In case of an unfortunate event, the company will provide financial assistance to the bereaved family due to any medical reasons (covid-19 or otherwise) covered under the scheme
NEW DELHI :
Nippon Life India Asset Management (NAM India) has announced that it has launched a family support plan for its employees to provide financial assistance and alleviate challenges faced by the families affected by covid-19.
In case of an unfortunate event, the company will provide financial assistance to the bereaved family due to any medical reasons (covid-19 or otherwise) covered under the scheme.
The financial assistance will be equal to two-year annual fixed pay of the employee, subject to a minimum of ₹20 lakh paid in a lump sum to the spouse or parents and assistance through the investment of this amount in a monthly income plan if required by the family.
The company has also committed to building an initial corpus of ₹2.5 lakh per child (for up to two children under 21 years) towards dependent children’s education in such an unfortunate event for the employee.
The company will offer job opportunities for spouse or one child within the organization as per the person’s skill set and business requirement. If the job opportunity is not possible, then 100% sponsorship for a one-time vocational or skilling workshop or training, including technical training up to a maximum of ₹3 lakh will be offered.
Moreover, the existing medical insurance cover for the dependent family will be continued for the next 36 months, including the parents and in-laws if covered in the existing policy. The company said it will bear the insurance premium for such a period. It will also offer one-time relocation and travel sponsorship for the family to move anywhere in the country.
“We want to stand by our employees and their families during these trying times by offering psychological and emotional support and nurturing a positive ecosystem. Further, while the covid-19 outbreak led to the introduction of this family support plan, it will cover all unfortunate deaths for any medical reasons," said Rajesh Derhgawen, chief human resources officer, NAM India.