Companies in Bangalore are setting benchmarks in employee benefits, with a significant majority offering substantial health insurance and maternity benefits, according to Plum’s State of Employee Benefits Report 2024.
Key Highlights:
- 70% of Bangalore companies provide health insurance over ₹5L.
- 72% offer maternity benefits, higher than in Delhi and Mumbai.
- Bangalore sees average health claims of ₹73,000.
- The report cites higher costs in healthcare and living in urban areas.
Health Insurance and Maternity Benefits Across Major Cities
The report highlights that Bangalore companies are more generous in their employee benefits compared to their counterparts in Delhi and Mumbai. In Delhi, 68% of companies offer a sum insured greater than ₹5L, and 63% provide maternity benefits. Mumbai trails with only 60% of companies providing similar health insurance coverage and 62% offering maternity benefits.
Healthcare Costs and Employee Welfare
The average claim sizes across cities reflect the varying cost of living, with Bangalore at ₹73,000, Delhi at ₹62,375, and Mumbai leading with ₹92,796. These figures underline the disparities in healthcare expenses, which are influenced by the local cost of living and salary ranges.
Industry Insights on Employee Benefits
Financial services, IT, consulting, and SaaS firms lead in offering the best benefits, while healthcare and real estate sectors lag behind. The manufacturing sector remains average in terms of the benefits provided.
Comments from Plum’s Leadership
Abhishek Poddar, Cofounder and CEO of Plum, emphasized the rising costs of healthcare and the importance of comprehensive benefits. “Lifestyle diseases and escalating healthcare costs require thoughtful benefits planning to ensure employee well-being,” stated Poddar.
Saurabh Arora, Cofounder and CTO of Plum, added, “Despite challenging market conditions, it’s crucial for companies to develop sustainable benefits that support both the employer and the employee.”
Modern Benefits and Insurance Coverage Trends
The adoption of modern benefits like telehealth, mental health support, and personalized healthcare options is increasing. Regulatory changes by IRDAI are also making insurance coverage more comprehensive, including advanced treatments like robotic surgeries and stem cell therapy.
Report Overview and Access
Plum’s report, now in its second edition, examines over 4500 policies from companies ranging from 2 to over 5000 employees, providing insights into how benefits are structured across various industries.
