Insurtech firm Plum finds a healthcare paradox: Only 2% of senior citizens have health insurance in India

Plum, an insurtech platform that offers an array of insurance solutions ranging from group health to business insurance to over 3,500 companies, has highlighted a significant deficit in health insurance coverage among senior citizens in India. The insurtech start-up has noted that an alarming 98 per cent of the country’s elderly demographic lacks health insurance coverage.

India, a country with a population exceeding 1.3 billion, is home to 138 million senior citizens, as per the latest Census records. Future projections have estimated that this figure will surge to around 194 million elderly individuals by 2031, only further accentuating the urgent requirement for insurance.

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 per cent of employees feel that the organisation-sponsored health insurance is inadequate in terms of the sum insured
• 13 per cent of employees availed super top-up as organisation-sponsored insurance doesn’t cover parents and family

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 per cent 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.”

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Plum recently launched its super top-up health insurance with multiple benefits: portability despite one leaving the organisation, 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.

As health insurance firms move ahead to bridge the gap in insurance coverage, Plum is dedicated to reshaping the narrative surrounding senior citizens’ care and health security.

The insurtech sector, with its blend of cutting-edge technology and innovation, holds the potential to revolutionise the scenario. However, there is an imminent need for collective participation from all stakeholders, including companies, insurance providers, and the government, to make holistic, inclusive insurance coverage a reality for India’s senior citizens.