In a first, Razorpay is expanding its health insurance policy to include LGBTQIA+ partners and residents

Celebrating Pride Month from June 1, Razorpay, India’s leading corporate payments and banking platform, has revamped its employee health insurance policy to cover all members of the team, including their LGBTQIA+ friends, resident partners and their families.

Additionally, the company offers other benefits such as sex reassignment surgery and infertility treatment, among others.

The company said the newly introduced insurance policy will apply to all current members of the Razorpay team.

Very inclusive insurance policy

This industry-first move makes Razorpay the first fintech unicorn in the country to introduce a carefully diversified and highly inclusive insurance policy for its teammates.“, said the firm in a statement.

Anuradha Bharat, Vice President, People Operations, Razorpay said the company is revolutionizing “caregiving” by extending coverage beyond traditional definitions of a family.

Additionally, she said the COVID-19 pandemic has reaffirmed their belief that every individual is equal.

We are proud to be guardians of a workplace free from discrimination or prejudice, providing equal opportunity and a safe workplace for individuals, regardless of their identity.,” she says.

Changes to current insurance coverage

Sex reassignment surgery without cost limitation and subject only to a co-payment.

Treatment of infertility and any postpartum issues that arise. Razorpay has also increased maternity benefit coverage from ₹50,000 to ₹75,000.

Ayurvedic treatment in specific scenarios.

Bereavement and Widowhood Allowance: Introduced at the start of the COVID-19 pandemic, the existing policy involved a 10% copayment for employees. Razorpay has decided to waive the 10% in the event of death while hospitalized as bereavement benefit.

Over the past two years, Razorpay has taken several industry-first initiatives, such as “meeting-free days” and “wellness days off” to create a people-centric workplace. The company strongly believes that a diverse, inclusive and empathetic workplace is key to building an employee-centric organization.

Razorpay believes that employee inclusiveness and centrality improves employee efficiency and performance and makes people feel safe, empowered and respected.

The new insurance policy covers are one of many steps the company has taken and will take to be truly people-centric,” It said.

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