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L&T Announces Financial, Insurance Assistance To Employees, Family Members Affected By COVID-19

The policy provides a lump sum payment of 100 per cent sum insured -- Rs 35 lakhs -- in the event of death of an employee arising out of COVID-19, whether in hospital or whilst at home quarantine or institutional or hotel quarantine.

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Engineering and construction major Larsen & Toubro (L&T) on Wednesday announced financial and insurance assistance for its employees and their family members affected by COVID-19.

This optional insurance cover is a communicable disease cover for COVID-19 with an insured sum of Rs 35 lakh per employee for a policy period of 12 months, L&T said in a statement.

The policy provides a lump sum payment of 100 per cent sum insured -- Rs 35 lakhs -- in the event of death of an employee arising out of COVID-19, whether in hospital or whilst at home quarantine or institutional or hotel quarantine.

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, the statement said.

'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,' Larsen & Toubro CEO & MD SN Subrahmanyan said.

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 which includes COVID-19-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 Rs 2-12 lakh.

This regular medical insurance cover can also be utilised by the employees for COVID-19 hospitalisation. 

(PTI)