Over 98% senior citizens in India do not have health insurance, according to a report released by Plum an InsurTech platform company in conjunction with World Senior Citizen Day which fell yesterday.
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 138m elderly persons and this number is expected to increase by around 56m by 2031. Yet, only 25% of the companies in Plum’s customer base provide insurance coverage for parents of employees. Plum offers group health insurance and business insurance solutions to over 3500+ corporations.
Medical coverage for parents and senior citizens often goes beyond basic protection, encompassing supplementary benefits such as cashless hospitalisation, critical illness insurance, and targeted coverage for conditions like cancer and stroke.
Plum polled around 300 customers and learned the following:
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29% of employees feel that organisation-sponsored health insurance is inadequate in terms of the sum insured
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13% of employees turn to super top-ups as organisation-sponsored insurance doesn’t cover parents and family
Plum recently launched its super top up health insurance plans that adopt a holistic approach to health security, catering to families and individuals.
