US-based business and IT transformation company, Altimetrik, has rolled out a Corona Kavach insurance policy for its employees in India. Around 2000 employees in the country are set to benefit from the policy, which will be effective from August 1 2020, to mid-March of next year.
The Company has earmarked an amount of $ 1 million or approx. Rs 7 crore and 44 lakhs for the entire financial year up to March 2021. Each employee will be able to avail a coverage of Rs 3 lakh for themselves and their spouses or dependents for both pre- and post-COVID hospitalisation / treatment for 15 days to a month.
In addition, to facilitate an easier work-from-home environment for its employees, the Company has allocated a one-time provision of Rs 10,000 for every employee to take care of their furniture requirements. Furthermore, each staff member will be able to reimburse his/her internet connection fee up to Rs 1000 every month. The corona insurance cover and home office setup expenses have cost the Company around Rs. 3 crore and 72 lakh.
As a part of its Corona Kavach insurance policy, the Company added a host of other benefits for its workers, which include ayurveda, yoga, naturopathy, Unani, homeopathy and ayush facilities that can be availed at government recognised hospitals. All employees will be able to benefit from a home treatment facility by qualified practitioners for up to 14 days. In addition, each employees will receive reimbursement for health and safety expenses, such as expenditure on PPE kits, gloves, pulse oximeters, nebulisers and also ambulance expenses of up to Rs. 2000 for each.
In addition to all of the above, the existing employees’ paid group mediclaim worth 0.5 million will be sponsored by the Company from October 2020. The additional coverage will be extended to an employee’s spouse and two dependents — children up to 25 years and parents or in-laws above 65 years of age.
Raj Sundaresan, CEO, Altimetrik Corporation, says, “As we help enterprises adapt to the new normal, we have to shift gears with our internal policies to support our people in driving the digital imperative. In that, the novel Corona Kavach policy, company-paid group mediclaim cover and remote-working support are measures designed to empower our people in the COVID-19 work context.”
Krishna Muniramaiah, head-HR, APAC region, Altimetrik, commenting on the new policy says, “In continuation with our efforts to be the talent destination of choice in a COVID-19 world, we have set aside nearly Rs 7 crore 44 lakh as company contribution towards workforce welfare in India for FY 20-21. Being a crucial talent market for us, we will be announcing more staff-welfare measures in the coming months.”