Press Release

India Health Insurance Market to be Led by Private Insurance Providers through 2029

The ease of availing health insurance and the surge in medical expenditures will likely drive the India health insurance market through 2029.


According to TechSci Research report, “Health Insurance – India Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2029,” the India health insurance market is expected to grow substantially during the forecast period. Various factors, such as increasing cases of diseases and disorders and upgradation in technologies applied in treatment procedures to provide better healthcare facilities to patients, are projected to aid the market over the next few years. As medical treatments are becoming costlier, patients and their families are finding it difficult to bear the expenses, which is influencing the demand for health insurance positively across India, and the scenario is likely to remain so over the next few years.

Health insurance is a contract between the insured and the insurer, where the insurer pays the insured's medical and surgical costs in return for a premium. It includes a variety of insurance plans, such as family, senior citizens, and individuals. It also includes insurance for critical illness, accidents, and diseases to pay for the costs of treating and preventing a variety of life-threatening conditions.

The health insurance market is increasing substantially as a result of surging support from various government initiatives, increased collaborations, and democratic factors. For instance, the Indian government and the World Bank reached to an agreement in November 2021 for a project where the world bank invested around USD 40 million to improve the healthcare services of Meghalaya. This funding includes a health insurance program, which has significantly contributed to the market growth since 2021.

Apart from financial protection, there are also certain tax advantages for availing health insurance coverage. As the premium amount paid for health insurance is tax deductible under Section 80D of the Income Tax Act, which allows the individual to claim tax benefits on health insurance premiums. Also, the health insurance plan helps an individual minimize the financial burden of medicinal expenses, income, and residence tax.

In the post-COVID-19 era, more people have started to invest in healthcare plans, as they are more aware of the benefits of health insurance in maintaining financial security during medical emergencies.


Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Health Insurance Market"


The India health insurance market is analyzed on the basis of insurance provider, type of coverage, mode of purchase, premium types, end users, types of insurance plan, sum insured, and region.

Based on the type of insurance provider, the market is classified into public and private. Among the two, the private health insurance provider segment has been dominating the market, thanks to the increasing number of private insurance providers, offering specialized health coverage and high-quality services to a large percentage of the population.

Based on the type of coverage, the market is divided into individuals and family. The individual coverage segment has been leading this market since individual plans are often more cost-effective and flexible in terms of coverage options.

Based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurtech companies, third party, etc.). Based on premium type, the market is divided into regular premium and single premium.

Based on end users, the market is segmented into minors, adults, and senior citizens.

Based on types of insurance plan, the market is segmented into indemnity plans and defined-benefit plans.

Based on the sum insured, the market is further segmented into below USD 200, USD 200-USD 600, USD 600-USD 1200, and above USD 1200.

Regionally, the Indian health insurance market is segmented into North, South, East, and West.


Key market players in the health insurance market include:

  • SBI General Insurance Company Limited
  • Star Health and Allied Insurance Co Ltd
  • Universal Sompo General Insurance Co Ltd.
  • ManipalCigna Health Insurance Company Limited
  • ICICI Lombard General Insurance Company Limited
  • Tata AIG General Insurance Company Limited
  • Edelweiss Tokio Life Insurance Company Limited
  • Go Digit General Insurance Limited
  • Care Health Insurance Ltd
  • HDFC ERGO General Insurance Company Limited

 

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“The rising awareness about the benefits of health insurance is expected to positively influence the India health insurance market over the next few years. Indian consumers are now aware that health insurance policies provide protection against financial consequences arising from a variety of health-related expenses, ranging from minor illnesses and injuries to critical diseases. This has led to an increase in the sale of health insurance, with consumer purchasing power expected to boost the market in the near future." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.

India Health Insurance Market By Type of Insurance Provider (Public, Private), By Type of Coverage (Individual, Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, Others), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens), By Types of Insurance Plan (Indemnity Plans, Defined-Benefits Plans), By Sum Insured (Below USD200, USD200-USD600, USD600-USD1200, Above USD1200), By Region, By Company, Forecast & Opportunities, 2029 has evaluated the future growth potential health insurance 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 health insurance market India.


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