In a pioneering move for employee well-being, Razorpay, India’s leading payment solutions company, has unveiled a significantly revamped health insurance policy packed with industry-first benefits. This innovative plan extends coverage beyond the traditional scope, encompassing siblings, adopted children, and critical illnesses like HIV/AIDS and PCOS.
Razorpay acknowledges the changing landscape of family structures. Their new policy empowers employees to define their family for insurance purposes, including siblings alongside existing coverage for spouses, live-in partners, LGBTQIA+ partners, and parents. This sibling coverage is a rare perk, offered by less than 1 per cent of Indian companies according to Prudent’s data. Razorpay’s move reflects a commitment to fostering a truly inclusive work environment that caters to the diverse needs of its workforce.
“Our people are at the heart of Razorpay. We believe in fostering an environment where every team member feels valued and supported.”
Chitbhanu Nagri, Senior Vice President, People Operations, Razorpay
The revamped policy goes beyond traditional coverage. It now includes critical treatments like HIV/AIDS and PCOS, demonstrating Razorpay’s commitment to comprehensive healthcare support for its employees. Additionally, co-pays are eliminated for employees, spouses, and children covered under the plan, further reducing financial burdens during medical emergencies.
Razorpay recognises the changing needs and expectations of today’s workforce. Their report highlights a 110 per cent increase in Indian companies offering comprehensive healthcare plans in FY’24. Razorpay’s industry-leading policy reflects this shift by addressing a wider range of employee needs, moving beyond the standard health insurance offerings.
Key highlights of the revamped policy
- Extended Family Coverage: A first-of-its-kind benefit in India, the plan now includes siblings, adopted children, and a 3rd child.
- Critical Illness Coverage: Treatments for HIV/AIDS, PCOS, and more are now covered under the policy.
- Enhanced Financial Security: Razorpay eliminates co-pays for employees, spouses, and children, reducing out-of-pocket medical expenses.
- Improved Maternity Benefits: Increased coverage limits for C-sections offer additional financial support during childbirth.
- Discounted OPD Expenses: All employees can benefit from up to 50 per cent off on outpatient department expenses.
- Regular Health Checkups: Preventive healthcare is emphasized with the inclusion of regular health checkups as a new benefit.
- Wellness Perks: Employees can access discounted gym memberships at Cult, further promoting overall well-being.
“Our people are at the heart of Razorpay,” stated Chitbhanu Nagri, senior vice president, people operations, Razorpay. “We believe in fostering an environment where every team member feels valued and supported.” This new policy reflects that philosophy, offering a comprehensive and inclusive health insurance plan that goes beyond the industry standard.
Razorpay has a history of prioritising its employees. Recent initiatives include the “Resume with Razorpay” program for women re-entering the workforce and “Bring Your Children & Pets to Work” days. These efforts contribute to a strong company culture that emphasises diversity, security, and inclusion, making Razorpay an attractive employer in today’s competitive job market.
