Razorpay, a Payments and Banking Platform for Businesses, has launched ‘Family Assurance Benefits Policy’ for all its full-time employees and their families today. Under the policy, Razorpay will provide continued financial support to the employee’s immediate family in case of an unfortunate demise, the company said in a statement.

“Losing a family member is never easy. While families grieve the loss of a loved one, the stress of how they would manage their lives (financially) further on also dawns upon the family members. We desire to help them in every way possible and this initiative is a step forward in that direction,” the company said. Under such unfortunate circumstances, the nominee of a Razorpay employee will be eligible for:

  • 3X of the last drawn annual CTC (Cost To Company) of the deceased employee
  • Accelerated vesting of all unvested ESOP (Employee Stock Ownership Plan) units to the nominee, if ESOP was allocated
  • Prorated 100% variable pay for the current performance cycle
  • Prorated Gratuity for employee’s tenure at Razorpay
  • Continuation of Medical Insurance Coverage for the rest of the policy term in the same financial year for the nominees as per the Group Medical Cover policy

“ESOPs are one of the many tangible ways in which Razorpay extends its gratitude to its employees. Paying tribute to the employee’s contributions further, Razorpay’s ESOP policy now makes the nominee of the deceased Razorpay employee eligible for accelerated vesting of all unvested ESOP units,” Razorpay said.

The Family Assurance Benefits Policy will be applicable to all Full-time employees of Razorpay. The company is hoping that this initiative will act as a safety net for its employees’ family members in times of need and help employees continue to build their dreams with one less thing to worry about.

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“While we continue to disrupt and relentlessly work towards building a robust financial services ecosystem, none of it would be possible without our teams being empowered by their families at every step of the way. This policy is our way to reiterate our commitment to our teams’ wellbeing and extend our contributions to the lives of our Razor families,” Chitbhanu Nagri, Senior Vice President – People Operations, Razorpay said while commenting on the initiative.