Plum, an insurtech platform offering group health insurance and business insurance solutions, has observed that 98 percent 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 percent companies (out of Plum’s 3500+ customer base) have parental covers.
Plum surveyed around 300 customers and learned the following:
29 percent of employees feel that the organization-sponsored health insurance is inadequate in terms of the sum insured
13 percent of employees availed super top-up as organization-sponsored insurance doesn’t cover parents and familyAbhishek Poddar, co-founder and CEO of Plum, said, "The 98 percent of uninsured senior citizens is a stark reminder of the vulnerabilities they face. 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.”
