The company will offer an optional insurance cover as a communicable disease cover for Covid-19
Engineering and construction major Larsen & Toubro (L&T) on Wednesday announced that it will provide financial and medical assistance to the employees and their family members in times of distress.
The company will offer an optional insurance cover as a communicable disease cover for Covid-19. The cover will include an insured sum of Rs 35 lakh per employee for a policy period of 12 months.
The policy provides a lump sum payment of 100 per cent sum insured -- Rs 35 lakh -- if any employee loses his/her life due to Covid-19. Any Covid death, whether in hospital, at home quarantine, institutional or hotel quarantine, will be payable under the insurance cover.
This is in addition to the group term life insurance policy which has a coverage of Rs 50 to 60 lakh applicable to the employees.
"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," said Larsen & Toubro CEO & MD SN Subrahmanyan.
The company has also negotiated an optional top-up medical hospitalisation coverage plan for life-threatening diseases which includes Covid-19-related hospitalisation. All employees and their families are covered through the optional top-up medical hospitalisation scheme for 365 days or till the date of separation of the employee, whichever is earlier.
The top-up amount ranges from Rs 2-12 lakh.
This regular medical insurance cover can also be utilised by the employees for Covid-19 hospitalisation.