India Health Insurance Market to Witness Robust CAGR until 2025
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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