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.

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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

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“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.