Razorpay rolls out more customisable employee health insurance policy
Razorpay has introduced a new employee health insurance policy, under which coverage will be provided to employees’ siblings as well as for vital treatments like those for HIV/AIDS.
The policy also extends support to conditions such as polycystic ovary syndrome, addressing a broad spectrum of healthcare needs. It will allow employees of the omnichannel payments and banking platform for businesses to customise their health insurance plans according to their individual needs, including defining their own families and encompassing live-in or LGBTQIA+ partners as spouses.
Currently, fewer than 1% of organisations in India offer provisions to include siblings in healthcare plans, according to Prudent Insurance Brokers.
The revamped policy also eliminates co-pays for employees, their spouses and children covered under the policy.
There has been a twofold uptick in adoption of flexible insurance programmes that can be personalised by employees, and a 110% surge in companies offering comprehensive healthcare (preventive and primary), found a recent survey conducted by Plum.
Further, cognisant of the rising expenses women have to incur during before and post-pregnancy, the redesigned policy adds enhanced maternity benefits, including an increased C-section limit of Rs 1 lakh, up from the earlier limit of Rs 75,000. Besides, to prioritise employee health and wellness, the policy now includes regular health check-ups for all employees as a new benefit.
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