As the 2nd wave of the pandemic engulfs the entire nation, Larsen & Toubro has given special emphasis to the safety and care of its employees and their family members affected by the Corona virus. One of the major concerns of people affected by this deadly virus is managing the medical expenses incurred for treatment.
The company has gone all out in offering its employees an additional insurance cover exclusive for COVID-19. This Optional Insurance Cover is a communicable disease cover for Covid-19 with an insured sum of INR 35 Lakhs per employee for a policy period of 12 months. The policy provides a Lump sum payment of 100% sum insured (i.e. INR 35 Lakhs) in the event of death of an employee arising out of COVID-19. Any COVID death, whether in hospital or whilst at home quarantine / institutional or hotel quarantine is payable under the medical policy. This is in addition to the Group Term Life Insurance Policy which has a coverage of 50 to 60 Lakhs applicable to the employees.
Mr. SN Subrahmanyan, CEO & MD, Larsen & Toubro, said, “This is one of the most challenging phases of the pandemic that we are witnessing. The second wave has hit us hard and has hit us fast. It is in times like these that we have to stand by our family. Each and every employee is part of the L&T family and we will leave no stone unturned in helping our employees and their families affected by the pandemic. We have collectively taken this decision to provide some relief to our employees which will hugely reduce the burden and stress of those affected, at least financially. There is no replacement for a loss of life, however with these Insurance Covers we aim to at least provide the much-needed support and help to the families of our employees in case the need arises. We have to stay strong and united to fight this through and move past this phase with strength and vigour.”
To mitigate the financial impact and help employees with additional Insurance coverage, the Company has also negotiated an Optional Top Up Medical Hospitalisation coverage plan for Life Threatening Diseases (LTD) which includes Covid related hospitalisation. All employees and their families are covered through the optional Top Up Medical Hospitalisation Scheme for a period of 365 days or till the date of separation of the employee, whichever is earlier. The Top Up amount ranges from ₹2 Lakhs to ₹12 Lakhs. This regular medical insurance cover can also be utilised by the employees for COVID-19 hospitalisation. The company has also offered medical assistance of upto Rs. 6.25 lakh is offered per year for Covid affected employees. This benefit is also applicable for Spouses and Children of deceased employees.
Support for Children education and spouse
The support for education for children of employees who died while in service is being provided to children between the age group of 3 years to 25 years. Students who are studying in Pre-Primary, Primary, Secondary, Junior & Senior Colleges, and Professional courses are eligible under the scheme.
The company offers support towards vocational training and education to help in rehabilitating spouse of deceased employees or of fully incapacitated employees to make them employable is also being provided. 75% of the Course Fee with a limit of ₹ 1 Lakh per financial year will be reimbursed for the duration of the course not exceeding three years. The course chosen should help the spouse in becoming employable or enable the spouse to be self-employed.