Revolutionizing Health: Indian Companies Embrace Preventive Care and Wellness Programs for a Thriving Future | Company News
Post-Pandemic Shift in Employee Benefits Among Indian Companies
Last Updated: Sep 14, 2024 | 12:39 AM IST
In the wake of the Covid-19 pandemic, Indian companies are redefining employee benefits with heightened focus on preventive care, wellness programs, and personalized offerings. According to data from Prudent Insurance Brokers, which covers over 3,000 organizations and 3 million employees, there’s a clear pivot toward Outpatient Department (OPD) benefits, preventive screenings, annual checkups, and mental health support. Notably, 74% of companies now incorporate mental health services into their wellness programs.
Interestingly, companies are increasingly adopting defined-cost structures over defined-benefit structures, providing employees with greater flexibility to tailor benefits to their individual needs. Also, sectors like IT/ITES and E-commerce are witnessing a surge in demand for pet care benefits, aimed at appealing to younger employees and pet owners.
Sector-Specific Findings:
Automotive:
- 51% of companies provide graded sum insured.
- 77% offer maternity coverage.
- A noticeable rise in accident and life insurance benefits.
BFSI:
- 66% offer graded sum insurance.
- 94% provide maturity benefits.
- CTC-linked accident and life insurance benefits are noted.
E-commerce:
- 61% offer flat family floater sum insured.
- New covers address maternity-related complications and menopause.
- Enhanced mental health coverage and personalized benefit offerings.
FMCG:
- 63% offer graded sum insured with flat family floater cover.
- A median value shift noted in offerings.
- Only 7% provide OPD benefits.
These transformative steps reflect a broader trend towards comprehensive and flexible benefits, tailored to meet diverse employee needs in a post-pandemic era.
Source: Prudent Insurance Brokers
First Published: Sep 14, 2024 | 12:39 AM IST
Original Story https://www.business-standard.com/companies/news/indian-companies-shift-focus-towards-preventive-care-wellness-programmes-124091301190_1.html
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