Bajaj Finserv assistance program, On Monday, Bajaj Finserv, the investment holding company for the financial services business of Bajaj Group declared a new comprehensive family support programme to prolong support and financial assistance to families of employees who have passed away due to the COVID pandemic.
This programme ‘Together as One intends and aims to support their children’s education till graduation, grant financial aid to such families as well as extensive medical insurance coverage, a release announced.
The initiative is being propelled 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.
Bajaj Finserv Chairman and Managing Director Sanjiv Bajaj stated, “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,”.
The company said financial assistance to families of deceased employees will extend from approximately 1.5 times to 3 times their annual salaries will be proffered. For senior employees, a fixed amount of Rs 1 crore will be provided.
Education assistance of up to Rs 2 lakh per annum, per child, for up to two children, until their graduation will be granted, it added.
Additionally, medical insurance for the family for 60 months and employment of spouses under our ‘spouse as a consultant’ programme will be rendered.
In the furrow of the pandemic, the company has initiated multiple initiatives for its employees and their families such as presenting screening and testing facilities, compensating vaccination costs of employees, affiliated staff and their dependent family members, aiding on-call doctor support and medical emergency supplies for their workforce.
Recently, it promised additional financial support of Rs 200 crore towards COVID response to relieve the critical on-ground challenges as well as capacity and supplies to stop a possible third wave.
The company has also aided in the acquisition 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. Bajaj Finserv assistance program