95% of companies in India do not offer term life insurance to employees
Less than 5% of them provide comprehensive insurance and benefits.
Nine in 10 (95%) companies in India do not offer term life to their employees, data from Plum’s “The State of Employee Benefits 2023” revealed.
Plum added that less than 5% of the country’s employers provide comprehensive insurance and benefits, including group medical cover, personal accident cover, term life, and telehealth.
Despite 43 accidents occurring every hour in India, most (77%) companies still do not offer any group personal accident and disability coverage on top of health insurance.
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The report also found that 98% of Indian companies do not offer OPD coverage with insurance, 58% do not offer telehealth consultations on top of their group medical cover, and 90% do not offer health check-ups to their team.
Meanwhile, 30% and 75% of companies in India do not extend their employee benefits to their families and their parents, respectively.
“This is alarming because an employee is twice more likely to raise a claim for their family than themselves,” said Plum.
However, Plum said that India’s startup companies, or “Unicorns,” raised their bar on the breadth and depth of health benefits offered to their employees, with 16% offering OPD cover, and 30% providing comprehensive health benefits.
Aditya Bagarka, Plum’s head of strategy and innovation, recommended companies “design covers based on employee demographics and demand.”
Bagarka said organisations should also consider teleconsultations and invest in full-suite preventive programs, such as mental and physical wellness, nutrition, gym memberships, and OPD, including in-person doctor consultations, pharmacy, and diagnostics expenses.