Indian E-commerce companies and online food-tech firms have started offering insurance cover and income protection schemes for their employees, distribution partners and supply chain associates as coronovirus cases are increasing in the country.
BigBasket, Flipkart, Zomato, Amazon, and Swiggy are among the companies that have purchased insurance covers ranging from Rs 50,000 to Rs 5 lakh for delivery persons, including freelance staff.
Sanjay Dutta, head of reinsurance, underwriting, and claim department at ICICI Lombard General Insurance Company Limited, said premiums for all-inclusive health insurance products, which cover other health risks, range from Rs 3,000-4,000 (3.5 months to 6.5 months) on a tenure basis Month or more) was between 9.5 months).
Datta said that the size of the employees’ medical insurance business (taken over by companies) is Rs 7,000-8,000 crore, which will grow at a rate of 30-40 percent further.
Flipkart has purchased new insurance policies for all its 1.2 lakh supply chain employees and distribution partners.
Flipkart Senior Vice President Amitesh Jha said that the company covered all its employees under medical and accident cover up to Rs 3 lakh and delivery partners up to Rs 5 lakh.
Additionally, Flipkart has offered a term-life cover of Rs 3 lakh for contract employees and a minimum of Rs 25 lakh for full-time employees.
Jha claimed that Flipkart also provided a coronovirus lump sum of up to Rs 50,000 for staff members who perform COFD positive tests.
“Our employees including distribution employees and executives are covered under the Employees’ State Insurance Corporation (ESIC),” Jha said.
Flipkart’s rival Amazon India has also said that all its workforce was covered under the ESIC for medical insurance.
The company has also launched a $ 25 million Amazon Relief Fund, which can be used by those who are part of Amazon’s delivery service partner program.
Following the suit, online food aggregators Zomato and Swiggy are also offering COVID insurance to all their distribution employees and executives.
Zomato’s on-roll employees are covered for COVID-19 under a plan prepared in partnership with ICVI Lombard General Insurance Company Limited.
The company claims to provide contingency and medical insurance to its delivery partners through its delivery partner insurance plan in partnership. Eko General Insurance Ltd.
Swiggy reported that it was offering employees the option to personalize their medical policy according to their health profile.
In addition, Swiggy’s active delivery partners and their family members are covered under an income protection scheme, which provides them with assured income upon hospitalization with illness for up to 14 days.
Online grocery supermarket BigBasket is also offering a coronavirus virus policy to all its frontline employees and other employees.
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Tanuja Tiwari, vice president, human resources, BigBasket said that the company will decide to extend insurance after assessing how the situation develops in a year.