The policy provides for a lump sum payment of 100% of the sum insured – Rs 35 lakhs – in the event of the death of an employee resulting from COVID-19, whether in hospital or in home quarantine or in institutional or hotel quarantine .
This is in addition to the group life insurance policy which has coverage of Rs 50 to 60 lakh applicable to employees, the statement said.
“Every employee is part of the L&T family and we will spare no effort to help our employees and their families affected by the pandemic. We have collectively made this decision to bring some relief to our employees, which will significantly reduce the burden and stress. people affected, at least financially, ”said CEO and Managing Director of Larsen & Toubro SN Subrahmanyan.
To mitigate the financial impact and help employees with additional insurance coverage, the company has also negotiated an additional medical hospitalization coverage plan for life-threatening illnesses that includes hospitalization related to COVID-19.
All employees and their families are covered by the optional complementary medical hospital plan for a period of 365 days or until the employee’s separation date, whichever occurs first.
The amount of the recharge varies from Rs 2 to 12 lakh.
This regular medical insurance coverage can also be used by employees for COVID-19 hospitalization.