Growing awareness regarding advantages offered by health insurance companies and increasing disposable income to drive the growth of India health insurance market
According to TechSci Research report, “India Health Insurance Market By Type of Insurance Provider (Public, Private, Others), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Others), By Type of Coverage (Individual, Family), By Term of Coverage (Term, Lifetime), By Cash Limit (Up to 2 Lakh, 2.1-3 Lakh, Others), By Mode of Purchase (Online Portal, Insurance Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, India health insurance market is expected to register robust growth during forecast period.
Surging working population, increasing disposable income and rising awareness towards policies offered by health insurance companies are the major factors driving the Indian health insurance market. Additionally, the mandatory provision of providing health insurance for both private and public sector employees is further anticipated to fuel the growth of health insurance market in India through 2025.
Moreover, Government of India had launched National Health Protection Scheme under ‘Ayushman Bharat’ which provides coverage of up to USD7,723 to more than 100 million vulnerable families. This gave a boost to the health insurance sector in the country. This has further driven insurance penetration in the country and proliferation of insurance schemes, thereby positively impacting the market growth.
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India health insurance market is segmented based on type of insurance provider, insurance type, type of scheme, type of coverage, term of coverage, cash limit, mode of purchase, end user and region. Based on type of insurance provider, the market is segmented into public, private and standalone health insurers. In 2019, private insurance providers accounted for the largest share in India health insurance market.
Private insurance providers offer quick referral to a consultant, provide advanced treatment options and have quick and flexible treatment time for users in private hospitals. Based on insurance type, the market is segmented into disease, medical and income protection.
In 2019, medical insurance type dominated the health insurance market in India owing to increasing cases of road accidents in the country. Medical insurance covers almost all the incurred expenses while admitting a patient to a hospital in the event of any medical agency. It may include cost of medical admission, diagnostic tests including MRI & CT scan, hospital accommodation, nursing care, surgery and cost of seeing consultant or a doctor.
Major players operating in the India health insurance market include Life Insurance Corp of India, Apollo Munich Health Insurance Company Limited, Max Life Insurance Company Limited, HDFC Standard Life Insurance Co. Ltd., Aditya Birla SunLife Insurance Co. Ltd., SBI Life Insurance Co. Ltd. , ICICI Prudential Life Insurance Co. Ltd., TATA-AIG General Insurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Bajaj Allianz General Insurance Religare , Health Insurance Company Limited, Bharti Axa General Insurance Company Ltd., Star Health and Allied Insurance Co Ltd, Iffco Tokio General Insurance Ltd, Manipal Cigna Health Insurance Limited and others. Various insurance providing companies are focusing on developing a strong base in e-commerce market as users prefer to understand, compare, and apply for the health coverage & buy insurance packages online.
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“The private health insurance sector in India is anticipated to witness higher growth rate due to increasing preference of population towards private insurance policies as they tend to provide customized coverage to the individual based on his budget or cover needed. However, future looks promising for all types of healthcare insurance providers as more and more Indians are taking interest towards securing themselves and their loved ones against all odds by buying insurances ranging from health to life.
Additionally, rise in middle-class population, young insurable population and growing awareness regarding the need for insurance protection cover are anticipated to propel the health insurance market in India until 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Health Insurance Market By Type of Insurance Provider (Public, Private, Others), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Others), By Type of Coverage (Individual, Family), By Term of Coverage (Term, Lifetime), By Cash Limit (Up to 2 Lakh, 2.1-3 Lakh, Others), By Mode of Purchase (Online Portal, Insurance Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of India health insurance market and provides statistics & information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India health insurance market.
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