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Employees ready to pay for insurance facilitated by employer

Insurance provided by employer offers better coverage, claim recovery and cost efficiency

BS Reporter  |  Mumbai 

Image via Shutterstock
Image via Shutterstock

are willing to pay for additional if it is provided by their employers. This is because employer facilitated offers better coverage, efficiency in cost and better claim recovery. This was the key theme of Marsh India's 9th annual Employee Health and Benefits Survey.

According to the survey, 92 per cent of the were willing to share and buy voluntary plans offered to them by their employers. The survey was conducted among 500 corporates and over 2,000 It included for the first time this year.

Of the total who were surveyed, 33 per cent were willing to spend 1-2 per cent and another 37 per cent were willing to spend 3-5 per cent of their annual salaries on voluntary plans.

Top-plans in health and term life is one big focus area for Another area which saw high demand was coverage for outpatient department and parents. Almost 83 per cent of also said they are looking to customise their offered by employer such as increasing room rent and maternity limits. There is also increasing demand for voluntary programmes to cover assets like car or house and travel insurance, provided it is facilitated by the employer.

"The average sum insured for medical provided to was Rs 3 lakh. It has now increased to Rs 3.5 lakh. Similarly, the average limit on room rent was Rs 3,000. It has now increased to Rs 4,000. But even these are inadequate because of greater utilisation," said Sanjay Kedia, Country Head and CEO of

In case of parents coverage, 100 per cent employee funded coverage is on a decline, but partly funded parent coverage is increasing. The percentage of employers who provide 100 per cent sponsored parents' coverage is now 35 per cent, as against 41 per cent last year, said the survey. But the percentage of companies that facilitate parents coverage has increased to 80 per cent from 76 per cent last year.

"want to leverage the buying power of corporates. So, companies in turn are asking companies for specific enhancements in coverage. For instance, features like coverage for women, medical advancements like robotic surgery, chronic conditions etc in medical insurance," Kedia said.

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Employees ready to pay for insurance facilitated by employer

Insurance provided by employer offers better coverage, claim recovery and cost efficiency

Insurance provided by employer offers better coverage, claim recovery and cost efficiency
are willing to pay for additional if it is provided by their employers. This is because employer facilitated offers better coverage, efficiency in cost and better claim recovery. This was the key theme of Marsh India's 9th annual Employee Health and Benefits Survey.

According to the survey, 92 per cent of the were willing to share and buy voluntary plans offered to them by their employers. The survey was conducted among 500 corporates and over 2,000 It included for the first time this year.

Of the total who were surveyed, 33 per cent were willing to spend 1-2 per cent and another 37 per cent were willing to spend 3-5 per cent of their annual salaries on voluntary plans.

Top-plans in health and term life is one big focus area for Another area which saw high demand was coverage for outpatient department and parents. Almost 83 per cent of also said they are looking to customise their offered by employer such as increasing room rent and maternity limits. There is also increasing demand for voluntary programmes to cover assets like car or house and travel insurance, provided it is facilitated by the employer.

"The average sum insured for medical provided to was Rs 3 lakh. It has now increased to Rs 3.5 lakh. Similarly, the average limit on room rent was Rs 3,000. It has now increased to Rs 4,000. But even these are inadequate because of greater utilisation," said Sanjay Kedia, Country Head and CEO of

In case of parents coverage, 100 per cent employee funded coverage is on a decline, but partly funded parent coverage is increasing. The percentage of employers who provide 100 per cent sponsored parents' coverage is now 35 per cent, as against 41 per cent last year, said the survey. But the percentage of companies that facilitate parents coverage has increased to 80 per cent from 76 per cent last year.

"want to leverage the buying power of corporates. So, companies in turn are asking companies for specific enhancements in coverage. For instance, features like coverage for women, medical advancements like robotic surgery, chronic conditions etc in medical insurance," Kedia said.
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Business Standard
177 22

Employees ready to pay for insurance facilitated by employer

Insurance provided by employer offers better coverage, claim recovery and cost efficiency

are willing to pay for additional if it is provided by their employers. This is because employer facilitated offers better coverage, efficiency in cost and better claim recovery. This was the key theme of Marsh India's 9th annual Employee Health and Benefits Survey.

According to the survey, 92 per cent of the were willing to share and buy voluntary plans offered to them by their employers. The survey was conducted among 500 corporates and over 2,000 It included for the first time this year.

Of the total who were surveyed, 33 per cent were willing to spend 1-2 per cent and another 37 per cent were willing to spend 3-5 per cent of their annual salaries on voluntary plans.

Top-plans in health and term life is one big focus area for Another area which saw high demand was coverage for outpatient department and parents. Almost 83 per cent of also said they are looking to customise their offered by employer such as increasing room rent and maternity limits. There is also increasing demand for voluntary programmes to cover assets like car or house and travel insurance, provided it is facilitated by the employer.

"The average sum insured for medical provided to was Rs 3 lakh. It has now increased to Rs 3.5 lakh. Similarly, the average limit on room rent was Rs 3,000. It has now increased to Rs 4,000. But even these are inadequate because of greater utilisation," said Sanjay Kedia, Country Head and CEO of

In case of parents coverage, 100 per cent employee funded coverage is on a decline, but partly funded parent coverage is increasing. The percentage of employers who provide 100 per cent sponsored parents' coverage is now 35 per cent, as against 41 per cent last year, said the survey. But the percentage of companies that facilitate parents coverage has increased to 80 per cent from 76 per cent last year.

"want to leverage the buying power of corporates. So, companies in turn are asking companies for specific enhancements in coverage. For instance, features like coverage for women, medical advancements like robotic surgery, chronic conditions etc in medical insurance," Kedia said.

image
Business Standard
177 22