Plum Tackles Health Insurance Gap for India’s Seniors
Written by Arushi Sharma, Susi
Plum, a pioneering initiative, is taking on the pressing issue of inadequate health insurance coverage for India's elderly population. As medical expenses continue to rise, many seniors find themselves without sufficient financial protection to address their healthcare needs.
Plum, an Insurtech platform, discovered that 98% of India's seniors do not have health insurance, emphasizing the importance of comprehensive coverage in the face of rising healthcare costs. However, achieving widespread adoption remains difficult.
India currently has 138 million elderly people, a figure that is expected to rise by 56 million by 2031. Only 25% of Plum's 3500+ clients provide parental coverage, revealing a significant gap. Employees consistently request elderly coverage, which could be facilitated by super top-up plans in conjunction with increased parental coverage.
According to Plum's survey of 300 customers, 29% of employees believe their employer-sponsored health insurance is insufficient, while 13% chose super top-up due to insufficient parental and family coverage.
Abhishek Poddar, Co-Founder and CEO, 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.”