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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