anuradha Bharat, Vice President, People Operations, Razorpay said, “The thought behind launching this revamped Health Insurance policy was led by the desire to find ways of building a workplace that practices diversity and inclusivity. We want to continue taking care of the health of all our team members including LGBTQIA+ teammates, Live-In partners, and their families as they play a crucial role in our everyday lives.”