Growing awareness regarding advantages offered by health insurance and increasing disposable income to drive India health insurance market
According to TechSci Research report, “India Health Insurance Market By Claim Type, By Insurance Type, By Type of Insurance Provider, By Business Type, By Different Types of Health Insurance Plans, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Cash Limit, By Mode of Purchase, By End User, By Region, Competition, Forecast & Opportunities, 2025”, India health insurance market is projected to register a CAGR of 29% during 2021 - 2025. Surging working population, increasing disposable income and rising awareness about policies offered by health insurance companies are the major factors driving the country’s 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 46 market data Figures spread through 80 Pages and an in-depth TOC on "India Health Insurance Market"
India health insurance market is segmented based on claim type, type of insurance provider, insurance type, business type, different types of health insurance plans, 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. Based on insurance type, the market is segmented into disease, and income protection. In 2019, disease insurance type dominated the health insurance market in India owing to increasing incidence of diseases across the country.
Major players operating in India health insurance market include Star Health Insurance, ICICI Lombard General Insurance Company, Religare Health Insurance Company Limited, HDFC Ergo, Max Bupa Health Insurance, TATA-AIG General Insurance Company Limited, SBI General Insurance, Universal Sompo Health Insurance, Edelweiss Health Insurance, Digi Health Insurance, and others. Various insurance providing companies are focusing on developing a strong base in e-commerce market as a rising number of users prefer to understand, compare and buy health insurance packages online.
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“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 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 are anticipated to continue propelling 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 Claim Type, By Insurance Type, By Type of Insurance Provider, By Business Type, By Different Types of Health Insurance Plans, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Cash Limit, By Mode of Purchase, By End User, By Region, Competition, 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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