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HUL, ITC and P&G: A deep dive into health insurance benefits at FMCG giants

Anant Jain

Aug 20, 2024 • 5 min read

With a massive workforce of ~50K, ITC is one of the largest employers in India’s FMCG sector. But how do their health care benefits stack up against those of HUL and P&G?

Whether you’re currently employed at HUL, ITC or P&G, or considering an offer from one of these industry giants, this blog offers a thorough analysis of the health insurance benefits they provide.

It's essential to understand and make the most of your health coverage to ensure you're fully protected and not missing out on potential financial benefits.

Summarising the benefits: HUL, ITC and P&G

Comparison of health insurance benefits at FMCG majors (HUL, ITC and P&G)

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Verdict: HUL offers a comprehensive health insurance policy with extensive coverage for employees and includes parents in the default plan. The policy also encompasses a range of health and wellness benefits such as OPD services, dental and vision care, and regular health checkups.

Did you know that your health insurance covers expenses like spectacles, lenses, dental treatment, and more? Don’t miss out on these valuable benefits included in your corporate plan!

Highlighting key health insurance benefits at HUL, ITC, and P&G

Here's a detailed breakdown of the corporate health insurance policies offered by HUL, ITC, and P&G:

Members covered: In addition to covering employees, corporate health insurance may also provide coverage for the employee's spouse, children, and parents or parents-in-law.
1. HUL: Provides coverage for employee, spouse, two children (upto age of 25 years) and parents. Parents in law are not covered.
2. ITC: Provides cover for employee, spouse and two dependent children up to the age of 24 years.
3. P&G: Policy covers employee, spouse & three dependent children (up to the age of 25 years, provided they are not employed or married)
Sum insured: Sum insured is the maximum limit up to which the health insurance company pays for medical expenses. The minimum recommended coverage in a metro city is typically around INR 10L.
1. HUL: Unlimited cover for employee, spouse and children. A maximum limit of INR 1L per annum per parent enrolled in the policy.
2. ITC: 3-year medical budget of INR 1.2-1.5L for hospitalisation and INR 36-45K for domiciliary/ OPD treatment based on the employee grade.
3. P&G: A family floater sum insured of INR 4.5L per annum.
Base coverage benefits: The table below compares the base coverage benefits across these three companies on key parameters such as copayment, pre & post-hospitalisation, and room rent limits:

Features	Description	HUL	ITC	P&G
Copayment	% of addmissable claim that you need to pay	25% on parental claims	No copayment	No copayment
Pre & post hospitalisation	Expenses incurred before and after hospitalisation are covered	Pre-hospitalization: 30 days Post-hospitalization: 60 days	Within the overall medical budget	Pre-hospitalization: 30 days Post-hospitalization: 60 days
Room rent limit	Highest category room or rent a person can avail	Single standard AC room	Twin sharing/ Single standard	Single standard AC room
Day care treatments	Treatments that don't require 24hr hospitalization	Covered	Covered	Covered
Waiting period	Time frame after which the benefits are covered	No waiting period	No waiting period	No waiting period
Critical illness	Additional cover on diagnosis of critical illness	No	No	INR 4.5L additional if base sum insured get exhausted

Additional benefits: Let's explore the additional health and wellness benefits provided by these FMCG giants:

Benefits	HUL	ITC	P&G
Maternity benefits	No limit	within the overall medical budget	Limit of INR 2.5L in metro; 1.25L in non-metro within the overall SI
OPD consultation & pharmacy	Covered; medicines cost not covered for parents	Additional INR INR 36K - INR 45K budget for a 3 year period	OPD is not covered under this policy
Diagnostics	Covered	within the OPD budget	OPD is not covered under this policy
Dental	Covered (except for parents) upto INR 10K per person	within the OPD budget	OPD is not covered under this policy
Vision (Frames & lenses)	Covered (except for parents) upto INR 3K per person	within the OPD budget	OPD is not covered under this policy
Health check-up	Once in 2-3 years based on age of the employee	Once in 2-5 years based on age of employee	OPD is not covered under this policy
Other benefits	Stem cell banking, travel insurance cost for leisure trip, university health insurance cost for children studying overseas	Emergency loan can be taken if medical expenses exceed floater limit	Any expenditure above the limit can be referred to medical committee and the committee may consider reimbursement

While these firm provide you health insurance cover, it's crucial to remember that corporate health cover is not a comprehensive solution and you should supplement it with a personal health insurance plan.

Simple Insure AI can help you find the right plan that complements your corporate coverage and help you evaluate the voluntary benefits and whether you should opt for them.

Use the links below to learn more about your corporate cover and find the best personal health insurance plans for your family:

HUL: https://wa.me/message/KP7RZWUWJ56OI1

ITC: https://wa.me/message/MQQQ3MT6QHUXD1

P&G: https://wa.me/message/B2KTCHIQCIJWG1

For any queries reach out to us at founder@simpleinsure.ai

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