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

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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD1.10 Billion

CAGR (2023-2028)

6.01%

Fastest Growing Segment

Online

Largest Market

South India


India Coronavirus Health Insurance Market is growing at a robust growth rate, owing to the increasing focus on preventive care, rise in digital channels, and increase in demand for Coronavirus Health insurance policies for elderly people.

India Coronavirus Health Insurance Market Scope

India Coronavirus Health Insurance is a health insurance policy that specifically covers COVID-19 related hospitalization and treatment expenses. This type of policy provides financial protection against the high medical expenses incurred due to COVID-19.

Regular health insurance, on the other hand, is a type of policy that covers a range of medical expenses, including hospitalizations, surgeries, and critical illnesses. These health insurance policies do not specifically cover COVID-19-related hospitalization and treatment expenses, but some policies may include coverage for infectious diseases.

Fixed benefit insurance plans are a type of policy that provides a fixed lump-sum amount to the insured person in case of hospitalization due to COVID-19. Unlike regular health insurance policies, fixed benefit insurance plans do not cover actual medical expenses incurred during hospitalization. Instead, they provide a predetermined amount, regardless of the actual medical expenses incurred.

India Coronavirus Health Insurance Market Overview

The Coronavirus health insurance market is a rapidly growing segment of the insurance industry in India, driven by the COVID-19 pandemic. The market has witnessed a surge in demand for health insurance policies that cover COVID-19-related hospitalization and treatment expenses, and other critical illnesses. The market is dominated by private insurance companies, which offer a wide range of health insurance products. These products range from basic health insurance policies to comprehensive health insurance plans that cover not only COVID-19 but also other critical illnesses.

The government has also played a significant role in promoting health insurance through various initiatives, such as the Ayushman Bharat scheme. The scheme provides health insurance coverage to vulnerable sections of society and has helped increase the penetration of health insurance in the country.

The market has also witnessed an emergence of new products, especially COVID-19-specific health insurance policies. Many insurance companies have launched such products to cater to the growing demand for health insurance policies that cover COVID-19-related expenses.

The pandemic has also accelerated the uptake of digital platforms in the insurance sector. Insurance companies are offering online policies, claims processing, and other services, making it easier for customers to purchase and manage their policies as per their convenience.

Overall, the India Coronavirus health insurance market is rapidly growing, driven by the COVID-19 pandemic. The market is expected to witness significant growth in the coming years, as more people realize the importance of having health insurance to cover medical expenses, especially for critical illnesses, such as COVID-19.

India Coronavirus Health Insurance Market Drivers

In India, the Coronavirus health insurance has witnessed a significant surge in demand over the past year due to various factors, such as the increasing number of COVID-19 cases, high healthcare costs, the need for financial protection against medical emergencies, and government initiatives to promote health insurance.

The primary driver of the market is the rising number of COVID-19 cases in the country. As the virus continues to spread, more and more people are realizing the importance of having health insurance to cover the costs of treatment and hospitalization. This has led to a surge in demand for COVID-19-related health insurance.

Another major driver of the market is the high healthcare costs in India. Medical expenses, especially for critical illnesses such as COVID-19, can be extremely high and may lead to financial ruin for some individuals and families. With the rising cost of healthcare in India, health insurance has become a necessity for many people to ensure that they can afford quality medical care when needed.

Moreover, the pandemic has highlighted the need for financial protection against medical emergencies. Many individuals and families have realized the importance of having health insurance as a safety net to cover unexpected medical expenses. This has led to a surge in demand for health insurance policies that cover not only COVID-19 but also other critical illnesses.

India Coronavirus Health Insurance Market Trends

The India Coronavirus health insurance market has witnessed several trends since the outbreak of the COVID-19 pandemic. One of the most notable trends is the increase in the demand for health insurance policies that cover COVID-19 treatment expenses. The pandemic has made people more aware of the importance of having health insurance to cover unexpected medical expenses, especially for critical illnesses. As a result, insurance companies have launched new health insurance products that cover COVID-19-related hospitalization and treatment expenses, such as quarantine expenses, ambulance charges, and other related expenses.

Moreover, the market is witnessing the emergence of new digital platforms for insurance products and services. The uptake of digital platforms in the insurance sector has accelerated. Nowadays, insurance companies are offering policies, claims processing, and other services, online, which has made it easier for customers to purchase and manage their policies from the comfort of their homes, increasing the convenience of the buying process.

Insurance companies are also focusing on preventive care measures, such as regular health checkups, vaccinations, and wellness programs. This trend is expected to continue in the near future as insurance companies look for ways to provide more value to their customers and encourage them to adopt healthier lifestyles.

India Coronavirus Health Insurance Market Challenges

While the future of India Coronavirus health insurance market looks bright, a few challenges may obstruct its growth trajectory. One of the significant challenges is the low awareness and understanding of health insurance among the population. Many people in India do not fully understand the benefits of health insurance and are often hesitant to invest in such policies. This lack of awareness and understanding poses a substantial challenge for insurance companies, as they need to invest more in educating and creating awareness among the public.

Furthermore, the high cost of health insurance policies, especially for individuals with pre-existing medical conditions, is also expected to create hinderances in the market’s growth over the next few years. This often makes it difficult for individuals with such conditions to access health insurance, leading to a lack of coverage and financial protection against medical expenses. The regulatory environment in India also poses challenges for insurance companies, as it can be complex and time-consuming to obtain necessary approvals and licenses to operate in the market. This can lead to delays in product launches and can limit the ability of new entrants to compete with established players.

Recent Developments

In 2020, Bharti AXA General Insurance partnered with Airtel Payments Bank to introduce two health insurance plans–first one offering a lump sum of USD 335 and the other with daily benefits beginning at USD 6–in a bid to offer protection from COVID-19.

In 2020, the digital payment service, PhonePe, run by Flipkart Online Services, also introduced a coronavirus hospitalization insurance plan, Corona Care, in collaboration with Bajaj Allianz General Insurance.  A person under the age of 55 can purchase the policy for USD 2, which includes an insurance cover of USD 670 that is valid at any hospital that provides coronavirus treatment.

Market Opportunities

The India Coronavirus health insurance market is offering significant opportunities for insurance companies to expand their market share and increase their customer base. The increasing demand for health insurance policies that specifically cover COVID-19-related hospitalization and treatment expenses presents lucrative opportunities for insurance companies. Moreover, the low penetration of health insurance in India compared to other countries indicates a huge untapped potential for insurance companies to expand their market share and reach new customers.

In addition, the government's focus on promoting health insurance through various initiatives, such as the Ayushman Bharat scheme, creates a large pool of potential customers for insurance companies. This presents an opportunity for insurance companies to develop innovative products and services that cater to the specific needs of these customers, thereby driving growth in the market.

Finally, the evolving healthcare landscape in India, with the increasing uptake of telemedicine and home healthcare, presents an opportunity for insurance companies to develop new products and services that cater to these demands.


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Market Segmentation

The India Coronavirus health insurance market is segmented based on 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 classified into minors, adults, and senior citizens. Based on region, the market is divided into North, South, East, West.

Company Profiles

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, and Reliance General Insurance Company Limited are some of the major players in the India Coronavirus health insurance market.

Attribute

Details

Base Year

2023

Historic Data

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Value in USD Million, CAGR for 2019-2023 and 2024-2029

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Insurance Type

Provider

Type of Claim

Mode of Payment

End User

Region

Regional scope

North, West, South, East

Key Companies Profiled

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, and Reliance General Insurance Company Limited

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, India Coronavirus health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Coronavirus Health Insurance Market, By Insurance Type:
    • Regular Health Insurance
    • Fixed Benefit Insurance Plan
  • India Coronavirus Health Insurance Market, By Provider:
    • Insurance Companies
    • Insurance Agents/Brokers
    • Others
  • India Coronavirus Health Insurance Market, By Type of Claim:
    • Cashless 
    • Reimbursement
  • India Coronavirus Health Insurance Market, By Mode of Purchase:
    • Offline
    • Online
  • India Coronavirus Health Insurance Market, By End User:
    • Minors
    • Adults
    • Senior Citizens
  • India Coronavirus Health Insurance Market, By Region:
    • North
    • West
    • South
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Coronavirus health insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The India Coronavirus Health Insurance Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis

4.1.  Brand Awareness

4.2.  Factors Influencing Purchase Decision

4.3.  Challenges Faced Post Purchase

5.    India Coronavirus Health Insurance Market Outlook

5.1.  Market Size & Forecast

5.1.1.         By Value

5.2.  Market Share & Forecast

5.2.1.         By Insurance Type Market Share Analysis (Regular Health Insurance and Fixed Benefit Insurance Plan)

5.2.2.         By Provider Market Share Analysis (Insurance Companies, Insurance Agents/Brokers, and Others (Insurtech Companies, Third-party, etc.))

5.2.3.         By Type of Claim Market Share Analysis (Cashless and Reimbursement)

5.2.4.         By Mode of Payment Market Share Analysis (Offline and Online)

5.2.5.         By End User Market Share Analysis (Minors, Adults, and Senior Citizens)

5.2.6.         By Regional Market Share Analysis

5.2.6.1. North India Market Analysis

5.2.6.2. West India Market Analysis

5.2.6.3. South India Market Analysis

5.2.6.4. East India Market Analysis

5.2.7.         By Company Market Share Analysis

5.3.  India Coronavirus Health Insurance Market Mapping & Opportunity Assessment

5.3.1.         By Insurance Type Market Mapping & Opportunity Assessment

5.3.2.         By Provider Market Mapping & Opportunity Assessment

5.3.3.         By Type of Claim Market Mapping & Opportunity Assessment

5.3.4.         By Mode of Purchase Market Mapping & Opportunity Assessment

5.3.5.         By End User Market Mapping & Opportunity Assessment

5.3.6.         By Region Market Mapping & Opportunity Assessment

6.    India Coronavirus Regular Health Insurance Market Outlook

6.1.  Market Size & Forecast          

6.1.1.         By Value

6.2.  Market Share & Forecast

6.2.1.         By Provider Market Share Analysis

6.2.2.         By Type of Claim Market Share Analysis

6.2.3.         By Mode of Payment Market Share Analysis

6.2.4.         By End User Market Share Analysis

7.    India Coronavirus Fixed Benefit Insurance Plan Market Outlook

7.1.  Market Size & Forecast          

7.1.1.         By Value

7.2.  Market Share & Forecast

7.2.1.         By Provider Market Share Analysis

7.2.2.         By Type of Claim Market Share Analysis

7.2.3.         By Mode of Payment Market Share Analysis

7.2.4.         By End User Market Share Analysis

8.    Market Dynamics

8.1.  Drivers

8.1.1.         Rising cases of COVID-19

8.1.2.         Increasing awareness of health insurance

8.1.3.         Government initiatives

8.2.  Challenges

8.2.1.         High Premium Rates

8.2.2.         Lack of Awareness

9.    Market Trends & Developments

9.1.  Multi-year policies

9.2.  Customized policies

9.3.  Increased coverage

9.4.  Innovative distribution channels

9.5.  Value-added services

10.  Porter’s Five Forces Model

10.1.              Competitive Rivalry

10.2.              Bargaining Power of Buyers

10.3.              Bargaining Power of Suppliers

10.4.              Threat of New Entrants

10.5.              Threat of Substitutes

11.  SWOT Analysis

11.1.              Strengths

11.2.              Weaknesses

11.3.              Opportunities

11.4.              Threats

12.  Policy & Regulatory Landscape

13.  India Economic Profile

14.  Competitive Landscape

14.1.              Company Profiles

14.1.1.      Future Generali India Insurance Company Ltd.

14.1.1.1.              Company Details

14.1.1.2.              Product

14.1.1.3.              Financials (As Per Availability)

14.1.1.4.              Key market Focus & Geographical Presence

14.1.1.5.              Recent Developments

14.1.1.6.              Key Management Personnel

14.1.2.      ICICI Lombard General Insurance Company Limited

14.1.2.1.              Company Details

14.1.2.2.              Product

14.1.2.3.              Financials (As Per Availability)

14.1.2.4.              Key market Focus & Geographical Presence

14.1.2.5.              Recent Developments

14.1.2.6.              Key Management Personnel

14.1.3.      HDFC ERGO General Insurance Co. Ltd

14.1.3.1.              Company Details

14.1.3.2.              Product

14.1.3.3.              Financials (As Per Availability)

14.1.3.4.              Key market Focus & Geographical Presence

14.1.3.5.              Recent Developments

14.1.3.6.              Key Management Personnel

14.1.4.      Bajaj Allianz General Insurance Company Limited

14.1.4.1.              Company Details

14.1.4.2.              Product

14.1.4.3.              Financials (As Per Availability)

14.1.4.4.              Key market Focus & Geographical Presence

14.1.4.5.              Recent Developments

14.1.4.6.              Key Management Personnel

14.1.5.      ManipalCigna Health Insurance Company Limited

14.1.5.1.              Company Details

14.1.5.2.              Product

14.1.5.3.              Financials (As Per Availability)

14.1.5.4.              Key market Focus & Geographical Presence

14.1.5.5.              Recent Developments

14.1.5.6.              Key Management Personnel

14.1.6.      Aditya Birla Capital Ltd.

14.1.6.1.              Company Details

14.1.6.2.              Product

14.1.6.3.              Financials (As Per Availability)

14.1.6.4.              Key market Focus & Geographical Presence

14.1.6.5.              Recent Developments

14.1.6.6.              Key Management Personnel

14.1.7.      SBI General Insurance Company Limited

14.1.7.1.              Company Details

14.1.7.2.              Product

14.1.7.3.              Financials (As Per Availability)

14.1.7.4.              Key market Focus & Geographical Presence

14.1.7.5.              Recent Developments

14.1.7.6.              Key Management Personnel

14.1.8.      Niva Bupa Health Insurance Company Limited

14.1.8.1.              Company Details

14.1.8.2.              Product

14.1.8.3.              Financials (As Per Availability)

14.1.8.4.              Key market Focus & Geographical Presence

14.1.8.5.              Recent Developments

14.1.8.6.              Key Management Personnel

14.1.9.      Star Health and Allied Insurance Co Ltd.

14.1.9.1.              Company Details

14.1.9.2.              Product

14.1.9.3.              Financials (As Per Availability)

14.1.9.4.              Key market Focus & Geographical Presence

14.1.9.5.              Recent Developments

14.1.9.6.              Key Management Personnel

14.1.10.    Reliance General Insurance Company Limited

14.1.10.1.            Company Details

14.1.10.2.            Product

14.1.10.3.            Financials (As Per Availability)

14.1.10.4.            Key market Focus & Geographical Presence

14.1.10.5.            Recent Developments

14.1.10.6.            Key Management Personnel

15.  Strategic Recommendations/Action Plan

15.1.              Key Focus Areas

15.2.              Target Regions

15.3.              Target Insurance Type

15.4.              Target Provider

16.  About Us & Disclaimer 

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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The key factors driving the market of India Coronavirus health insurance market are upswing in cases of COVID-19, increasing awareness of health insurance, and rising number of government initiatives.

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High premium rates and a lack of awareness among consumers about the benefits of health insurance policies are the major challenges faced by the India Coronavirus health insurance market.

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Customized policies, contactless services, and multi-year policies are the major trends that are influencing the India Coronavirus health insurance market.

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The key players in the India Coronavirus health insurance market are 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, and Reliance General Insurance Company Limited.

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Jun, 2023

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