India: Updates in Employee Benefits Market

December 1, 2016:

The following updates in the employee benefits market have been provided to us by Prudent, Asinta’s Partner in India.

• ESIC raises wage threshold to Rs 21,000: The Employees’ State Insurance Corporation (ESIC) has raised the monthly wage threshold to Rs 21,000 from Rs 15,000 for coverage under its health insurance scheme. Currently, all those insured under the ESIC scheme lose their membership of ESIC as well as that of the insurance cover if their basic wage overshoots the ceiling.
• Six new players are likely to enter the reinsurance market in India by January 2017.
• One million passengers opted for the rail insurance scheme within the first 30 days of its launch. This optional insurance scheme has received a very favorable response from rail passengers. The scheme offers travelers and/or their families compensensation in the event of death or permanent total disability, including hospitalization expenses resulting from death or injury due to a train accident or untoward incident, such as a terrorist attack. This insurance is available via checking a box at the time of e-ticket booking.

You can find the full text of the items listed above in Prudent’s September newsletter here.