Fintech major Razorpay has introduced a new employee health insurance policy, under which coverage will be provided to employees’ siblings, as well as for vital treatment like for HIV/AIDS. The new policy has also raised the company’s insurance costs by 3 to 5 per cent.
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, Razorpay has around 3,000 employees.
“The base amount of the insurance is ₹5 lakh and the company pays about ₹30,000 to 40,000 per person. Our teams have worked very hard to negotiate the insurance cost to keep it limited to a 3 to 5 per cent increase so that it doesn’t become too difficult to adopt,” said Chitbhanu Nagri, Senior Vice-President of People Operations at Razorpay.
The policy also has a top-up programme where the employees can contribute nominal premiums to the base insurance and take further advantage of the coverage.
The insurance policy covers all full-time team members, including all acquired entities, and their families. According to the fintech major, the sibling insurance inclusion is a rare provision that less than 1 per cent of organisations in India currently offer, as per data from Prudent’s database.
The health insurance can encompass coverage for adopted children or a third child. Additionally, it incorporates coverage for HIV/AIDS and PCOS. It also eliminates co-pays for employees, their spouses, and children covered in the policy, except for the employee’s parents, for whom there’s still a 10 per cent co-pay.
The policy offers 60 per cent discount on elite membership as well as coverage for day-to-day medical expenses, including regular health check-ups, doctor’s consultations, diagnostic tests, and OPD expenses. It also provides enhanced maternity benefits, including an increased C-section limit of ₹1 lakh, from the earlier limit of ₹75,000.
Recently, Razorpay’s co-founder and chief executive Harshil Mathur told businessline that the company aims to turn profitable across all its business verticals in the next two years, after which it plans to consider listing on the bourses.
Razorpay has raised $741.5 million till date. It last raised $375 million in December 2021 in a funding round co-led by Lone Pine Capital, Alkeon Capital and TCV, valuing the start-up at $7.5 billion. \
(Inputs from bl intern Vidushi Nautiyal)