Employers feel that sum 'insured' is inadequate: Survey
Mumbai: One in every four employers in the country believe that the existing sum insured (SI) taken for their employees is inadequate, according to a recent online survey by ICICI Lombard General Insurance.
The research was conducted by ICICI Lombard, through an online survey comprising 500 corporate clients across India.
"About 43 percent of employers have a sum insured of less than Rs 2 lakh. And 51 percent employers, who feel sum insured is inadequate, have less than Rs 2 lakh sum insured," ICICI Lombard GIC said in its report on 'Trends in Employee Benefit Programme - 2013'.
Indian corporations are increasingly realising the importance of employee health care, amid rising health care costs and employee expectations, ICICI Lombard GIC Chief, Underwriting and Claims, Sanjay Datta said here.
"Our research is an important step towards understanding the needs and perceptions of employers to offer effective and innovative solutions in this space," he said.
The survey said that about 96 percent of employers have either increased or maintained employee health care benefits, with more focus on preventive health care.
About 38 percent employers in banking and finance sector have increased benefits compared to 49 percent and 52 percent in IT/ITeS and manufacturing sectors, respectively.
Despite being one of the most appreciated features, policies with parental coverage has decreased to 30 percent from 41 percent in the last two years, the survey said.
The research also said that 46 percent employers find it difficult to understand health care needs and selecting a suitable package for their employees.
ICICI Lombard GIC is a joint venture between ICICI Bank and Fairfax Financial Holdings, a Canada-based USD 37 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.