L&T insurance cover for COVID-hit staff

Larsen & Toubro has offered its employees an additional insurance cover exclusive for COVID-19.

According to a press release, 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.

The policy provides a lump sum payment of 100 pc sum insured (i.e. Rs 35 lakh) in the event of death of an employee arising out of COVID-19. Any COVID death, whether in hospital or whilst at home quarantine/ institutional or hotel quarantine is payable under the medical policy. 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.

SN Subrahmanyan, CEO & MD, Larsen & Toubro, said, “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.”