This Pride Month is a special one for the Razorpay family. While we have been undertaking many measures over the past few years to extend our support to the LGBTQIA+ community, this month has been extra special because we have:
- Redefined the ‘Family Health Insurance Plan’ to also include Live-in partners, Same-gender partners, and those who identify as LGBTQIA+
- Rebuilt medical procedure-related benefits to include infertility treatments, gender reassignment surgeries among others
Celebrating the Pride Month starting today, 1st June 2022, Razorpay, India’s Leading Payments and Banking Platform for Businesses, is officially 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.
With our commitment to building an employee-centric work culture encouraging diversity & inclusivity, our 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. This initiative has its origins in believing that caregiving is not always limited to immediate family members as done traditionally but it also transcends through our loved ones, irrespective of one’s identity. With this, we stay committed to the well-being of our team members and their families by providing a health insurance cover that all team members will love.
This industry-first move makes Razorpay the first Fintech unicorn in India to introduce a thoughtfully diverse and highly inclusive insurance policy for its team members. The new insurance policy, introduced recently, will be applicable to all current team members of Razorpay.
Anuradha Bharat, Vice President, People Operations, Razorpay said, “For Razorpay, our people are our lifeline and we value them and their health. They’ve always been at the core of everything we do. 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. With this initiative, we’re revolutionizing ‘caregiving’ by extending our cover beyond the traditional definitions of a family.”
Furthermore, the pandemic has reaffirmed our faith 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. We believe in ensuring a healthy environment for all of our team members. A progressive work culture that accepts and celebrates individual diversity will always bring out the best in team members, allowing them to perform better.
Some modifications to the current 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 team members 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 team members. 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.
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. We strongly believe that a diverse, inclusive, and empathetic workplace is the key to building an employee-centric organization.
Not only does inclusivity and employee centricity improve employee efficiency and performance, but it 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. In conclusion, with this initiative, we hope to be the change that we want to see.
Onwards and upwards, and of course, Happy Pride Month to everyone celebrating!