- Redefines the ‘Family Health Insurance Plan’ to also include Live-in partners, Same-gender partners, and those who identify as LGBTQIA+
- Rebuilds medical procedure-related benefits to include infertility treatments, gender reassignment surgeries among others
BANGALORE, 1st June 2022: Celebrating the Pride Month starting today, 1st June 2022, Razorpay, India’s Leading 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.
With a commitment to building an employee-centric work culture encouraging diversity & inclusivity, 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, 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. The company stays committed to the well-being of its 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 employees, allowing them to perform better”, she added.
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.
In 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. Razorpay strongly believes that a diverse, inclusive, and empathetic workplace is the key to building an employee-centric organization. Not only does it improve employee efficiency and performance but 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.
Razorpay, a full-stack financial services company helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 8Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 Mn through Series A, B, C, D, E & F funding. A few angel investors have also invested in Razorpay’s mission to simplify payments and banking and redefine how finance works in India.
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