India Coronavirus Health Insurance Market to be Led by Regular Health Insurance Segment through 2029
Increasing number of
COVID-19 cases, government initiatives, and growing awareness about the need
for financial protection against unexpected medical emergencies are likely to
lead the India Coronavirus Health Insurance market through 2029.
According to TechSci Research report, “India Coronavirus Health
Insurance Market– By Region, Competition, Forecast & Opportunities, 2029,” the India Coronavirus Health
insurance market has demonstrated immense growth over the last two years,
driven by focus on preventive care, rise in digital channels, and the increase
in the demand of Coronavirus health insurance for elderly consumers.
With
a mounting demand for coronavirus-specific health insurance policies, the
COVID-19 pandemic has significantly impacted the health insurance market in
India. Several insurance providers in India now offer coronavirus health
insurance policies, which typically cover hospitalization expenses, including
room charges, ICU charges, doctor's fees, ambulance charges, and other related
medical expenses arising from COVID-19. Some policies also offer additional
benefits, such as cover for pre- and post-hospitalization expenses, home care
treatment expenses, and cover for co-morbid conditions.
Depending
on various factors, such as age, health status, coverage amount, and duration
of the policy, the premium rates for coronavirus health insurance policies vary.
Some policies have waiting periods before coverage begins, while others may
require medical tests before issuing the policy. There are government-backed
schemes to support COVID-19 treatment expenses for eligible individuals as well.
For example, the Pradhan Mantri Garib Kalyan Yojana (PMGKY) scheme provides
health insurance coverage to frontline health workers and other low-income
groups affected by COVID-19. Overall, the coronavirus health insurance market
in India is evolving rapidly to meet the needs of individuals and businesses
impacted by the pandemic. Consumers had no choice but to purchase health
insurance online because lockdown and social isolation made it impossible for
them to leave their homes to perform non-essential tasks. In order to ensure
ease of purchase, the Insurance Regulatory and Development Authority of India (IRDAI)
instructed health insurers to streamline the online sale of insurance products.
Consumers can now quickly renew their current health insurance policies or
purchase a coronavirus health insurance policy online. In fact, insurers now
verify KYC online via video calls and request applicants to upload the
necessary KYC documents for verification.
Health
insurance plans have recently begun to pay for the medical expenses related to
telemedicine. Telemedicine refers to doctor-patient interactions that take
place via phone, chat messages, video calls, and several other mediums, without
the need for meeting in person. Health insurance policies typically do not pay
for telemedicine consultations. People were forced to seek out off-site medical
consultations rather than going to the doctor due to the lockdown and social
isolation brought on by the COVID-19 pandemic. The IRDAI instructed health
insurers to include the cost of telemedicine under plans that offer coverage
for doctor consultations as more and more people chose to use it.
Browse over xx market data Figures spread through xx
pages and an in-depth TOC on "India Coronavirus Health Insurance Market.”
The
India Coronavirus health insurance market is analyzed on six fronts: Insurance
type, provider, type of claim, mode of payment, end user, and region. Based on
insurance type, the market is segmented into regular health insurance and fixed
benefit insurance plan. Based on provider, the market is segmented into
insurance companies, insurance agents/brokers, and others (insurtech companies,
third-party, etc.). Based on type of claim, the market is classified into
cashless and reimbursement. Based on mode of payment, the market is segmented
into online and offline. Based on end user, the market is categorized into
minors, adults, and senior citizens. Based on region, the market is divided
into North, South, East, and West.
Regular
health insurance plans typically cover hospitalization expenses, including room
charges, ICU charges, doctor's fees, and other related medical expenses arising
from COVID-19, along with coverage for other illnesses and medical conditions.
These plans offer more comprehensive coverage but have higher premiums. On the
other hand, fixed benefit insurance plans offer a fixed lump sum payment upon
diagnosis of COVID-19, regardless of the actual medical expenses incurred.
These plans have lower premiums and are popular among individuals who want a
more affordable option for coronavirus-specific coverage.
Key
market players in the India Coronavirus health insurance market include:
- Future Generali India Insurance Company Ltd.
- ICICI Lombard General Insurance Company Limited
- HDFC ERGO General Insurance Co. Ltd
- Bajaj Allianz General Insurance Company Limited
- ManipalCigna Health Insurance Company Limited
- Aditya Birla Capital Ltd.
- SBI General Insurance Company Limited
- Niva Bupa Health Insurance Company Limited
- Star Health and Allied Insurance Co. Ltd.
- Reliance General Insurance Company Limited
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“The
India coronavirus health insurance market emerged as a substantial segment in India’s
insurance industry, due to the outbreak of COVID-19. The increasing number of
cases and hospitalizations has led to a growing consumer interest in
coronavirus-specific health insurance policies that cover medical expenses
related to the disease. Key drivers of the market include the need for
financial protection against rising healthcare costs and the desire for greater
access to healthcare services. However, the market also faces a few challenges,
such as affordability of insurance premiums and the lack of awareness among the
general population, which must be addressed by players looking to establish a
strong foothold,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Coronavirus Health
Insurance Market By Insurance Type (Regular Health Insurance and Fixed Benefit
Insurance Plan), By Provider (Insurance Companies, Insurance Agents/Brokers,
and Others (Insurtech Companies, Third-party), By Type of Claim (Cashless and
Reimbursement), By Mode of Purchase (Offline and Online), By End User (Minors,
Adults, and Senior Citizens), By Region, Competition, Forecast &
Opportunities, 2029,” has evaluated the future growth
potential of Coronavirus Health insurance market in India and provides statistics and information on
market structure, size, share and future growth. The report is intended 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
present in India Coronavirus Health Insurance market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656