Page 44 - The Insurance Times January 2022

by them. As the premium is to be paid periodically, you must You can include zero depreciation cover to your electric
choose a policy that comes at an affordable premium. vehicle insurance policy with which the claim amount made
However, you should not compromise the coverage benefits due to depreciation is waived off and the complete amount
in order to save on insurance premiums. of damage is paid. The premium for these add-ons may differ
from one insurer to another.
Claim settlement ratio: CSR of an insurance company is an
“It is suggested that consumers take add-on covers for e-
important factor to consider as it talks about the performance
vehicles as battery costs and specialized components can be
and how good an insurer is in handling claims. It is
costly for these vehicles. Risks of battery charging damage,
recommended to choose an insurance company that offers a
battery leakage, damage to charging connectors, vehicle
smooth claim settlement process so that you are able to make
towing and providing on-site help, should be examined as
the most of your policy in case of a claim.
add-on covers," said Chatterjee.
Add-ons: These are additional benefits that can be added at While electric vehicles are at a nascent stage in the Indian
the time of EV insurance policy purchase by paying an extra market, they are fast emerging and will soon capture a good
premium to enhance coverage. You can include the add-on pie of the private vehicle market share. It is one segment
covers as per your budget and requirements under a that will equally benefit consumers as well as the
comprehensive insurance policy. environment. (Source : Mint)

Plum Launches Lite - Health Benefits Membership for Early Stage

Startups, SMEs and Gig Workers
Plum, an employee health insurance platform, today announced the launch of Plum-Lite - a comprehensive group health
benefits membership exclusively for early stage start-ups, SMEs and gig workers/ freelance consultants. The membership
will offer new-age health insurance covers, doctor consultations and Covid19 treatment covers for companies with teams
as small as two members and for a premium starting as low as Rs. 85 per month.
For any early stage business, thinking of health benefits from day one is a challenge due to accessibility, affordability and
usability. Current employee health plans have only been available for larger teams requiring a minimum of 10 members.
Through Plum’s new Health Benefits Membership, bootstrapped teams starting with just two members can get covered.
The price point starting at Rs. 85 (per member/ per month) is less than a meal or a single doctor consultation. Plum has
further made it possible to avail this membership through monthly subscriptions; this ensures that bootstrapped businesses
do not have to lock-in a large annual investment.

The membership covers, health insurance upto Rs 5 lakhs, unlimited doctor consultations, weekly wellness sessions,
dental and vision checkups, mental wellness consultations and Covid19 treatment claims. It also covers employees,
spouse and kids and has a zero human touchpoint leading to instant activation.
On the launch of Plum-Lite, Plum’s new Health Benefits Membership, Abhishek Poddar, Co-founder and CEO, Plum, said,
“Plum is on a mission to make health benefits and comprehensive employer<>employee insurance available to the most
underserved segments. Our first launch in this space is for early stage startups, SMEs and gig workers/ freelance consultants.
We aim to create a wellness-first behaviour in workplaces that care. Further, this launch also fulfils Plum’s goal of insuring
10 million lives by 2024 as it is our endeavour to ensure no one remains un/ under-insured due to unaffordability or lack of
access.”
Insurance penetration amongst the 6.3 crore SMEs and 15 million gig workers in India is extremely low despite their
prominent contribution towards the growth of the Indian economy. The launch of Plum-Lite reiterates Plum’s commitment
on augmenting health insurance penetration among early stage startups, SMEs and gig workers/ freelance consultants.

Plum recently partnered with Razorpay Rize to offer exclusive group health benefits to early stage startup founders and
aims to cover over 1 lakh new businesses and entrepreneurs. Plum has set strong roots in the fast-growing startup
ecosystem in India and currently works with 1000+ startups including unicorns like Unacademy, Slice and Groww that
think insurance-first. The company is backed by Tiger and Sequoia.

44 The Insurance Times, January 2022