🇮🇳 India - Local Benefits Packages, Customer Overview

Oyster’s local benefits package provides top-class benefits tailored specifically to your country and needs. 

Benefits providers

Oyster has partnered with Plum Insurance, a leading broker in India, to facilitate the management of local benefit providers who understand the market and offer reliable services.

Private health insurance

  • Plum (broker)
  • ICICI Lombard (insurer)

Personal accident & disability insurance

  • Plum (broker)
  • ICICI Lombard (insurer)

Annual health check-ups

  • Plum (broker)

Benefits packages 

Companies can choose from Essential, Competitive, and Best-in-class packages. Some of the coverage highlights include:

  • Excellent service from a top provider in India.
  • Faster claim experiences.
  • Inpatient & outpatient coverage.
  • Dental & vision coverage.
  • Accident/disability insurance.
  • Annual health check-ups.
  • A dedicated app to book appointments.
  • Dependent coverage - Partner, children, and parents 

Package comparison

    Essential Competitive

Best-In-Class

Health Insurance

Sum insured per family Coverage up to ₹500,000 Coverage up to ₹1,000,000 Coverage up to ₹1,500,000
  Maternity Coverage up to ₹100,000 Coverage up to ₹125,000 Coverage up to ₹150,000
  Road Ambulance

Coverage up to ₹5,000

Coverage up to ₹5,000 Coverage up to ₹5,000
  Mental Illness Hospitalization

Coverage up to ₹30,000

Coverage up to ₹100,000 Coverage up to ₹200,000
  Psychiatric Ailments

Coverage up to ₹30,000

Coverage up to ₹100,000 Coverage up to ₹200,000
Annual Health Check-up Plan   Essential plan covering 75+ markers Essential plan covering 80+ markers Essential plan covering 85+ markers

OPD, Dental & Vision

 

Not covered

Coverage per family of ₹10,000

Coverage per family of ₹20,000

Personal Accident & Disability   Coverage per Employee of ₹1,000,000 Coverage per Employee of ₹2,000,000 Coverage per Employee of ₹3,000,000

The above Package Comparison is simply a summary of the benefits packages. For the full list, please review the Employer Handbook here

Benefits pricing

In India, the cost of the local benefits is presented in India Rupee. 

  Essential Competitive Best In Class
Health Insurance  ₹2,213 ₹6 883 ₹8 850
Including OPD n/a
Accident and Disability Insurance ₹20 ₹39 ₹59
Health & Wellness Plan (Telehealth + Annual Health Checkups) ₹197 ₹354 ₹393
TOTAL ₹2,429 ₹7,277 ₹9,302

For your convenience, we have converted the pricing to major currencies as an estimation. 

  •   Essential Competitive Best In Class
    Health Insurance 25

    €77

    €99

    Including OPD n/a
    Accident and Disability Insurance €0.3 €0.5 €0.7
    Health & Wellness Plan (Telehealth + Annual Health Checkups) €3 €4 €5
    Benefit support fee*
    n/a €45 €70
    Total cost per TM per month 28.30 €126.50 €174.7

    Prices are converted from rupee (₹) to euro () and are approximate at November 2023's exchange rate. Therefore, prices are subject to change.

  •   Essential Competitive Best-in-class
    Health Insurance $27 $83 $107
    Including OPD n/a
    Accident and Disability Insurance $0.3 $0.5 $0.7
    Health & Wellness Plan (Telehealth + Annual Health Checkups) $3 $4 $5
    Benefit support fee*
    n/a $50 $75
    Total cost per TM per month $30.3 $137.50 $187.70

    Prices are converted from rupee (₹) to US dollar ($) and are approximate at November 2023's exchange rate. Therefore, prices are subject to change.

  •   Essential Competitive Best-in-class
    Health Insurance £22 £67 £86
    Including OPD n/a
    Accident and Disability Insurance £0.2 £0.4 £0.6
    Health & Wellness Plan (Telehealth + Annual Health Checkups) £2 £4 £4
    Benefit support fee*
    n/a £40 £65
    Total cost per TM per month £24.2 £111.4 £155.6

    Prices are converted from rupee (₹) to pound (£) and are approximate at November 2023's exchange rate. Therefore, prices are subject to change.

* The benefit support fee covers the cost of Oyster managing the whole lifecycle of benefits administration.

Benefit Support Fee

We are also introducing our Benefit Support Fee to cover the costs of handling the benefits lifecycle:

  • Market research
  • Vendor negotiation
  • Enrollment and modifications
  • Vendor management
  • General administration

This fee is part of our overhead as set out in our Terms & Conditions.

The Benefit Support Fee is billed monthly with the Oyster invoice and is in addition to the cost of the benefits, as shown in the platform when benefit plans are added. 

Global vs. Local Benefits

For those Customers already offering benefits via Allianz Health, a local benefits package can be added to your Team Member's benefit offering. If you choose not to offer local benefits or make no selection, no changes will be made to your benefits plan. Team Members will continue with the same benefits experience they have had to date.

Renewals and readjustment

Insurance plan renewal happens every 12 months (on the policy anniversary), and the readjustment is based on the claim experience and inflation rates applicable to those products. 

FAQs

How to enroll your Team Member in India into a local benefits package

You can enroll your team into local benefits in India from the hiring flow or from the in-app benefits flow. 

From the hiring flow:

  1. After you fill out the compensation details, you will be taken to the Benefits section of the hiring form.
  2. Select a benefits package based on your company’s benefits strategy. Here are some recommendations on which to choose:
    • Choose Essential if you only want to offer statutory and common benefits 
    • Choose Competitive if you want to offer benefits that most local employers in that specific country offer and want to remain competitive. 
    • Choose Best-in-class if you want to offer premium benefits that set you apart. 

    To remain non-discriminatory, enrolling all of your Team Members into the same benefits package is important.

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  3. You can also choose to select health add-ons on top of your package. The add-ons include health benefits provided by Allianz.
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  4. After you make a selection, you will be shown the total estimated monthly costs. 

From the benefits flow:

  1. Click People > Benefits from the left menu in your Oyster account.
    benefitsflow1.png
  2. Review the list of engaged Team Members on the Benefits page and their benefits enrollment status. Click Enroll Benefits to enroll a team member into benefits.
    benefitsflow2.png
  3. The Request Benefits Enrollment page opens. Select a plan.

    You will see local benefits plan options for India, Poland, the United States, and Canada and global benefits provider Allianz for other countries.

    mceclip1.png

  4. Click Send request. Wait for the success message to appear.
    benefitsflow4.png
  5. The Oyster support team and the benefits vendors will begin the enrollment process.

When do my team benefits start? 

The benefits start date will be the same as the employment start date. Employees will receive an invitation via email to access the provider’s website to complete their enrollment within 15 days of their start date.

Can dependents be added?

Each Benefit package (Essential, Competitive, Best In Class) includes several dependents.

Dependents covered under each plan
For Essential Competitive Best-in-Class
Team Member
Spouse
Children (4)
*Parents (2)  

* Parental Coverage can cover either the Team Member’s parents or their spouse's parents. However, this coverage must only be used for the parents on one side of the marriage, so Team Members can opt to cover either their parents or their spouse's parents, but not a mix.

When will team members dependents’ cover start?

The coverage start date for dependents will be the same as the main member’s.

Can we change our current Benefits Package to another tier?

A customer's Benefits Package can not be changed during the policy period. Customers can change their package only when the Oyster policies are up for renewal.

Can I offer different benefits to different team members?

No. All team members from the same Customer must be covered under the same chosen policy/plan.

 

What are the pension benefits in India?

  • Pension in India is governed by the Employees Provident Fund Organization India (EPFO). A person is eligible for pension after retirement only if he has been in service for a minimum of 10 years.
  • The provident fund is a compulsory scheme in India, where 12% of the basic salary should be contributed by both employer and employee.
  • Of the 12% contribution, 8.33% goes to the provident fund, and the remaining 3.67% goes to the Employee pension scheme (EPS).
  • Oyster does not offer any additional private pension scheme at this time.

Coverage brochures & support guide

Support

If you have any questions, don't hesitate to get in touch with Oyster Support for assistance.

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