COVID: Bajaj Finserv launches assistance prog for families of its deceased employees
MUMBAI: Bajaj Finserv, the holding company for the financial services business of Bajaj Group, on Monday announced a new comprehensive family assistance programme to extend support and financial assistance to families of employees who have passed away due to the COVID pandemic.
This programme -- Together as One -- aims to support their children's education till graduation, provide financial assistance to such families as well as extended medical insurance coverage, a release said.
The initiative is being rolled out across Bajaj Finserv and its companies -- 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.
It will be effective retrospectively from April 1, 2020.
"Our people are not just employees but a part of the larger Bajaj family. 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," Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj said.
The company said financial assistance to families of deceased employees ranging from approximately 1.5 times to 3 times their annual salaries will be given.
For senior employees, a fixed amount of Rs 1 crore will be given.
An education assistance of up to Rs 2 lakh per annum, per child, for up to two children until their graduation will be provided, it added.
Besides, medical insurance for the family for 60 months and employment of spouse under our 'spouse as a consultant' programme will be provided.
In the wake of the pandemic, the company has undertaken various initiatives for its employees and their families such as providing for screening and testing facilities, reimbursing vaccination costs of employees, associated staff and their dependent family members, facilitating on-call doctor support and medical emergency supplies for their workforce.
Recently, it pledged an additional financial support of Rs 200 crore towards COVID response in order to alleviate the immediate on-ground challenges as well as capability and resources to tackle a possible third wave.
The company has also helped in procurement of 12 oxygen plants to provide over 5,000 LPM of oxygen supply to rural and urban hospitals along with respiratory support equipment like oxygen concentrators, ventilators and BiPaps to help augment their capacity in treating COVID patients.