29 per cent of employees feel that the organisation-sponsored health insurance is inadequate in terms of the sum insured
Insurtech platform Plum has observed that 98 per cent of India’s senior citizen population remains devoid of health insurance coverage. With the increasing cost of healthcare services, the need for comprehensive health coverage for senior citizens has become more apparent; however, the penetration continues to be a challenge.
As per census reports, India has 138 million elderly persons and is further expected to increase by around 56 million elderly persons in 2031. Yet, only 25 per cent companies (out of Plum’s 3500+ customer base) have parental covers. This leaves a yawning gap in coverage for senior citizens; who include parents and in-laws. There has been a steady demand from employees around the need for coverage for the elderly, and one way to approach this is through super top-ups (in addition to increased parental coverage).
Plum surveyed around 300 customers and learned the following:
- 29 per cent of employees feel that the organisation-sponsored health insurance is inadequate in terms of the sum insured
- 13 per cent of employees availed super top-up as organisation-sponsored insurance doesn’t cover parents and family
Abhishek Poddar, Co-Founder and CEO, Plum said, “In the face of the silent crisis gripping our senior citizens, Plum is committed to confronting this challenge head-on. The 98 per cent of uninsured senior citizens is a stark reminder of the vulnerabilities they face. It will always be our endeavour to innovate and come up with solutions that simplify access and availability of health insurance towards the underinsured. Our goal is to contribute to the larger vision of ‘Insurance for All by 2047’, ensuring that every individual, regardless of their age or circumstances, can access the protection they deserve.”