Post the Covid-19 pandemic, there has been a notable shift in the median benefits Indian companies offer their employees, including a greater focus on preventive care, wellness programs and personalized benefits, says a report by Cautious insurance brokers from data from over 3,000 organizations, employing a total of 30 lakhs of employees.
Companies are now rapidly moving to outpatient department (OPD) benefits, emphasizing preventive screenings, annual checkups and mental health support. Furthermore, mental wellness has become a core component of employee wellness programs, with 74 percent of employers including mental health services. Additionally, companies are defining benefit structures for defined cost structures, giving employees more flexibility in choosing benefits that are tailored to their needs. Demand for pet care benefits is also increasing, particularly in the IT/ITES and e-commerce sectors, which target younger workers and those with pets, the findings show.
| Highlights of key sectors | |
| Sectors | Findings |
| Automotive | |
51% of health insurers offer an insured amount with a gradation; 77% offer maternity cover
Accident and life insurance increased slightly in higher brackets
BFSI
66% offer insurance with a graduated sum
94% of organizations offer maturity benefits
CTC-linked accident and life insurance benefits
E-commerce
61% of companies offer a fixed family insurance with a floater sum insurance
New coverage includes complications related to pregnancy and menopause
Greater emphasis on mental health care and offering personalized coverage
FMCG
63% offers an insured sum with a fixed family floater cover, there is a shift in the median value
OPD benefits are offered by 7% of organizations
Source: Prudent Insurance Brokers
First publication: Sep 14, 2024 | 12:39 AM IST