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.