Indian Companies Prioritize Employee Benefit’s Growth; Median Insurance Coverage Has Risen By 66 Per Cent: Study

There’s a 66 per cent increase in the median sum insured, from Rs 3 lakh to Rs 5 lakh, according to a study released by Plum, an insurtech platform in India, called ‘The State of Employee Benefits 2024.’ The study covered over 4500 companies. Moreover, there’s been a doubling in the adoption of flexible benefits (personalized insurance programs for employees), a 15 per cent increase in companies offering maternity benefits, and a 110 per cent surge in companies offering comprehensive healthcare (preventive and primary).

Despite tight budgets, companies have aimed to continue investing in employee health and wellbeing. Insurance plans and benefits are now being carefully crafted with greater care and a focus on sustainability.

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