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Myntra to offer COVID-19 insurance with a coverage of up to Rs 3 lakh to its brand partners

The company will also be reimbursing the COVID-19 vaccination costs of its partners and two of their family members.

May 18, 2021 / 04:04 PM IST
Myntra (Image: Company website)

Myntra (Image: Company website)

Fashion marketplace Myntra, on May 18, announced a slew of relief measures for its 2,000 brand partners, including a special COVID-19 insurance with a coverage of up to Rs 3 lakh. The Flipkart-owned company also plans to bear the vaccination costs of its brand partners and two of their family members.

“With safety, health and well-being taking precedence, Myntra is offering all its 2,000 marketplace brand partners a special COVID insurance, with a coverage of up to Rs 3 lakh. In addition to this, Myntra is also reimbursing COVID vaccination costs for the partners and two of their family members,” the company said in a press release.

Besides these, the company is also offering operational support to its partners by relaxing order fulfillment turnaround time from 24 hours to 48 hours and by waiving off all order cancellation charges for April and May.

The company said it could further extend the waiver depending on the situation on the ground.

Myntra has also extended the Seller Protection Fund (SPF), the window within which the sellers make claims against returned products, to 45 days from 14 days.

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COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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“At Myntra, we consider it our responsibility to work towards sustaining and strengthening the ecosystem for the benefit of all. The objective of rolling out these special initiatives is to extend support to our brand partners to continue to run their operations smoothly,” said Rajesh Narkar, Vice President, Marketplace, Omni and International Brands Business, Myntra.

The e-commerce marketplace is also vaccinating its frontline staff including the delivery workforce free of cost at its office premises, apart from its employees.

A host of companies such as ITC, Borosil, TVS Motor Company, Bajaj Auto, Sun Pharma have rolled out employee benefits programmes for their employees recently.
Moneycontrol News
first published: May 18, 2021 04:04 pm

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