Bombay: As the second wave of the pandemic engulfs the entire nation, Larsen & Toubro has paid close attention to the safety and care of its employees and their families affected by the coronavirus.
The company has gone to great lengths to offer its employees exclusive additional insurance coverage for COVID-19. This optional insurance coverage is communicable disease coverage for Covid-19 with an insured sum of Rs 35 lakh per employee for an insurance period of 12 months.
The policy provides for a lump sum payment of 100 percent of the sum insured (i.e. Rs 35 Lakh) in the event of an employee’s death resulting from COVID-19. Any death from COVID, whether in hospital or in home quarantine / institutional quarantine or hotel is payable under the medical policy.
This is in addition to the group life insurance policy which has coverage of Rs 50-60 lakh applicable to employees.
SN Subrahmanyan, CEO and Managing Director, Larsen & Toubro, “This is one of the most difficult phases of the pandemic we are witnessing. The second wave has hit us hard and hit us quickly. It is in moments like these we have to stand by our family. 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. “
âWe have collectively made this decision to bring some relief to our employees, which will significantly reduce the burden and stress on those affected, at least financially. There is no replacement for a loss of life, but with these insurance coverages, we aim to at least provide much-needed support and assistance to the families of our employees when needed. “
To mitigate the financial impact and assist employees with additional insurance coverage, the Company has also negotiated an optional additional medical hospitalization coverage plan for life-threatening illnesses (LTD) which includes related hospitalization. at Covid. All employees and their families are covered by the optional supplementary medical hospital plan for a period of 365 days or until the employee’s separation date, whichever occurs first. The recharge amount varies from Rs 2 lakh to Rs 12 lakh. This regular medical insurance coverage can also be used by employees for COVID-19 hospitalization.
The company has also offered medical assistance of up to Rs 6.25 lakh per year for employees affected by Covid. This benefit also applies to spouses and children of deceased employees.
In addition, support for the education of children of deceased employees in service is provided to children aged 3 to 25 years.
The company also offers support for vocational training and education to help rehabilitate spouses of deceased employees or totally disabled employees in order to make them fit for work.
About 75 percent of course fees with a limit of Rs 1 Lakh per fiscal year will be reimbursed for the duration of the course not exceeding three years, according to a company statement.