{"id":4451,"date":"2024-05-14T12:16:03","date_gmt":"2024-05-14T12:16:03","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4451"},"modified":"2024-05-14T12:16:11","modified_gmt":"2024-05-14T12:16:11","slug":"taking-employee-experience-to-the-next-level-razorpay-announces-industry-first-health-insurance-coverage-for-employees-siblings-adopted-or-3rd-child-alongside-critical-treatments","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/taking-employee-experience-to-the-next-level-razorpay-announces-industry-first-health-insurance-coverage-for-employees-siblings-adopted-or-3rd-child-alongside-critical-treatments\/","title":{"rendered":"Taking Employee Experience to the Next Level, Razorpay Announces Industry-First Health Insurance Coverage for Employee\u2019s Siblings, Adopted, or 3rd Child, Alongside Critical Treatments"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Razorpay\u2019s new employee insurance coverage will now include siblings in addition to the existing provision for self, spouse, live-in partner, LGBTQ+ partner, and, parents<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The new health insurance policy extends its coverage to include critical treatments such as HIV\/AIDS<\/span><\/i><b style=\"font-size: 19px;\">\u00a0<\/b><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru, 14th May 2024:<\/b><span style=\"font-weight: 400;\"> In its commitment towards building a truly inclusive and healthy workplace, <\/span><a href=\"http:\/\/www.razorpay.com\"><b>Razorpay<\/b><\/a><span style=\"font-weight: 400;\">, India&#8217;s Leading Omnichannel Payments and Banking Platform for Businesses has today unveiled its <\/span><b>new Employee Health Insurance Policy<\/b><span style=\"font-weight: 400;\"> which includes some thought-through <\/span><b>benefits<\/b> <b>to cover all full-time team members, including all acquired entities, and their families<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the reimagined policy, Razorpay empowers its employees to<\/span><b> customise their health insurance plans according to their individual needs. <\/b><span style=\"font-weight: 400;\">This includes<\/span><b> defining their own families, encompassing Live-in or LGBTQIA+ partners as spouses, and now extending coverage to Siblings.\u00a0<\/b><\/p>\n<p><b>This Sibling Insurance inclusion is a rare provision that less than 1% of organizations in India currently offer<\/b><span style=\"font-weight: 400;\">, as per data from Prudent\u2019s database. Also, the <\/span><b>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<\/b><span style=\"font-weight: 400;\"> covered in the policy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In recent years, the landscape of employee benefits has experienced a significant shift. <\/span><b>Once considered optional, occasional, and selective,<\/b><span style=\"font-weight: 400;\"> it has now become the most indispensable component of a company\u2019s culture. Highlighting this, a recent report, &#8216;<\/span><b>The State of Employee Benefits 2024<\/b><span style=\"font-weight: 400;\">&#8216;, recorded a remarkable surge in India, in FY\u201924, with a 110% increase in companies offering comprehensive healthcare plans. Pioneering this positive change within the industry, Razorpay\u2019s insurance policy will encompass a wider spectrum of employee needs, reflecting the evolving priorities and expectations prevalent in today&#8217;s dynamic workforce.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new Health Insurance Policy covers an array of benefits, including:<\/span><\/p>\n<ul>\n<li><b>Extended Coverage for a Sibling, Adopted, or 3rd Child: <\/b><span style=\"font-weight: 400;\">Enabling employees to craft their own \u2018family\u2019 definition, Razorpay has<\/span> <span style=\"font-weight: 400;\">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.\u00a0<\/span><\/li>\n<li><b>Diagnosis for Critical Conditions:<\/b><span style=\"font-weight: 400;\"> 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.\u00a0<\/span><\/li>\n<li><b>Exclusive Perks: <\/b><span style=\"font-weight: 400;\">Championing the overall fitness of<\/span> <span style=\"font-weight: 400;\">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.<\/span><\/li>\n<li><b>Prioritising the well-being of Expecting Mothers:<\/b><span style=\"font-weight: 400;\"> 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.<\/span><\/li>\n<li aria-level=\"1\"><b>Exempting all employees from Co-Pay:<\/b><span style=\"font-weight: 400;\"> 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.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Enhanced Health Benefits:<\/b><span style=\"font-weight: 400;\"> To support Razors in odds of life, the revamped policy is chalked out to provide coverage against day-to-day medical expenses for doctor&#8217;s consultations, and diagnostic tests. The policy also provides up to 50% discount on OPD expenses for all employees.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Self-Health Checkups:<\/b><span style=\"font-weight: 400;\"> To prioritise employee health and wellness, the new health insurance policy now includes regular health check-ups for all Razors as a new benefit.<\/span><\/li>\n<\/ul>\n<p><b>Chitbhanu Nagri, Senior Vice President of People Operations at Razorpay, stated, <\/b><i><span style=\"font-weight: 400;\">&#8220;Our people are at the heart of Razorpay, and we believe in fostering an environment where every team member feels valued and supported. Today&#8217;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\u2019t have a significant value-add for them. While our existing health insurance policy already included live-in partners and LGBTQIA+ partners, we&#8217;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.&#8221;<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">As an employee-first organization, Razorpay has implemented several initiatives in recent years to reinforce its dedication to fostering a diverse, secure, and inclusive workplace. Facilitating equal opportunities after career breaks for women, Razorpay recently introduced the <\/span><b>\u2018Resume with Razorpay\u2019 policy, <\/b><span style=\"font-weight: 400;\">a returnship program for female professionals on a break who are looking to return to the workforce. Other employee-focused initiatives such as <\/span><b>\u2018Bring Your Children &amp; Pets to Work\u2018, Focus Hours&#8217;, \u2018Open Hours of Counseling\u2019, \u2018Family Assurance Benefits Policy\u2019, \u2018Health Insurance Policy for LGBTQIA+, and Live-In Partners\u2019, <\/b><span style=\"font-weight: 400;\">among others have consistently strengthened the foundation for an <\/span><a href=\"https:\/\/razorpay.com\/jobs\/\"><span style=\"font-weight: 400;\">equitable work environment<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Razorpay\u2019s new employee insurance coverage will now include siblings in addition to the existing provision for self, spouse, live-in partner, LGBTQ+ partner, and, parents The new health insurance policy extends its coverage to include critical treatments such as HIV\/AIDS\u00a0 INDIA, Bengaluru, 14th May 2024: In its commitment towards building a truly inclusive and healthy workplace,<\/p>\n","protected":false},"author":14,"featured_media":4452,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[29],"tags":[152,33,150,151,153],"class_list":{"0":"post-4451","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-people","8":"tag-health-insurance-policy","9":"tag-razorpay","10":"tag-razorpay-health-insurance-policy","11":"tag-sibling-coverage","12":"tag-sibling-health-coverage"},"modified_by":"Anu Saraswat","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4451"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4451\/revisions"}],"predecessor-version":[{"id":4453,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4451\/revisions\/4453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4452"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}