Flipkart revamps insurance policies to support its staff

E-commerce major, Flipkart has revamped its existing policies and introduced new wellness and care initiatives for its full-time employees in India, as the pandemic continues to pose challenges.

The company has introduced an unlimited medical insurance cover for all its full-time employees, including its supply chain staff, in the country. This insurance is expected to cover all medical expenses and cost of hospitalization, without any upper limit and without employees paying premium for it.

“The unlimited medical cover for all full-time employees, including supply chain staff, covers any and all unfortunate circumstances that require medical treatment. This is irrespective of the cost of treatment. For example, if someone needs cancer treatment that may cost 1 crore, it will be covered,” explained a Flipkart spokesperson.

In addition to this, the company has also enhanced its medical cover policy for employees. Flipkart has introduced mental wellness cover for all treatments, advance procedures, non-medical expenses, and critical illness cover with lump sum payment.

“The safety and well-being of our employees remain paramount and it is our constant endeavour to update our policies. Since the outbreak of the pandemic, we have gained valuable insights from the voices of our employees and a deep understanding of their priorities. We are keen to use these learnings to design and create policies that put employees at the centre stage. We remain strongly committed to our extended Flipkart family and their well-being as they navigate various circumstances during this time,” said Krishna Raghavan, chief people officer, Flipkart.

For families of deceased employees, the company will provide life insurance benefit worth five times an employee’s last drawn yearly compensation. It will also provide education support of 1.2 lakh per annum per child for up to 2 children of the deceased employee.

The benefits to families of deceased employees will be implemented with effect from the last financial year 1 April 2020, the company said.

To further support families of deceased employees, Flipkart said that it will also sponsor and extend the current medical insurance cover for the family for a period of 60 months. The company has also enabled for an accelerated employee stock ownership plan (ESOP) vesting for these employees.

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Original Source – LiveMint

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