The survey finds that only 25 per cent of companies (out of Plum’s 3500+ customer base) have parental covers
Health insurance is still out of reach to a large section of the people in the country, especially old age persons. Recently, a survey by tech-based health insurance provider platform Plum observed that 98 per cent of India’s senior citizen population remains devoid of health insurance coverage.
The country has 138 million elderly persons, and the number will increase by around 56 million by 2031. It surveyed around 300 customers and learned that 29 per cent of employees feel that the organisation-sponsored health insurance is inadequate in terms of the sum insured.
A report by NITI Aayog issued in 2021 has also observed that at least 30 per cent or 40 crore individuals are out of any financial protection for health in the country.
The survey observed that only 25 per cent of companies (out of Plum’s 3500+ customer base) have parental covers. Around 13 per cent of employees availed of super top-up as organisation-sponsored insurance doesn’t cover parents and family
The company has unveiled its super top-up health insurance that includes multiple benefits. It will provide portability in case of a changing organisation.
Abhishek Poddar, co-founder and CEO of Plum, said, "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 for 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.”
Plum is an insurtech platform offering employee wellness and business insurance solutions to over 3500 corporations. Founded in 2019, the company is currently in the Series-A stage and has raised $ 20 million. It is backed by marquee investors like Tiger Global and Peak VX Partners. It launched Plum Business in July 2023, extending its product offerings to cover the health and wellness of employees and businesses.
The Fintech Lending Trends report has revealed that customers from Tier-3 cities have the largest share of digital loans contributing about 40 per cent of the disbursement value.
Through Plum Business, the company will offer curated and customizable business insurance products, aiming to empower businesses to thrive in an increasingly complex and challenging landscape
The partnership aims to introduce premium healthcare payment products for salaried employes in India
