Covid Impact: Bajaj Finserv offers assistance to families of deceased employees

By: |
May 18, 2021 2:15 AM

The initiative is being rolled out across Bajaj Finserv and its companies, including Bajaj Finance, Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance, Bajaj Housing Finance, Bajaj Finserv Health, Bajaj Financial Securities, Bajaj Finserv Markets and Bajaj Holdings & Investment, with effect from April 1, 2020. It has been structured to cover employees across all levels.

Bajaj Auto had announced a similar programme last week to support families of employees who passed away due to the pandemic.Bajaj Auto had announced a similar programme last week to support families of employees who passed away due to the pandemic.

Bajaj Finserv, the holding company of all financial services businesses of the Bajaj Group, on Monday announced a comprehensive assistance programme for the families of employees who lost their lives fighting Covid-19.

The initiative is being rolled out across Bajaj Finserv and its companies, including Bajaj Finance, Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance, Bajaj Housing Finance, Bajaj Finserv Health, Bajaj Financial Securities, Bajaj Finserv Markets and Bajaj Holdings & Investment, with effect from April 1, 2020. It has been structured to cover employees across all levels.

Financial assistance to families of deceased employees would range from approximately 1.5 times to 3 times their annual salary. Senior employees would get a fixed amount of Rs 1 crore. The company will also offer education assistance of up to Rs 2 lakh per annum, per child, for up to two children until their graduation. Further, the company would offer employment to spouses under the ‘spouse as a consultant’ programme. The family of the deceased employee infected with Covid-19 would also get an extension of medical insurance for 60 months.

Bajaj Finserv launched the ‘Together as One’ programme to stand by the families of employees who died with Covid-19 . “It is unfortunate that we lost some of our own people to this pandemic. We resolve to stand by their families in these trying times, even in their absence,” Sanjiv Bajaj, chairman and managing director, Bajaj Finserv, said.

The Bajaj Group has committed Rs 300 crore toward Covid-19 with Rs 100 crore spent during the first wave and Rs 200 crore during the second wave. Bajaj Auto had announced a similar programme last week to support families of employees who passed away due to the pandemic.

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