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.
Browse XX market data Tables and XX Figures
spread through XXX Pages and an in-depth TOC on " India
Health Insurance Market"
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, IffcoTokio 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.
Customers can also request for 10% free
customization on this report.
“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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