Subscribe
24NEWSHOUR 24NEWSHOUR
Write For Us
  • Home
  • Business
  • Education
  • Entertainment
  • Health & Lifestyle
  • News Update
  • Technology
  • Write For US
  1. Home
  2. Health & Lifestyle
  3. 30 per cent of Plum’s clients have parental covers as part of Group Health Insurance

30 per cent of Plum’s clients have parental covers as part of Group Health Insurance

by Ankur Sharma July 22, 2022

Share:

Bengaluru, July 22, 2022 – Plum, an employee health insurance platform, says that 30% of its clients have parental covers as part of their Group Health Insurance (GHI) policies. Most of these companies are first-time insurance buyers with an average employee strength less than 100 and average age of employees being 30 years and parents being 57.5 years.

The pandemic has acted as a major catalyst to fuel the rise of GHI adoption with parental covers among companies. These are either fully employer sponsored covers or voluntary parental covers wherein the decision to opt for parental covers rests with the employees. Plum has also witnessed an increase in average sum insured in its policies from Rs. 3 Lakh to Rs. 5 Lakh per family over the past two years.

While these numbers indicate a strong sense of responsibility among relatively early-age startups and enterprises in safeguarding the health and well-being of their employees and their families, this is only the beginning. Data shows that most parents insured are at a retirement age, which makes them dependent on working members for their wellbeing.  For companies that do not insure their employees’ parents, there could be a loss of peace of mind and productivity. India also has the maximum out-of-pocket healthcare expenditure among G20 countries, which pushes nearly 60 million people into poverty every year (National Health Authority, 2020), which means one chronic disease can drain a family’s lifetime savings.

Abhishek Poddar, Co-founder and CEO, Plumsaid, “Our parents have played an instrumental role in shaping our future and therefore it is our moral responsibility to provide them with medical security at a time they need it most. In a country where one out of five people have diabetes and a majority of elders have pre-existing conditions, group health insurance is the best option to extend comprehensive healthcare to the elderly. Availability of products is no longer a challenge but lack of awareness is. At Plum, we always counsel our clients to include parental covers and guide them on the best possible plan customized for each organization. We are seeing good results and are hopeful of having all our clients include parental covers.”

Including parental covers in group health insurance comes with several advantages such as no age bar for parents, no pre-medical check-ups required, coverage is applicable from day one and it covers pre-existing diseases among others. Moreover, organisations can customize their policies as per their requirements.

KritiRastogi, Director of Placements at Plum, said, “Years of product innovation have ensured that today enough avenues are open for customers to get their parents covered. Besides the regular standard group health insurance plans, nowadays customers have a host of top-up plans which are affordable and easily accessible. Products such as voluntary parental covers allow corporates especially small business owners, to extend health insurance to the parents of employees without being burdened by a huge cost. I believe owing to our awareness drive and sound counsel there is an increasing interest among our clients to extend health and wellness benefits to everyone in the employees’ families.”

Plum’s Policy: Parents and parents-in-law covered for ₹5L sum insuredAyurveda treatments covered for upto ₹30K Unlimited teleconsultationsFree vision check, discounted medicines and dental benefits 

Types of parental covers available:

Sr. No.TypeDetails
1Standard policyParental cover paid by the employer; parents of 100% of the employees enrolled into the plan
2Voluntary parental coverParental cover paid in part (or full) by the employee, along with employees having a choice to enroll their parent into the plan
3Super top-upA top-up plan for employees (at their own expense) to increase the cover for their parents

About 75 million people above the age of 60 in India suffer from some chronic disease, as per the world’s largest study on the aged — the Longitudinal Aging Study in India (LASI). Health insurance penetration within this age group is amongst the lowest owing to lack of awareness, accessibility and affordability. Further, individual retail policies have their own restrictions for on-boarding senior citizens. Therefore, in order to facilitate medical security for parents it is extremely important to include them under group health covers.

Plum works with over 1500 organizations, where a significant portion are first time buyers of Group Health Insurance. It counsels its clients on the best health and wellness benefits, and strongly advocates customizing benefits to suit the healthcare needs of their employees. The definition of a modern family is changing and is no longer restricted to erstwhile norms, insurers today are fully cognizant of that and are being progressive with new age covers. Organizations must take a cue.

Previous post
Next post

Ankur Sharma (Website)

administrator

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • L&T Wins (Major*) Contracts for its Hydrocarbon Business
  • Experience an instant and convenient solution for Loan Repayments with Amazon Pay and Bharat BillPay
  • STAR SPORTS UNVEILS AN ELITE PANEL OF DECORATED EXPERTS AND LEGENDS FOR TATA IPL 2023
  • Singapore a preferred Nightlife and Cruise destination for Indian millennials: Tripoto’s young travellers survey
  • Godrej Interio introduces ‘Optimizer Plus’ Office Storage Solution

Categories

  • Business
  • Education
  • Entertainment
  • Health & Lifestyle
  • News Update
  • Sports
  • Technology

Never Miss a Thing

The stories you care about, are delivered daily.

Quick Links

24 News Hours
Advertise
Customer Service
Help

More from 24newshour

Business
Education
Entertainment
[email protected] News Hour

Legal

Terms of Use
Privacy Rights
Privacy Preferences
AdChoices

Connect with us

Get our latest stories in the feed of your favorite networks

Stay in the Know

Sign up for our daily newsletter

24NEWSHOUR 24NEWSHOUR
Copyright 2023. All Right Reserved

Back to top