The State

of Employee

Benefits ‘24

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The State of Employee
Benefits 2024

We welcome you to the second edition of The State of Employee Benefits. This Over the next 50 odd pages, we give you the 30,000 feet view into India’s

report is our annual exercise in curiosity, as we look at working India’s evolving blossoming healthcare story, and the role we have to play as employers.

relationship with their health, and their employers’ investments in their health.

We’ve analysed plans across company sizes, and shared our opinion on why
Last year, we gave you a snapshot into how India’s companies built employee India’s Unicorns and global organisations stand out from the median. We’ve
benefits plans, and offered our recommendations. This year’s edition is slightly looked at the finer details of insurance policies, to find out if the benefits
different.

companies offer are truly inclusive, comprehensive, and useful. We’ve collated

our observations from India’s most progressive benefit plans, and have
To us, The State of Employee Benefits isn’t just a benchmarking report — treat documented trends we think will drive employee health in 2024 and beyond. 


this as our inner monologue on the state of employee benefits in the country,

built on insights from 4500+ employee healthcare plans and conversations with And finally, we offer our recommendations.
both employees and HR experts.

If you liked it, talk about it, share it with your community, and play your part in

Therefore, this report not only highlights India’s employee benefits benchmarks, helping companies craft more holistic policies. If you have feedback, reach out to

but also is our commentary on the health benefits offered by companies, us at [email protected].

employees’ expectations, and evolving healthcare trends.

/ The State of Employee Benefits 2024 / Introduction i

Executive summary
Almost a third of India’s Group health insurance Indian companies are
insured population is is filling gaps left by improving health benefit
covered by group health retail policies. plans year on year.
India’s healthcare story policies.
is being written by
companies that care

The best companies Unicorns and global There is room for

offer the same kind of startups are redefining improvement in the finer
benefits, irrespective of employee benefit details, like maternity,
Patterns and insights size. benchmarks. inclusion, and
derived from 4500+ progressive treatments.
employee healthcare
plans

In a cost conscious Companies are looking Flexible benefit plans

environment, companies to unify every aspect are the future.
are focusing on building of employee health.
sustainable plans.
Evolving expectations
and emerging trends

/ The State of Employee Benefits 2024 / Introduction ii

Index India Inc and India’s healthcare story

Meet India’s missing middle 01

India’s health story is being written by employers who care 02

Covering the gaps in India’s retail health policies 03

Despite a cost conscious environment, India Inc is raising the bar 04

India’s benchmarks

Benefits trends across segments 05

Benefits tend to get more comprehensive as companies grow headcount 09

But when it comes to the top five percentile employee benefits, size doesn’t matter 10

India’s Unicorns continue to raise the bar on employee benefits 11

Global startups are bringing global benchmarks to India 12

SIDEBAR: What would a 1% shift in overall compensation budget translate to? 13

Our observations

Sustainable benefits amidst rising costs 14

Are employee benefits truly comprehensive? 17

The evolving definition of employee healthcare 21

Emerging trends

The era of InsuHRtech 25

The unification of employee health 28

Flex is the future 31

The benefits of better benefits 34

Glossary

Parting words 41

Citations 42

/ The State of Employee Benefits 2024 / Introduction iii

01
India Inc And India’s
Health story

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Meet India’s
missing middle

India’s health insurance penetration compared to

Most Indians today are only a healthcare scare other G8 countries (% of total population)
away from crippling their bank balance.

Out of pocket expenditure in India has been pegged at around 62% of the
total healthcare expenditure. These spends impoverish close to 55 million India USA Canada Germany Japan France
Indians annually, with over 17 per cent households incurring catastrophic
levels of health expenditures every year. [1]

While government initiatives like Ayushman Bharat can potentially provide free
health coverage for India’s underprivileged, India’s high population and budget
constraints imply that they can only cover a projected 40% of the country’s
total population. Social health insurance, and private voluntary health
insurance can potentially cover another 20%. The remaining 40% form India’s
missing middle – neither are they eligible for government sponsored
schemes, nor are they financially strong to purchase a health insurance
[2]
policy.

This section of the population largely depend on their employers for

insurance.

37% 92% 60% 87% 98.3% 95%

/ The State of Employee Benefits 2024 / INDIA INC AND INDIA’S HEALTH STORY 01
India’s health story is being written
by employers who care
In 2020, the IRDAI released a circular, making it mandatory for companies to offer their employees medical insurance. This move was a step in the right
[3]
direction, as witnessed by the rapid growth of group health insurance, and the impact it has had on health insurance penetration over the last few years.

Gross written premium Lives covered by group health

(INR ‘000Cr) insurance (Cr)
Greater adoption

Group health premiums have

grown at a consistent rate of
around 25% in the last five years. 45 20

40 18

35 16

30 14

25 12
Higher penetration
20 10
The number of lives covered by
15 8
group health insurance schemes
has almost doubled over the last 10 6

five years. 5 4

FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23

We’re confident that the healthcare – and growth story of this decade will be driven by companies

making meaningful investments in employee health and benefits.

/ The State of Employee Benefits 2024 / INDIA INC AND INDIA’S HEALTH STORY 02
Covering the gaps in India’s
retail health policies
Employer sponsored healthcare isn’t merely increasing insurance penetration in the country, it’s also helping Indians cover treatments that wouldn’t be

otherwise included in a typical retail health insurance plan.

Claims by relationship with employee

of total claims raised were for
an employee’s parent 29%

18%

40
Unlike group policies, retail health policies come
% with lengthy waiting periods on pre-existing 11%

Siblings (Avg. claim amount: ₹59,000)

diseases, making it ineffective for aged parents 2%
Child (Avg. claim amount: ₹41,000)
who are predisposed to lifestyle conditions.
Spouse (Avg. claim amount: ₹55,000)

Self (Avg. claim amount: ₹58,000)

40% Parent (Avg. claim amount: ₹73,000)

of total claims raised were related

to pregnancy and post-natal
complications Top five causes of employee claims

12 % Most retail health policies don’t include

maternity, pre and post-natal complications, 12% Delivery and postnatal

complications

and new born baby coverage, unless people

have to pay for expensive add-ons and riders. 8% Infectious and viral
diseases

5% Cancer

4% Cataracts

While we recommend that people don’t rely solely on employer sponsored

insurance, a holistic and comprehensive group health policy can complement a Respiratory
3% illnesses
retail health plan – offering broader protection and deeper coverage.

/ The State of Employee Benefits 2024 / INDIA INC AND INDIA’S HEALTH STORY 03
Despite a cost conscious environment,
India Inc is raising the bar
India’s companies have understood the brief, and have delivered. Since the State of Employee Benefits 2023, companies have improved
the kind of benefits they offer their employees across primary, preventive, and in-patient care. That said, there is still room for improvement,
which you will observe as we explore themes around comprehensive and inclusive benefits plans in Chapter III. 



But for now, we celebrate every employer who moved the needle on team health since last year.

66% 15%
increase in median sum insured, with
the amount going from ₹3,00,000 to increase in companies offering

₹5,00,000 maternity benefits to their

employees

2x 110%
increase in first time buyers of
group health insurance investing in
adoption in flexible benefits by
primary health care initiatives for
Indian enterprises
their employees

/ The State of Employee Benefits 2024 / INDIA INC AND INDIA’s HEALTH STORY 04
02
India’s Benchmarks

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Benefits trends among companies
with 2-100 employees
0% 100%

Companies in this category are typically early

Family definition E (28%) ESC (45%) ESCP (27%)
stage (pre-seed and seed stage) startups,
bootstrapped companies, and agencies.


Sum insured 1-3L (38%) 4-6L (40%) 12% (7-10L) 10% (>10L)

This segment also includes global companies

Maternity No (41%) Yes, <=75k cover (45%) Yes, >75k cover (14%)
who have recently expanded into India.

Exceptions apply. IVF Yes (6%) No (94%)

Copay Yes (8%) Parental (13%) No copay (79%)

LBGTQ+ cover Yes (70%) No (30%)

Progressive benefits Yes (10%) No (90%)

Modern treatments Yes (70%) No (30%)

OPD Yes (12%) No (88%)

Group term life Yes (9%) No (91%)

Group personal accident Yes (36%) No (64%)

/ The State of Employee Benefits 2024 / INDIA’S BENCHMARKS 05

Benefits trends among companies
with 101-250 employees
0% 100%

Companies in this category are typically

Family definition E (24%) ESC (47%) ESCP (29%)
startups who’ve raised their Series A and B
rounds, and are expanding rapidly.

Sum insured 1-3L (41%) 4-6L (32%) 7-10L (22%) >10L (5%)

This segment includes global corporations

Maternity No (33%) Yes, <=75k cover (47%) Yes, >75k cover (20%)
who’ve set up their headquarters in the
country, and are actively looking for talent.

IVF Yes (9%) No (91%)

Exceptions apply.
Copay 10% (Yes) 16% (Parental) 74% (No)

LBGTQ+ cover Yes (60%) No (40%)

Progressive benefits Yes (15%) No (85%)

Modern treatments Yes (70%) No (30%)

OPD Yes (15%) No (85%)

Group term life Yes (14%) No (86%)

Group personal accident Yes (52%) No (48%)

/ The State of Employee Benefits 2024 / INDIA’S BENCHMARKS 06

Benefits trends among companies
with 251-750 employees
0% 100%

This category includes tech-first startups

Family definition E (24%) ESC (42%) ESCP (34%)
in their later stages of funding. They’re
working towards profitability or are
Sum insured 1-3L (46%) 4-6L (42%) 7-10L (10%) >10L (2%)
already profitable.

Maternity No (17%) Yes, <=75k cover (58%) Yes, >75k cover (25%)
This segment also includes companies
operating in the service and consulting
IVF Yes (24%) No (76%)
sector.

Exceptions apply. Copay Yes (14%) Parental (24%) No copay (62%)

LBGTQ+ cover Yes (60%) No (40%)

Progressive benefits Yes (30%) No (70%)

Modern treatments Yes (70%) No (30%)

OPD Yes (15%) No (85%)

Group term life Yes (35%) No (65%)

Group personal accident Yes (75%) No (25%)

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 07

Benefits trends among companies
with 750+ employees
0% 100%

This category includes India’s enterprise

Family definition E (16%) ESC (20%) ESCP (64%)

companies, who are either publicly listed, or

on the path to an IPO.

Sum insured 1-3L (20%) 4-6L (50%) 7-10L (28%) >10L (2%)

Most of India’s unicorns, and emerging

Maternity No (6%) Yes, maternity cover <=75k (57%) Yes, >75k (37%)
unicorns fall under this category.

IVF Yes (37%) No (63%)

Exceptions apply.

Copay Yes (8%)8% ()

Parental (12%) No (80%)

LBGTQ+ cover Yes (80%) No (20%)

Progressive benefits Yes (33%) No (67%)

Modern treatments Yes (70%) No (30%)

OPD Yes (18%) No (82%)

Group term life Yes (60%) No (40%)

Group personal accident Yes (76%) No (24%)

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 08

Benefits tend to become more comprehensive as
companies grow headcount
Most companies follow the ‘land and expand’ philosophy with employee benefits. They start with the basics, and then start building on top of it based on
feedback and adoption as they scale.

2-100 employees 101-250 employees 251-750 employees 751+ employees

Status quo 90%ile Status quo 90%ile Status quo 90%ile Status quo 90%ile

Employee, Spouse, Employee, Spouse, Employee, Spouse, Employee, Spouse, Employee, Spouse, Employee, Spouse, Employee, Spouse, Employee, Spouse,
Family definition
Child Child, Parent Child Child, Parent Child, Parent Child, Parent Child, Parent Child, Parent

Median sum insured ₹5,00,000 ₹10,00,000 ₹5,00,000 ₹10,00,000 ₹5,00,000 ₹8,00,000 ₹5,00,000 ₹8,00,000

Maternity Offered by 59% of Offered, limit of Offered by 67% of Offered, limit of Offered by 83% of Offered, limit of Offered by 94% of Offered, limit of

companies, limit of ₹75,000 and above companies, limit of ₹1,00,000 and companies, limit of ₹1,00,000 and companies, limit of ₹1,00,000 and

₹50,000 ₹50,000 above ₹75,000 above ₹75,000. above

Offered by 12% of Offered by all Offered by 15% of Offered by all Offered by 15% of Offered by all Offered by 18% of Offered by all
OPD
companies companies companies companies

Employer sponsored primary

Basic Comprehensive Basic Comprehensive Basic Comprehensive Basic Comprehensive
and preventive healthcare

Progressive benefits Offered by 10% of LGBTQ+ friendly Offered by 15% of LGBTQ+ friendly Offered by 30% of LGBTQ+ friendly Offered by 33% of LGBTQ+ friendly
(Gender affirmation, companies policies, cover for compnies policies, cover for companies policies, cover for companies policies, cover for

,
autism cover for infertility and gender infertility and gender infertility and gender infertility and gender
differently abled reaffirmation offered reaffirmation offered reaffirmation offered reaffirmation offered

children >25 years etc)

36% of g g from
Offered, ran in Offered by 52% of
g g from
Offered, ran in
75% of g g from
Offered, ran in
76% of
g g from
Offered, ran in
Group personal accident Offered by Offered by Offered by
₹10,00,000 to ₹25,00,000 to ₹30,00,000 to ₹30,00,000 to
insurance companies companies companies companies
₹25,00,000 ₹50,00,000 ₹1,00,00,000 ₹1,00,00,000

Offered by 9% of g g from
Offered, ran in Offered by 14% of Offered by 35% of Offered, ₹50,00,000
Offered by 60% of Offered, ₹50,00,000
Offered, ₹50,00,000
Group term life insurance ₹30,00,000 to
companies companies
g
or hi her/3 X CTC
companies
g
or hi her/3 X CTC companies
g - X CTC
or hi her/3 5
₹50,00,000

/ The State of Employee Benefits 2024 / INDIA’’S BENCHMARKS 09

But when it comes to exceptional employee
benefits, team size doesn’t matter

The Experience-Benefits (EB) matrix

The top ten percentile companies offer the same kind
Akshay Golechha, our VP of New Business, has consulted with over
of benefits, irrespective of company size 


1000 organisations to build employee benefit plans. He posits that the
obsession over employee size is unwarranted and organisations often
As a result, companies offering average benefits will find it hard
have a specific set of expectations and goals when it comes to
to compete with the top 10%ile on hiring and retention, no
employee benefits - often unconnected to size. At the risk of
matter their size. 

oversimplication, we give you the Experience-Benefits (EB) matrix.

Demand human interaction

What health benefits are the top 10%ile companies

Benefits as a
offering their employees? Modern, high touch,
necessary expense;
benefits as an
Sum insured of ₹8,00,000 and highe prioritise a specific

investment in talent;
Employee, Spouse, Parents/Parents in law, children covere $ spend,

Low willingness to pay

prioritise a service-

High willingness to pay

Maternity cover greater than ₹1,00,000, with infertility which sometimes
led, assisted
treatments include compromises
experience
experience
Modern treatments (e.g. balloon sinuplasty, oral
chemotherapy, etc) included
Inclusion of surrogate mother expenses, gender reaffirmation
surgery, autism, disabled children >25 years, psychiatric Modern, low touch,
Traditional,
ailments et benefits as an
don’t see value;

LGBTQ+ friendly policie investment in talent;

benefits to
OPD benefits and employer sponsored primary healthcare prioritise a product-
‘check the box’
Term life coverage, and accident and disability insurance led, self-serve

experience

Minimal human interaction

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 10

India’s Unicorns continue to raise the
bar on employee benefits…

India’s unicorns see employee benefits as

Top employer brands, top employee benefits:
an investment, not cost. Meet India’s Unicorns

In the words of Monika Gunalan, Head of People

Types of Benefits India Inc India’s Unicorns

Operations (APAC) at Postman:

Employee, Spouse, Child Employee, Spouse,

Policy structure Child, Parents
In today's modern tech landscape, including unicorns,
employee benefits are seen as more than just perks; they
are investments in nurturing employee growth and Median sum insured
₹5,00,000 ₹6,00,000
fostering a culture of care. In addition to competitive
salaries, our focus is on ensuring employees feel secure.
Maternity benefits 60%, avg maternity cover 95%, avg maternity cover
of ₹60,000 of ₹1,00,000
We prioritize creating benefits packages that are
thorough and comprehensive.
OPD 16% 3 0%

Great benefits are also an important Modern treatments 70% 9 0%

employer branding tool.

In the words of Sarthak Sinha, Enterprise Consultant,

Inclusive benefits <15% 80%
Employee Benefits at Plum:
Employer sponsored 18% 75%
primary healthcare
Top quality benefits give companies bragging rights in
a market hungry for great talent. It cranks ups their Group personal
4 5% 90%
accident cover
employer branding by a big margin. Pair this with
employee testimonials and you’re standing out well in Group term
14% 75%
a crowd. life cover

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 11

…and global startups are bringing
global benchmarks to India

Building benefits for India, based on global standards

Global startups offer exponentially better
for budgets. benefits compared to India’s median

India’s benefits budget is typically 2% of the total CTC budget, lower

than the likes of USA (7%), Europe (10-25%), and APAC countries Types of Benefits India Inc
Global startups in
[4] India
(8-15%).

Employee, Spouse,
Policy structure Employee, Spouse, Child
Child, Parents
In the words of Vina Uriarte, Global Benefits Manager at
Notion:

Median sum insured ₹5,00,000 ₹10,00,000

Maternity benefits 60%, avg maternity cover 95%, avg maternity cover

For the most part we try to keep our employee benefits of ₹60,000 of ₹1,00,000

balanced and try to mirror what we're doing in USA in all

OPD 16% 60%
of our other countries. Other countries have different
needs so we have to keep that in mind too. It’s about
Modern treatments <20% 95%
slowly working our way to making the benefits we offer
in our Indian office more comparable to what we're doing Inclusive benefits <10% 80%

in other countries.

Employer sponsored
18% 80%
primary healthcare
To make in India, companies need to match global
Group personal
45% 60%
benefit standards. accident cover

More international companies will set up shop in India. They will Group term
14% 30%
compete for top talent with their employer brands and benefit life cover

structures. The bar has been raised – and India Inc will have to match it. 

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 12

SIDEBAR: What would a 1% shift in overall compensation
budget translate to?
Let’s assume your total budget for compensation and benefits is ₹20.2cr. Most companies define their benefits budget to be 1-2% of
the total compensation budget. We explore how changing the split by a percentage point would influence both salaries and budgets.

Plan A Plan B

Small reallocation in budgets 20cr on salaries and incentives

19.8cr on salaries and incentives

+
+

20L on employee benefits 40L on employee benefits

Minor tradeoff in salaries 12% hike in salaries 11% hike in salaries

Exponentially better benefits

₹3L sum insure ₹7L - ₹10L sum insured

parents not covere parents covered

bare minimum maternity cove progressive maternity benefits

no additional health benefit primary and preventive healthcare

no accident or term life cover generous accident and term life cover

no coverage for modern treatment coverage for modern and progressive

minimal perks treatments

great perks

What plan do you think your employees will appreciate more?

70% of employees would choose a job offer which offers better health benefits and slightly lower pay over a job offer with poor health benefits and a
slightly better pay. In an increasingly cost conscious environment, companies need to focus on building sustainable benefit plans.

/ The State of Employee Benefits 2024 / INDIA’s BENCHMARKS 13

03
Our observations

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 It’s a tough market.

Observation I Never has the focus on costs, efficiency, and profitability

been higher.

Sustainable
This means the primary concern for most HRs this year is

the cost and pricing of their employee benefits plan. 40% of

HRs have observed that the business environment is

benefits amidst impacting their benefits budgets. 


Read on for a detailed analysis into common cost mitigation

increasing costs measures, and how you can craft a sustainable benefits

policy.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 14

How thorough is your employee benefits cost mitigation
strategy?
Budget limitations are high on
Cost mitigation effort Introducing copays and Change in policy from ESCP Reducing total sum insured
People Leaders’ list of concerns. parental copays. plans to ESC plans

With employer health insurance

Trend we 54% of HRs are likely to explore Increased demand in ESC and In extreme cases, 30 % of HRs are
costs expected to grow by 11% in observe introducing copays and limits. voluntary parental plans over ES CP k x
li ely to e plore reducing the sum

India in 2024, companies are plans. insured to balance budgets.

5
[ ]
experimenting with cost sharing.

We analyse three common cost

Impact Low High Medium
mitigation efforts, and their impact on cost

on costs and employee health.

Impact on Low 

 High

 Medium



employee
morale and Copays are democratic, and risk is ~60% claims are raised for parents in A very small percentage of employees

divided equally across all groups. companies offering ESCP policies.

health
will raise claims for expensive

Also results in smaller claims Removing parents would result in treatments, but they’re the ones who

because employees make k

considerable out of poc et spends. would need it the most.

responsible decisions.

What’s Introduce a parental copay first. 

 Introduce cost sharing through Not recommended if you offer a sum
Don’t be Dwight. recommended voluntary parental covers. This would insured in the 3-5 lakh range. 


In S1E3 of The Office, Michael Scott and If costs are still high, introduce a be less expensive and more

Dwight Schrute are tasked with crafting a

5% copay. comprehensive than a retail policy. Introduce capping for parents, in case

of higher sum insured.

new healthcare plan. In their attempt to

make it inexpensive, they strip it down to

the bare minimum to everyone’s chagrin. In

sitcoms, resolutions are convenient. In real

life, employees will not be as forgiving.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 15

Build sustainable policies, not reactive ones
76% of employees believe the quality of their benefits impact their decision to stay at a company. Our Head of Finance, Mukul Kanchan, is obsessed with
[6]
hidden costs, so he did some research into how much attrition could cost you.

Influenced by
Recruitment
The cost of attrition is

Learning curve, lost productivity

12.5% Hours

Loss
lost interviewing candidates

of institutional knowledge

of total CTC Cultural impact

The 3P Philosophy to Benefits Planning

While economist Thomas Sowell was not thinking about employee benefits when he said “there are no solutions, only tradeoffs”, it’s relevant all the same.
Remember that the best bargains leave all parties slightly unhappy. While budgetary constraints might prevent you from building the perfect policy, you can
build a policy that your team can appreciate. When in doubt, refer to the 3Ps of Benefit Planning, proposed by Aditya Bagarka, Vice President of Insurance
Partnerships at Plum.

Prioritize Prevent Personalize

Identify benefits that are being underutilised.

Invest in preventive and primary health care Craft flexible plans that result in increased
Design your plan based on constant analysis of measures that promote early intervention and adoption and utilisation for the same cost per
different claims spends and cost drivers.
reduce risks of expensive lifestyle diseases employee.

Explore new solutions that could result in (cancer, diabetes, hypertension).

Explore cost sharing initiatives with employees
positive returns on investment.
like voluntary top ups or copays.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 16

 While employers have been more
Observation II intentional about their benefits, there exist
a few gaps.

Are employee We’ve observed that most policies address

an issue, but don’t go deep enough for it to

benefits truly
actually impact an employee’s health
spends.

comprehensive?
In this section, we analyse the state of
maternity policies, inclusive and
progressive policies being provided by
employers in India today and how India Inc
has been keeping up with modern
treatments.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 17

India Inc’s maternity covers aren’t as comprehensive as
they should be
Maternity benefits don’t end with inclusion
Benefit
% of Companies Why this is important Recommendation
of a maternity cover. Today, most covers offering this
benefit
offered by corporates are neither inclusive
nor aligned with the rising maternity costs,
Maternity cover
The average cost of normal delivery is Maternity limit of ₹1,00,000 for normal
<15%
especially in urban cities. 

 > ₹1,00,000 ₹1,00,000 and ₹1,25,000 for C-sections. delivery, ₹1,25,000 for C-section.

New born baby

Companies should assess maternity covers India’s neo-natal mortality rate is amongst the Inclusion of new born baby coverage
coverage 60% highest in the world, and NICU costs are often in the healthcare policy.
based on three criteria – rising costs,
over ₹10,000/day in urban private hospitals.
evolving demographics, and need for
greater inclusion.
Maternity related 15% of women develop life threatening Cover the maternity related
<20%
complications complications during pregnancy. complications up to full sum insured.

Infertility treatments 1 out of 15 Indian couples suffer from Inclusion of surrogacy, IVF, egg-
(IVF, egg freezing, <5% infertility, and IVF treatment costs around freezing in the policy construct.
sperm freezing) ₹1,50,000 lakh on average.

Pre and post natal; Checkups, medicines, therapy, vaccinations Ensure it is covered; consider
well mother and well
50% etc – add up over 9 months and post including these expense as part of
baby expenses
delivery. OPD benefits.
Insurance for mummies, feat. Three
Idiots.
Surrogate mother Surrogate mothers aren’t considered
Cover medical expenses incurred for

While Mona, Pia’s sister from Three Idiots was on expenses <15% dependents in an insurance policy, unless
the conception and delivery of the

baby through a surrogate mother.

track for a simple delivery, she developed specifically called out.

complications.

Twin Maternity cover

Most plans cover two dependent children. Make inclusions for twin maternity

Therefore, if a couple expects twins during their cover. To go above and beyond, also
Her costs, had she been taken to a hospital, <10%
second pregnancy, the third child won’t be include triplets.
would have looked something like this:

covered.

Normal delivery: ₹1,00,000

Miscarriage and The cost of an abortion can be as high as To be covered within the maternity
Complications: ₹50,000
limit.
abortion <10% ₹40,000. 67% of abortions in India are
NICU: ₹10,000/day unsafe.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 18

Inclusion is incomplete without inclusive benefits

Four out of five HR leaders believe progressive

health benefits are instrumental in DEI
Less than 15% of Indian companies build truly inclusive covers.
outcomes, but very few companies go all the
way.

Benefit
% of Companies Why this is important Recommendation
The benefits that you offer are vital in signalling offering this
benefit
to employees that you’re ready to walk the talk
when it comes to inclusion. LGBTQ+ and live in The LGBTQ+ community makes up 1 0% of
LGBTQ+ and live-in Include coverage for same-sex
partner covers 60% India’s population, their needs should be
partner covers partners and live in relationships.
reflected in benefit plans.

Gender reaffirmation Gender Reaffirmation Surgeries (GRS) cost Cover Gender Reaffirmation Surgeries,
surgeries <15% around ₹2,00,000 to ₹5,00,000 for men and including pre and post hospitalisation

₹4,00,000 to ₹8,00,000 for women. charges in the policy.

Surrogate mother In addition to infertility treatments,

Cover medical expenses incurred for

expenses <15% the conception and delivery of the

surrogacy is also utilised by same-sex
baby through a surrogate mother.
couples looking to adopt a child.

Cover for differently Differently abled children still depend on Cover differently abled children

Employee benefits for Adam and Steve,

abled children above <10% their parents after adulthood. without any upper age limit.
25 years
not just Adam and Eve.
Adam and Steve are a Mumbai based couple in a Covers for autism Autism affects 1 in 100 children, with Include autism in the list of specific
live-in relationship. Adam works at a company <5% parents spending ₹15,000 to ₹20,000 a ailments.

whose employer brand is all about inclusion.

month on medical and vocational costs.

They want to have a baby together, and have Prosthetics cover The cost of prosthetics is very high – Expenses covered within overall sum

approached a surrogate mother to help. <1% artificial limbs can cost lakhs. insured.

Unfortunately, Adam’s company hasn’t included

surrogate mother expenses in their employee

Covering Psychiatric Most mental health treatments are done on an Include mental health as part of
policy, despite claiming to offer LGBTQ+ ailment <30% OPD basis, with only the more serious cases primary health; cover psychiatric
benefits. requiring admission. ailments in case of hospitalisation.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 19

The IRDA is making insurance coverage more
comprehensive, but are companies keeping up?
Why this is important:
Modern treatments and their approximate cost in India
90% of these treatments cost at least
₹1,00,000.
Treatment Ailment Cost of treatment

Current status quo:

Close to 70% of companies have included Uterine Artery Embolization and HIFU Uterine fibroids ₹1,00,000 to ₹2,25,000

modern treatments in their employee

Balloon Sinuplasty Chronic sinusitus 3
₹ 0,000 to ₹50,000
insurance policies.

Deep Brain stimulation Movement disorders associated 8

₹ ,00,000 to ₹15,00,000
Our recommendation:. with Parkinson's disease (PD),
Include modern treatments, with a 50% essential tremor, and other

neurological conditions
copay.

Oral chemotherapy Cancer 3 8 /

₹ ,000 to ₹1 ,000 cycle

Immunotherapy -Monoclonal Antibody Cancer ₹1,50,000 to ₹4,50,000 per session

j
Intravitreal In ections Retinal conditions j
₹10,000 and ₹45,000 per in ection

Robotic surgeries Surgery ₹1,70,000 to ₹4,75,000

Stereotactic radio surgeries Brain tumors 8 38

₹2, 5,000 to ₹ , 0,000

Modern treatments need modern Bronchial Thermoplasty Severe asthma ₹10,00,000

benefits
Vaporisation of the prostate Benign prostatic hyperplasia ₹1,00,000
To ensure that the policyholders are not denied

availability of health insurance coverage to

ION M (Intra Operative Neuro- High-risk neurosurgical, Depends on nature

Modern Treatment Methods, the IRDA identified Monitoring) orthopaedic, peripheral of treatment

twelve new treatments to be included in health nerve, and vascular surgeries

insurance policy contracts in 2019.

Stem cell therapy Cancer ₹15,00,000 to ₹25,00,000

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 20

 Gone are the days where companies would

Observation III offer only insurance and could announce

that they’re taking care of their employees’

health.

The definition of Given that health insurance impacts only

8% of the workforce, there is greater

healthcare is
demand for more holistic healthcare

initiatives.

evolving
In this section, we discuss if insurance

really covers all your employee’s healthcare

needs, the impact good healthcare has on

your bottomline, and how you can build a

holistic healthcare program in the backdrop

of rising costs.

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 21

8% of employees use insurance; 100% of them will
appreciate investments in preventive and primary care

All of India’s ten most prevalent ailments in the

country don’t require hospital admission unless it is
India's most common ailments
serious. Most employees will suffer from these
common ailments. Without early intervention, Ailment Prevalence Enhancements to benefits plan
[7]
these could snowball into more serious issues.

Oral disorders (tooth decay, gum

47% Dental care
problems etc)
Small enhancements to your employee health
benefits stack can go a long way — offering doctor
Hemoglobinopathies and hemolytic
40% Telehealth and supplements
consultations, an OPD wallet, dental and vision anemias

benefits, annual health checkups, and more.

Headache disorders 34% Diagnostic tests and doctor consults

Dietary iron deficiency 29% Telehealth and supplements

Tuberculosis 27% Telehealth, supplements, and domiciliary care

Telehealth, physical health (workshops,

Gynecological diseases

20% sessions), supplements, and access to

(Endometriosis, PCOS, Cysts etc)
nutritionists

The tamasha of employee health. Age-related and other hearing loss 19% Diagnostic tests

Ved is a Product Manager at a company in

Cirrhosis and other chronic liver Investments in physical health, diagnostic
Mumbai with health insurance. He lives a healthy 18%
diseases tests, and telehealth
lifestyle, and isn’t predisposed to major lifestyle

diseases yet. His performance at work is

Reduce limits on LASIK, annual health checkups,

Blindness and vision loss

15%
impacted by underlying issues with his mental
and vision care
health. As much as he appreciates his employer’s

insurance, he’d appreciate access to a therapist

Intestinal nematode infections Telehealth
15%
more. (roundworm)

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 22

Investing in primary healthcare has positive outcomes on
employee morale, health, and savings
At Plum, we’ve witnessed a 4x surge in companies offering OPD benefits. In addition, close to 18% of companies offer employer sponsored primary
healthcare, 10% offer mental health benefits, and 60% offer complimentary health check ups, discounted medicines, and vision and dental checks to their
team.

Focus areas for 2024, based on adoption of

health benefits and Plum’s telehealth

57%
of HRs believe there’s an improvement in
consultations
employee morale due to good benefits

Mental health consultations form 19% of all Plum

19% telehealth consultations

Dermatologist consultations make up 18% of all

y
of emplo ees believe availing healthcare
18% Plum telehealth consultations

34% y
pla ed an impact in them taking fe
sick leaves
wer
10%
Obgyn consultations make up 10% of all Plum
telehealth consultations

₹8Cr Saved in healthcare costs by employees

using Plum
[8]

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 23

Design plans that cater to diverse employee healthcare
needs

The ideal healthcare policy caters to diverse Invest in relevant employee healthcare initiatives that cater to employee needs

needs of a diverse workplace, making it

important for companies to prioritise their
Share of total Example coverage and
benefits accordingly.

Employee category Conditions Share of members

healthcare spend healthcare initiatives

The workplace is a multitude of different

Healthy Preventative care,
Health checkups,
employees with different healthcare needs – pregnancy telehealth, gym
>80% <20%
the one size fits all approach is slowly memberships, vision and
dental checkups
becoming obsolete.

Companies need to speak to their team,

Rising risk Early stage chronic OPD benefits, employer
understand their healthcare needs and risks, illnesses <20% sponsored primary
~15%
work with healthcare partners to craft the healthcare

right plans, and determine the best way to

engage them.

Persistent utilizers Unmanaged health needs Rehabilitation benefits,

(mental health, Mental health, Nutrition,
depression), Poorly 2-3% 30% Domiciilliary care
managed chronic
illnesses, Cancer

Catastrophic NICU/PICU cases, Heart Critical illness riders,

failures, Stroke, 2-3% 30% Group Personal Accident
Accidents, Death Cover, Group Term Life
Cover

/ The State of Employee Benefits 2024 / OUR OBSERVATIONS 24

04
Emerging employee

healthcare trends

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Emerging trend I
HRs today use HRMS for employee
management, ATS for talent tracking, BGV
for verification, and yet insurance is still a

The Age of
mixture of spreadsheets and paperwork.

Something’s gotta give.

InsuHRtech With interconnected teams, hybrid

workforces, and ongoing digital
transformation, we believe employee
benefit management will become an
integral part of the HR tech stack.

This section talks about how tech

influences every aspect of the admin and
employee journey with respect to insurance
and health benefits.

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 25

Insurtech can change how employees feel about
insurance

In 2024, employee benefits need to Tech intervention and their impact in different points in the healthcare journey
enhance the overall employee experience.

With improved employee experience being the Tech intervention Impact

number one priority for 8 out of 10 of HR

operators, companies need to demand more of Enrolment of 100% digital enrolment of Complete coverage from
their healthcare partners for experiences that benefits self and family

 policy start date for self and

are digital first, hassle free, and intuitive. 

 family.

Proactive communication on Increased awareness of

Adoption of digital experiences could be the first what’s covered, and what’s coverage for self and family.

step towards untangling a hairy, complex not covered through detailed Proactive communication on

industry that’s traditionally offline. 

 digital onboarding journeys

what’s covered, and what’s

not covered through detailed

j
digital onboarding ourneys.

D
Health I s Automated health ID D
Health I s available in under

generation four hours, and accessible

An employee insurance experience that’s on an app and WhatsApp

made in heaven.
Jaspreet Kaur (Jazz to her friends) works at a Claims experience Fully digital, paperless claims 79 claims NPS (vs traditional
popular wedding planning company in Mumbai. -
experience, with pre filled score of 49)

She uses Meesho to shop, Fi to bank, Zomato for KYC, guided support, and AI 68% of tickets resolved
ordering in, and Google Fit to track her workouts. claims support using AI
She represents India’s corporate employees –

forever online, smartphone using digital natives.

Digital health and -
In app telehealth 37% returning users on
So when she has to help her brother with a
consultations, health telehealth 

wellness
healthcare scare, she expects the same
assessments, and wellness 4000 health assessments
seamless experience from her insurer.
content per month 


/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 26

With digital transformation, focus on the ‘human’ aspect
of human resources

Benefits are an important part of the HR

How tech interventions in employee benefit management is making
tech stack. HR teams happier

Most HRs spend days on processes related to

employee benefits configuration management,
or assistance during claims.

Tech intervention Impact

Introducing tech to your employee benefits

Configuration of benefit 100% digital enrolment of 95% enrolment of employees
strategy results in greater efficiency, with time
plan self and family through APIs
and their families within 7
and costs saved across every step of the
Integrations with HRMs and days
journey.
HRIS platforms

Benefits management
Automated additions and 11 working days saved every

deletions of employees year

You’ve met Aditya Kashyap.

Do you think Aditya Kashyap, the titular Claims management Real time claims dashboard 30% increase in eNPS scores

protagonist of Jab We Met would have been able

to balance running a successful business,

ensuring his employees get the best benefits,

and hunting for the love of his life if he had to

get into the weeds of dealing with repetitive

employee insurance and health benefits related

tasks?

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 27

Emerging trend II
Imagine wanting to bake a cake, but you
have to go to one shop to buy flour, the
dairy to get eggs and milk, and the nearby

The unification
kirana store to get sugar. In addition, you
have to use your neighbour’s oven to bake
it. If this doesn’t make sense, why should

of employee
you tolerate the same thing for employee
health?

We believe different aspects of employee

health health will come together.

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 28

The unification of employee health
Both HR and employees today endure disjointed interfaces for insurance and health benefits. As a
result, the employee health experience is confusing, unpredictable, and siloed.

v
Employee healthcare today is all o er the place .

vendors for different

Insurance by

traditional
Companies rely on multiple
EAP and

employee broker A
TPA offered healthcare needs.
by player D
digital, some are
health from

Player E
Some aspects of health are
h sical, some are phygita
p y

The entire experience is siloed.

HR: doesn’t know Employee:

what employees depends on HR to
As a result,
want or need due understand their
to lack of insights benefits better.

Awareness and adoption is low – more than 52% of

employees aren’t aware of the health benefits
v
a ailable to them

Employee health is a low trust space – more than

50% of employees would trust their family doctor
Wellness over employer sponsored primary healthcare
Telehealth
workshops

from Player C
from player B
Employers cannot measure impact – due to the lack
of a single source of truth, 40% of employers have
insufficient data to make informed decisions.

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 29

The unification of employee health
We’re on the cusp of the iPhone moment of employee healthcare — consolidation is now the
bare minimum, not a bonus.

HR gets

EAP Wellness vendors

single source of truth for all things employee health

and benefits
TPA Telehealth

deeper insights into employee activity and

Insurance User App engagemen

better data to measure impact and prioritize benefits

Platform

Admin Dashboard User App Employee gets

a seamless end-to-end digital experience.

HR Employee
a single unified platform for their healthcare needs
and their family’s.

better means to track their health

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 30

Emerging trend III
A truly comprehensive cover will allow
employees to include the people they want
and choose the benefits they want.

The future is
Parents, children, live-in partners, same-
sex partners, and even siblings, there will
be minimal boundaries for who you are

flex
covering, and what is covered.

Employee benefits will be flexible, and offer

employees full autonomy to choose what
they want.

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 31

Your team contains multitudes – they deserve more than
one size fits all

Two companies, identical budgets, different outcomes

Company B has a traditional employee

Company A offers a flexible benefit plan benefits plan, with the same per
employee budget

Arjun (32M) is married and lives Reema (22F) lives alone with her Alex (40F) lives with their partner. Arjun, Reema, and Alex get the same benefits.

with his parents. As a first dogs. She’s financially literate, and They ’re looking to adopt a child,
generation employee, nobody in his has invested in a retail health while undergoing hormone therapy While they might find a few useful, they will not use a
family has health insurance. He’s insurance policy. She’s just moved for gender affirmation. majority of benefits offered.
currently planning to have children. cities, and is having trouble building
her fitness and wellness regime.

Arjun chooses the following plan Reema chooses the following plan Alex chooses the following plan Despite the best interests of a company, it is impossible
ESCP plan E-only plan ESC plan, live in partner cover to craft a health benefits plan that will work perfectly for
₹5,00,000 sum insured ₹3 ,00,000 sum insured ₹1 0,00,000 sum insured, with Arjun, Reema, and Alex. 


Super top up for parents Employer sponsored primary gender affirmation surgery and
Employer sponsored primary healthcar surrogate mother covers A flex benefits plan is a more efficient use of benefits
healthcare Gym subscriptio included budgets, because employees get to choose the
Annual health checkups, Mental health benefits Employer sponsored primary benefits they want — and will eventually use.
discounted medicines. Period care healthcare
Supplements and nutritional Mental health benefits
benefits

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 32

Flex benefits are catching on, and fast

Everyone cares for à la carte benefits How Indian companies are adopting Flex

Organisations are realising the importance of giving employees great benefits - but
more importantly, the freedom to choose.
Swiggy offers graded cover to suit
different income brackets with optional
add-ons

of employees want the liberty to choose

75% their own benefits Cred supports caregivers with curated
policy enhancements for elder care,
maternity care, child care, and OPD

of HRs witness a strong correlation

60% between flexible benefits and employee

happiness
Meesho offers employees the option to
choose between multiple curated modular
plans

Around 40% of enterprise companies partnering with Plum have

adopted flex-care for their teams, and the early signs are
encouragin

Faster enrolment of employee

6 0% of employees chose their own dependents, deviating from the

traditional ESCP pla

40% of employees have voluntarily participated in enhancing their polic

15% jump in employee satisfaction scores

/ The State of Employee Benefits 2024 / EMERGING EMPLOYEE HEALTHCARE TRENDS 33

05
The benefits of

better benefits

plumhq Getplumhq Getplumhq plumhq.com

The non negotiables

These benefits are the bare necessities of any employee health benefits plan.
Knowing that they can avail these benefits offers a sense of security to
employees, and impacts overall morale and happiness.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

Family sum insured ₹5,00,00 ₹7,00,000 - ₹10,00,000 >₹15,00,000

OPD Not offered ₹10,000 >₹20,000

Family members Employee, Spouse, 2 children Employee, spouse, 2 children and 2 parent/in-laws (without Employee, spouse, 4 children and 2 parent/in-laws

cross selection) (without cross selection)

10% on ESC claims, 20% of

Co-pay None None
parental claims

Normal maternity ₹50,000 ₹75,000 ₹2,00,000

C-sec maternity ₹50,000 ₹90,000 - ₹1,00,000 ₹2,00,000

Twin maternity Not offered ₹100,000 ₹2,00,000

Normal room rent capping 1% of SI No limit No limit

ICU room rent capping 2% of SI No limit No limit

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 34

Family
The definition of family is evolving — companies need to look beyond traditional definitions of family
when they construct employee benefits plans. These benefits go a long way in attracting India’s
millennial, liberal workforce, while catering to global benchmarks at the same time.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

LGBTQ Not covered Covered Covered

Live-in Partner Not covered Covered; only one live-in partner allowed in a year Covered; only one live-in partner allowed in a year

Not covered Upto 2 dependent siblings covered, upto age of 25yrs, Upto 2 dependent siblings covered, upto age of 25yrs,
Siblings
allowed only if children are not covered by that employee allowed only if children are not covered by that

employee

Age limit for Differently Not covered j

Covered without any upper age limit, sub ect to a minimum j
Covered without any upper age limit, sub ect to a
disability of 40 % certificate to be furnished minimum disability of 40% certificate to be furnished
Abled Children

Covered from day 1 Covered from day 1

New Born Baby Covered from day 1

Up to 2 parents or parent-in-laws; cross-selection not Up to 2 parents or parent-in-laws; cross-selection

Two parents covered, parents-
# of Parents allowed
in-laws not covered not allowed

Up to 2 children
Up to 2 children; automatic coverage for 3rd and 4th child in Up to 4 children
# of Children /
case of twins triplets

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 35

Maternity
’
These benefits are crucial, especially if you re loo ing to ma e the k k
k
wor place more inclusive to women.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

Maternity Cover Offered, maternity cover of Covers first 2 successful deliveries. In case a pregnancy is Covers first 4 successful deliveries. In case a pregnancy

₹50,000 terminated, it is not counted in the limit of 2 deliveries. is terminated, it is not counted in the limit of 2 deliveries.

Miscarriage and abortion Not offered Covered within maternity sublimit Covered within maternity sublimit

Pre-post Natal Expenses Not offered Upto ₹10,000 within maternity limit.
Within maternity limit.

On IPD and OPD basis.

On IPD and OPD basis.

Can include diagnostics and consultations.

Can include diagnostics and consultations.

Includes cost incurred 6 months before or after delivery. Includes cost incurred 6 months before or after delivery.

Infertility related Not offered Upto ₹1,00,000.

Upto ₹3,00,000.

Covered on IPD and OPD basis.

Covered on IPD and OPD basis.

treatment
Outside the maternity limit. Outside the maternity limit.

Covered upto family sum insured Covered upto family sum insured
Maternity related Not offered

complications

Covered within maternity limit Covered within maternity limit

Well baby expenses Not offered

Covered within maternity limit; includes room rent expenses for Covered within maternity limit; includes room rent
Well mother expenses Not offered
mother in case of <2yrs baby being hospitalised expenses for mother in case of <2yrs baby being
hospitalised

Surrogate mother's expenses (who may not be part of the active Surrogate mother's expenses (who may not be part of
Surrogate mother expenses Not offered
list) covered within maternity limit the active list) covered within maternity limit

Child Vaccinations Not offered Covered upto ₹10,000, IPD and OPD, outside maternity limit, Covered upto ₹10,000, IPD and OPD, outside maternity
upto age of 2yrs limit, upto age of 2yrs

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 36

Specific ailments
’ k comprehensive employee benefits plan, this is a good place to start.
If you re loo ing to build a
While these benefits will not be adopted by a majority of employees, the ones who do will truly
appreciate it — helping your employer brand stand out in a crowded space.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

HIV & AIDS Not covered Covered up to sum insured Covered up to sum insured

Mental illness, Psychiatric, Not covered Covered up to ₹1,00,000 for IPD in a recognized psychiatric unit Covered up to sum insured on IPD basis

of a hospital
Psychosomatic Ailments

Modern Treatments Covered , with co-pay Covered upto 50% of sum insured Covered upto sum insured

Internal Congenital Diseases Not covered Covered Covered

External Congenital Diseases Not covered Covered only in life threatening situations Covered only in life threatening situations

Genetic Disorders Not covered Not covered Covered

Surgical cancer Not covered Covered up to sum insured Covered up to sum insured

Organ Donor Expenses Not covered Covered up to sum insured Covered up to sum insured

Gender affirmation Not covered Gender affirmation surgery covered with 0% copay Gender affirmation surgery covered with 0% copay
procedures

Cochlear implants Not covered Covered up to sum insured Covered up to sum insured

AYUSH Covered upto ₹1,00,000 Covered Covered

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 37

Specific ailments (contd.)

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

Terrorism caused injuries Covered Covered Covered

Autism Not covered Covered Covered

Animal or serpent attack Not covered Covered on IPD basis Covered on IPD basis

Fracture Covered on IPD basis Covered on IPD and OPD basis. Covered on IPD and OPD basis.

Lucentis Not covered Covered up to ₹50,000 Covered up to ₹1,00,000

Physiotherapy Covered on IPD basis. Covered Covered on OPD and IPD basis. Covered on OPD and IPD basis.

on OPD basis on ly if it is related

with previous hospitalization,
and within the pre/post limit.

Prosthetic devices Not covered Covered Covered

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 38

OPD Benefits
Companies investing in OPD benefits for their teams see returns in the form of employee morale,
productivity, and better team health.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

Doctor/Specialist Consultations Covered through telehealth Covered up to OPD sum insured and telehealth Covered up to OPD sum insured and telehealth

Covered up to OPD sum insured; employer sponsored health Covered up to OPD sum insured; employer sponsored
Diagnostics Not covered
checkups health checkups

Medicines Not covered Covered upto OPD sum insured Covered upto OPD sum insured

Vaccinations Not covered Covered upto OPD sum insured Covered upto OPD sum insured

Annual Health Checkups Not covered Employer sponsored annual master health checkups Employer sponsored annual master health checkups

Physiotherapy Not covered Covered up to OPD sum insured Covered upto OPD sum insured

COVID homecare treatment Not covered Covered up to sum insured Covered up to sum insured

Cervical and other vaccinations Not covered Employer sponsored health camps Employer sponsored health camps

Mental health Not covered Covered up to OPD sum insured; dedicated programs Covered up to sum insured; dedicated programs

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 39

Top ups, Vision, and Dental care
These benefits offer an added layer of protection to your team, making your plan more
comprehensive and holistic.

Benefits Median Cover offered by the top 1%ile Cover offered by the top 1%ile
companies in India companies in the world (in India)

Cataract ₹40,000 Covered up to sum insured. No restriction on lens type. Covered up to sum insured. No restriction on lens type.

LASIK Covered, +/-7.5D Covered for correction above +/- 5D Covered for correction above +/- 4D

Dental Not covered Covered only if necessitated due to accident and Covered only if necessitated due to accident and

requires hospitalization requires hospitalization

Sum Insured Top-up Not covered Options upto ₹15,00,000 Options upto ₹15,00,000

Covered up to OPD sum insured; employer sponsored vision Covered up to OPD sum insured;

Other Vision Not covered

camps employer sponsored vision camps

/ The State of Employee Benefits 2024 / THE BENEFITS OF BETTER BENEFITS 40

06
Conclusion

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Parting words

Thank you for going through The State of Employee Benefits 2024. We hope you Take the case of Kavya who despite being the only one in her entire company

found it useful. Before you go, here’s some food for thought. making a claim, found absolute comfort that her decision to opt for IVF was

supported, or Ankita — the only openly transgender employee in your 1000+ org
We constantly look at insurance and what it does for your employees - most of
whose surgeries are covered, or Rohit who was able to speak to a paediatrician
your employees - for employees that need any and all types of care. And that’s
for his 1 year old at 2:00 a.m. in the night, or Srihari who can find comfort in the
how we discuss impact. Impact is one of those words that, as for-profit
fact that his 26 year old special needs child can stay on the insurance policy.
companies, we use interchangeably to suit context. And much like every brand

that chooses words carefully, we figured we must be able to measure it. Healthcare and benefits aren’t just about all the data you just saw. Care is also

about people, their challenges, and their stories. Benefits aren’t just about the
And there lies the problem — what’s the true impact of a great employee objective bottomline — there are multiple qualitative factors that influence your
benefits policy? How do we deeply think about people and work, people at employee’s health, well-being, and general morale. And progressive companies
work? We’ve been taught to measure this in terms of how many of our don’t do this because of compliance, they do it because they believe cultivating a
employees were able to avail the type and quality of care that we pay for. culture of care is the right thing to do.

Policy matters. To everyone. But those who need its support the most. We’ve The State of Employee Benefits are ever evolving, and so shall this report. See
observed this through insurance. We’ve observed this through care. Is adoption you next year. Until then, write to us at [email protected] for all the
the measure of impact? Is value? bouquets and brickbats.

/ The State of Employee Benefits 2024 / CONCLUSION 41

Sources and citations

Primary sources of data

Citation

4500+ employee benefits plans World Health Organization. (n.d.). India health system review. Retrieved

from https://apo.who.int/publications/i/item/india-health-system-revie
18000+ claims raised by Plum users over the period
of Jan’23 to Jan’2 NITI Aayog. (2021, December 8). Health insurance for India’s missing middle.

Retrieved from https://www.niti.gov.in/sites/default/files/2023-02/Health-

Surveys with 100+ people leaders and employee
Insurance-for-India%E2%80%99s-Missing-Middle_08-12-2021.pd
Qualitative interviews with 25+ people leader
Insurance Regulatory and Development Authority of India. (n.d.). Document
Plum’s proprietary product data and observations on details. Retrieved from https://irdai.gov.in/document-detail?
usage and adoption documentId=441759

Remote.com. (n.d.). Benefits guide. Retrieved from https://go.remote.com/

hubfs/email%20marketing/Gated%20Content/Benefits_Guide-compressed.pd

Business Standard. (2023, December 20). Employer-sponsored health

insurance cost to rise 11% in 2024: Report. Retrieved from https://

www.business-standard.com/finance/news/employer-sponsored-health-

insurance-cost-to-rise-11-in-2024-report-123122001303_1.htm

The Economic Times. (n.d.). Cost cutting on employees can be a bad idea: A

CFO’s calculation. Retrieved from https://cfo.economictimes.indiatimes.com/

blog/cost-cutting-on-employees-can-be-a-bad-idea-a-cfos-

calculation/10639382

Institute for Health Metrics and Evaluation. (n.d.). GBD Compare | India.

Retrieved from https://vizhub.healthdata.org/gbd-compare/indi

Plum. (2023). Corporate health report 2023. Retrieved from https://

www.plumhq.com/corporate-health-report-2023

/ The State of Employee Benefits 2024 / CONCLUSION 42

Bonus Data: Healthcare trends across cities

Coverage and sum insured Maternity

City
City % of companies Average claim % offering % offering maternity Average claim

offering sum insured size maternity limit >₹50,000 size

of 5L and above benefits

Delhi 68% ₹62375 63% 26% ₹1,20,000

Mumbai 60% ₹92796 62% 17% ₹1,00,000

Bangalore 70% ₹73000 72% 19% ₹1,12,000

Chennai 60% ₹69000 72% 8% ₹85,000

Hyderabad 60% ₹83000 63% 15% ₹1,50,000

Pune 61% ₹60794 64% 9% ₹85,000

Ahmedabad 27% ₹60500 49% 5% ₹1,20,000

/ The State of Employee Benefits 2024 / CONCLUSION 43

Bonus Data: Healthcare trends across sectors

Industry % offering coverage Median sum insured % offering maternity benefits

for family

Business Consulting and Services 72% ₹500,000 65%

Computer and Network Security 64% ₹500,000 50%

Design 65% ₹400,000 50%

e-Commerce 75% ₹500,000 73%

Education Management 71% ₹500,000 59%

Financial Services 85% ₹500,000 79%

Food and Beverage Services 78% ₹300,000 72%

Health Care 68% ₹300,000 47%

Human Resources Services 70% ₹300,000 77%

IT Services and IT Consulting Services 84% ₹500,000 66%

Manufacturing 73% ₹300,000 60%

Media & Communications 65% ₹400,000 55%

Real Estate 61% ₹300,000 67%

SaaS 84% ₹500,000 79%

Software Development 86% ₹500,000 74%

Transportation and Logistics 81% ₹500,000 73%

/ The State of Employee Benefits 2024 / CONCLUSION 44

Brought to you, with care from Plum

Meet the makers

Ganapathi Ramanathan Shwetha Sridhar Jayanth Ganapathy

Content at Plum

Ritika Chaplot Sarthak Sinha Shreyas Achar

PR and thought leadership at Plum

Puneet Murthika Akshay Golechha

Nisha Ramchandani
Content at Plum

Disha Dinesh Harshwardhan Singh

Dhairya Thakker
Product and all things data at Plum

Digvijay Mahra Abhishek Poddar

Anisha Rajan
Design at Plum

Sugato Banerjee Saurabh Arora

Prasun Jain
Design at Plum

Aditya Bagarka

/ The State of Employee Benefits 2024 / CONCLUSION 45

About Plum
Plum is India’s leading insurtech platform offering employee wellness solutions and business insurance solutions to 3500+
corporations. Established in 2019, the company aims to build the most trusted and loved insurance & healthcare provider for people
and companies. It is on a mission to provide the highest quality insurance and healthcare to 10 million lives by FY2030, through
companies that care. Plum is backed by Tiger Global and Peak XV Partners.

/ The State of Employee Benefits 2024 / CONCLUSION 46