Coronavirus Health Insurance Market to grow at an impressive rate During the Forecast Period in India
Increasing number of
coronavirus cases is expected to drive the growth of India coronavirus health
insurance market.
According
to TechSci Research report, “India
Coronavirus Health Insurance Market By Type of Insurance Provider (Public,
Private, Standalone Health Insurers), By Insurance Type (Regular Health
Insurance Policy v/s Fixed Benefit Insurance Plan), By Type of Claim (Cashless
v/s Reimbursement), By Sum Insured (Up to 25,000, Up to 50,000, Up to 1,00,000,
Up to 2,00,000), By Mode of Purchase (Direct Company Representatives, Online
Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By
Region, Forecast & Opportunities, 2025”, the India coronavirus health insurance market is expected
to grow at an impressive rate during the forecast period on account of the drastic
increase in the number of coronavirus positive cases in the country. Additionally,
increasing healthcare costs is further expected to propel the market growth.
Furthermore, lack of beds and adequate facilities for treatment in government
hospitals is further expected to fuel the market growth. Also, increasing
healthcare awareness among the population is further expected to drive the
market growth in the country. Besides, promotional activities and outstanding
marketing & advertising activities used by the major players operating in
the market is expected to create lucrative opportunities for growth through
2025. However, there is generally a waiting period of 15-30 days before an
insurance policy is delivered. If someone catches the infection during this
duration, they are not entitled to enjoy the benefits of the plan. This in turn
is expected to slow down the market growth during the forecast period. As of
now, the coronavirus health insurance policies are available for a limited
time-period of 1 year only and cannot be renewed. This is also expected to
hamper the market growth.
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Tables and XX Figures spread through XX Pages and an in-depth TOC on " India Coronavirus Health Insurance Market".
The India coronavirus health insurance market is segmented based on type
of insurance provider, insurance type, type of claim, sum insured, mode of purchase,
end users, company and region. Based on insurance type, the market can be split
into regular health insurance policy and fixed benefit insurance plan. Among
these, the fixed benefit insurance plan segment is expected to witness
significant growth, especially in the tier 2/3 cities, where most of the population
doesn’t have a health insurance policy or even if they have, the sum insured is
quite less. This is also being preferred by the population who is at high risk
of catching the disease and does not have access to funds or availability of
funds to buy a health insurance plan. Hence, this is acting as a temporary
solution for all those who do not have a health insurance plan. Based on type of claim, the market can be bifurcated
into cashless and reimbursement. Out of these, the cashless segment is expected
to register significant growth in the market on account of the shortage of beds
and better healthcare facilities in the government hospitals. As a result of
which, all those who have health insurance plans, are going for treatment in
private hospitals that are covered under their insurance policy. Based on type
of insurance providers, the market can be categorized into public, private and
standalone health insurers. Here, the private segment is expected to dominate
the market since they provide prompt referral to a consultant, advanced
treatment option, and quick & flexible treatment time.
ICICI Lombard, Star Health & Allied Insurance, Future Generali, Go
Digital General Insurance, Max Bupa Health Insurance, SBI General Insurance,
Bajaj Allianz, Bharti AXA Heath Insurance, Reliance General Insurance, HDFC
Ergo and others are some of the leading players operating in India coronavirus
health insurance market. The companies operating in the market are using
organic strategies such as new insurance plan launches, mergers and
collaborations to boost their share.
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“India coronavirus health insurance market
is expected to witness significant growth on account of the improving
healthcare infrastructure coupled with the use of advanced technologies in the
healthcare industry. Additionally, increasing expenditure by the government on
promoting health and disease prevention is further expected to propel the
market. Furthermore, increasing awareness among the population pertaining to
the existence of such insurance policies and plans is further expected to
create lucrative opportunities for the market growth” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Coronavirus Health Insurance Market By Type of
Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance
Type (Regular Health Insurance Policy v/s Fixed Benefit Insurance Plan), By
Type of Claim (Cashless v/s Reimbursement), By Sum Insured (Up to 25,000, Up to
50,000, Up to 1,00,000, Up to 2,00,000), By Mode of Purchase (Direct Company
Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults,
Senior Citizens), By Region, Forecast & Opportunities, 2025”, has
evaluated the future growth potential of India coronavirus 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 coronavirus health insurance market.
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