Bengaluru, 21st August 2023: Ahead of World Senior Citizen Day observed on 21st August, Plum, India’s leading insurtech platform offering group health insurance and business insurance solutions to over 3500+ corporations, has observed that 98% of India’s senior citizen population remains devoid of health insurance coverage. 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 138 million elderly persons and is further expected to increase by around 56 million elderly persons in 2031. Yet, only 25% companies (out of Plum’s 3500+ customer base) have parental covers. This leaves a yawning gap in coverage for senior citizens; who include parents and in-laws. There has been a steady demand from employees around the need for coverage for the elderly, and one way to approach this is through super top-ups (in addition to increased parental coverage).
Plum surveyed around 300 customers and learned the following:
- 29% of employees feel that the organisation-sponsored health insurance is inadequate in terms of the sum insured
- 13% of employees availed super top-up as organisation-sponsored insurance doesn’t cover parents and family
Plum recently launched its super top up health insurance that includes multiple benefits: portability despite one leaving the organisation being the most unique and innovative, other benefits ranging from tax advantages to cost-effectiveness, etc. These plans assure a holistic approach to health security, making them a prudent choice for families and individuals.
Abhishek Poddar, co-founder and CEO of Plum, said, “In the face of the silent crisis gripping our senior citizens, Plum is committed to confronting this challenge head-on. The 98% 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 towards 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.”
As Plum moves ahead to bridge the gap in insurance coverage, the company is dedicated to reshaping the narrative surrounding senior citizens’ care and health security. Plum’s commitment to innovation, inclusivity, and social responsibility fuels its dedication to providing solutions that empower individuals and families to navigate life’s uncertainties with confidence.
About Plum:
Plum is India’s leading insurtech platform offering employee wellness solutions and business insurance solutions to 3500+ corporations. Founded in 2019, the company is on a mission to accelerate the adoption of health insurance in India by making employee health insurance accessible, affordable and usable for employees. It is re-imagining the health insurance stack and accelerating the penetration of health insurance in India to 100%. Plum aims to reach a milestone of 10 million lives insured by 2025. It launched Plum Business in July 2023, thereby extending its product offerings to cover the health and wellness of employees and businesses as a whole. Plum is currently in the Series-A stage and has raised $20million till date. It is backed by marquee investors, Tiger Global and Peak VX Partners.
