‘Sum insured of employees rise by 66% to `5 lakh’

THE MEDIAN sum insured in the case of group health insurance policies of corporates has risen by 66 per cent from Rs 3 lakh to Rs 5 lakh, according to a study.

There has also been a two times uptick in flexible benefits adoption (insurance programmes that can be personalised by employees), a 15 per cent increase in companies offering maternity benefits and a 110 per cent surge in companies offering comprehensive healthcare (preventiveandprimary),according to the study by Plum Insurance, an Insurtech platform.

The primary concern for most chief human resource officers (CHROS) this year is the absolute spending on employee benefits, it said. “40 per cent of CHROS have

There has been a two times uptick in flexible benefits adoption (programmes that can be personalised by employees)

observed that the business environment is impacting their benefits budget. That premiums on benefit plans are expected to increase by 11 per cent this year as medical inflation does not make things easier,” said the study encompassing over 4,500 companies. Abhishek Poddar, Cofounder and CEO, said, “We are in an era where ‘modern benefits’ are equated to employer brand and employeeretention.ourstudyreveals 76 per cent of employees weigh the quality of benefits as a factor to stay at a company or leave.” Benefits have evolved - it is no longer just insurance, but employee health and wellbeing that is a matter of concern for employers who care. Despite tight market conditions, it is heartening to see companies adopting sustainable policies, keeping in mind employee morale, he said.

“Maternity benefits average over Rs 1 lakh in global startups, showing a commitment to supporting growing families. Companies have started adopting accident and disability insurance with Unicorns leading the charge with 90 per cent, global startups 60 per cent with the median being 45 per cent,” the study said. Term life insurance is gaining prominence with Unicorns covering 75 per cent, global companies 30 per cent, median among the rest is 14 per cent, it said.