Most of us spend half of our lives at our workplaces. And wouldn’t it be better if our workplaces are not just spaces that enhance professional growth, are fulfilling and enjoyable but also an environment that creates meaning and value for our families?
We at Razorpay, have always desired to create an ecosystem where every Razor truly belongs and now we’ve made a few efforts to include their families too.
As a company, we have been disrupting how age-old finance works and have been relentlessly working towards building a robust financial services ecosystem for small businesses, and we know that none of this would be possible without our teams being empowered by their families at every step of the way. This policy is our way to reiterate our commitment to our teams’ wellbeing and extend our contributions to the lives of our Razor families.
In an effort to build an inclusive, empathetic, diverse and a safe workplace not just for our Razors but their families too, we are now announcing a Family Assurance Benefits Policy that will cover all Razors and their families. We hope this small step will be of great help and assistance to our Razors’ family members in the unfortunate event of a team member’s demise.
Losing a family member is never easy. While families grieve the loss of a loved one, the stress of how they would manage their lives (financially) further on also dawns upon the family members. We desire to help them in every way possible and this initiative is a move towards creating a work culture that cares and values team members and their families alike.
For us, every Razor’s family is our family.
All full-time team members of Razorpay will be eligible to be covered under this term insurance policy.
How does this policy help?
In the unfortunate event of a team member’s passing away, the nominee will receive:
- 3X of the Last drawn annual CTC (Cost to company)
- Accelerated vesting of all unvested ESOP units (Applicable only if ESOP was allocated)
- Prorated 100% Variable pay for the current Performance cycle
- Prorated Gratuity for the tenure at Razorpay
- Continuation of medical insurance coverage for the rest of the policy term in the financial year for the nominees as per the Group Medical Cover policy.
ESOPs have been a source of significant wealth creation for team members in the startup ecosystem and Razorpay strongly believes that its team members are quintessential to the overall development of the business and ESOP are one of the many tangible ways in which Razorpay extends its gratitude to its team members. Paying tribute to the team member’s contributions further, Razorpay’s ESOP policy now makes the nominee of the deceased Razorpay team member eligible for accelerated vesting of all unvested ESOP units.
How do you claim these benefits?
Here are a few processes that the nominee will have to follow to claim the benefits from the term insurance policy:
- The nominee will be required to submit the following documents within 60 days of the demise to proceed further:
a) Death certificate / equivalent Medical document
b) Government ID proof of nominee
c) Canceled cheque of nominee
d) Certificate of Life for the nominee
- The HR Operations team will do the necessary validation and subsequently provide input to the Finance team who will further release the payment upon receipt of information.
*Above steps refer to only cash payouts. Accelerated vesting will happen according to ESOP vesting guidelines.
This initiative is extremely close to our hearts and our philosophy of building a culture in which every team member feels valued, empowered and cared for. At the same time, the scenarios in which such policies come into effect are times of great stress and uncertainty for the family and through this initiative we wanted to convey that we are here to help in every way possible.
In the past few years, we took several industry-first initiatives such as “No-Meeting Days” and “Wellness Leaves” which substantially contributed towards our belief in a people-centric workplace. In addition, we recently, rolled out a revamped Employee Health Insurance Policy to include team members who are LGBTQIA+ community, and those that have live-in partners, etc. These progressive policies have also been a key reason how we’ve been able to create a culture at Razorpay that has values employee-centricity, empathy and kindness in the workspace.
We hope these initiatives will be a safety net for all our team members as they continue building the future of their dreams with one less thing to worry about.
The only way we grow is together!