India health insurance market is anticipated to register a robust CAGR of 29% during 2021-2025 owing to expanding middle-class population, growing awareness about benefits offered by a health insurance plan, favorable government initiatives and growing expenditure on healthcare. The insurance sector in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The introduction of health insurance schemes by Indian government, which includes personal accident (PA) schemes like Pradhan Mantri Suraksha Bima Yojana (PMSBY), PA cover from Indian Railway Catering and Tourism Corp (IRCTC) and so on, has resulted in increasing penetration of health insurance market in India. 

Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses of the insurance holder. It protects the insurance holder from unexpected, high medical costs. Health insurance usually requires the covered policyholder to bear a portion of the risk by paying initial medical costs up to an agreed-upon amount before the health insurance is liable for payment.

Health insurance market is booming in India with rising number of people suffering from chronic diseases, increasing number of road accidents and encouragement from both public and private sector companies.

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. 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 and income protection. In 2019, disease insurance type dominated the health insurance market and the segment is expected to continue its dominance during the forecast period. However, income protection health insurance segment is foreseen to grow at a faster pace through 2025.

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. The insurance providers operating in India are now increasingly focusing on providing specialized health policies as well as on rural masses to increase the market share.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

  • To analyze and forecast the market size of India health insurance market.
  • To classify and forecast India health insurance market 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 regional distribution.
  • To identify drivers and challenges for India health insurance market.
  • To examine competitive developments such as expansions, new product launches in India health insurance market.
  • To conduct pricing analysis for India health insurance market.
  • To identify and analyze the profile of leading players operating in India health insurance market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of insurance providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. TechSci Research analyzed the insurance providers, as well as the presence of all major players across the country.

TechSci Research calculated the market size of India health insurance market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

  • Health insurance providers, vendors and other stakeholders
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to health insurance
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as insurance providers, vendors, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

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

  • Market, By Claim Type:
    • Cashless
    • Reimbursement Type
  • Market, By Insurance Type:

o   Disease

o   Income Protection

  • Market, By Type of Insurance Provider:
    • Public
    • Private
    • Standalone Health Insurers
  • Market, By Business Type:
    • Government Sponsored Health Insurance
    • Group Health Insurance
    • Individual Health Insurers
  • Market, By Different Types of Health Insurance Plans
    • Indemnity Plans
    • Defined-Benefit Plans
  • Market, By Different Types of Health Insurance Plans, By Indemnity Plans
    • Family-Floater Plans
    • Individual Insurance
    • Senior Citizen Plans
    • Unit Linked Health Plans
  • Market, By Different Types of Health Insurance Plans, By Defined-Benefit Plans
    • Hospitalization Cash Benefit Plans
    • Critical Illness Plans
    • Personal Accident Plans
  • Market, By Type of Scheme:

o   Community-based

o   Employer based

o   Voluntary

  • Market, By Type of Coverage:

o   Family

o   Individual

o   Extended Family

  • Market, By Term of Coverage:

o   Term

o   Lifetime

  • Market, By Cash Limit:

o   Up to INR 200,000

o   INR 200,001 – 300,000

o   INR 300,001 – 500,000

o   INR 500,001 – 1,000,000

o   Above INR 1 Million

  • Market, By Mode of Purchase:

o   Insurance Agents

o   Bancassurance

o   Corporate Agents

o   Direct Company Representatives

o   Brokers

o   Online Portal

o   Web Aggregators

o   Others

  • Market, By End Users:

o   Adults

o   Minor

o   Senior Citizens

  • Market, By Region:
    • North
    • West
    • South
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India 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).

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on India Health Insurance Market

4.    Executive Summary

5.    Voice of Customer

6.    India Insurance Sector Overview

6.1.  Penetration

6.2.  Premium Paid

6.3.  Grievance

6.4.  Infrastructure

7.    India Health Insurance Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Claim Type (Cashless, Reimbursement)

7.2.2.     By Insurance Type (Disease, Income Protection)

7.2.3.     By Type of Insurance Provider (Public, Private, Standalone Health Insurers)

7.2.4.     By Business Type (Government Sponsored, Group, Individual)

7.2.5.     By Different Types of Plans (Indemnity Plans, Defined- Benefit Plans)

7.2.6.     By Indemnity Plans (Family Floater Coverage, Individual Insurance, Senior Citizen Coverage, Unit Linked Health Plans)

7.2.7.     By Type of Scheme (Community-based, Employer based, Voluntary)

7.2.8.     By Type of Coverage (Individual, Family, Extended Family)

7.2.9.     By Term of Coverage (Term, Lifetime)

7.2.10.  By Cash Limit (Up to INR 200,000, INR 200,001 – 300,000, INR 300,001 – 500,000, INR 500,001 – 1,000,000, & Above INR 1 Million)

7.2.11.  By Mode of Purchase (Insurance Agent, Bancassurance, Corporate Agents, Direct Company Representatives, Brokers, Online, Web Aggregators, Others)

7.2.12.  By End User (Minors, Adults, Senior Citizens)

7.2.13.  By Company (2019)

7.2.14.  By Region

7.3.  Market Attractiveness Index

8.    North India Health Insurance Market Outlook

8.1.  Market Size & Forecast          

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Different Types of Health Insurance Plans

8.2.2.     By Type of Scheme

8.2.3.     By Type of Coverage

8.2.4.     By End User

9.    South India Health Insurance Market Outlook

9.1.  Market Size & Forecast          

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Different Types of Health Insurance Plans

9.2.2.     By Type of Scheme

9.2.3.     By Type of Coverage

9.2.4.     By End User

10.  East India Health Insurance Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Different Types of Health Insurance Plans

10.2.2.  By Type of Scheme

10.2.3.  By Type of Coverage

10.2.4.  By End User

11.  West India Health Insurance Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Value

11.2.              Market Share & Forecast

11.2.1.  By Different Types of Health Insurance Plans

11.2.2.  By Type of Scheme

11.2.3.  By Type of Coverage

11.2.4.  By End User

12.  Market Dynamics

12.1.              Drivers

12.2.              Challenges

12.3.              Impact Analysis of Various Driver & Challenges

13.  Market Trends & Developments

14.  Policy & Regulatory Landscape

14.1.              Tax Benefits

14.2.              Portability

14.3.              Insurance Act

14.4.              Foreign Direct Investment

14.5.              Role of IRDAI

14.6.              National Health Protection Scheme under Ayushman Bharat

15.  Competitive Landscape

15.1.              Company Profile

15.1.1.  Company Detail

15.1.2.  Service Charges & Fees

15.1.3.  Hospitalization Process

15.1.4.  Documentation Required for Insurance

15.2.              Competition Outlook

15.3.              Players Profiled (Leading Companies)

15.3.1.  SBI General Insurance

15.3.2.  ICICI Lombard General Insurance

15.3.3.  TATA-AIG General Insurance Company Limited

15.3.4.  Religare Health Insurance Company Limited

15.3.5.  Star Health and Allied Insurance Co Ltd

15.3.6.  Manipal Cigna Health Insurance Limited

15.3.7.  Universal Sompo Health Insurance

15.3.8.  Edelweiss Health Insurance

15.3.9.  Digi Health Insurance

15.3.10. HDFC Ergo

15.3.11. Others 

16.  Strategic Recommendations

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

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com
  • Figure 1: India Health Insurance Market Size, By Value (USD Billion), 2015-2025F

    Figure 2: India Health Insurance Market Share, By Claim Type, 2019 & 2025

    Figure 3: India Health Insurance Market Share, By Insurance Type, 2019 & 2025

    Figure 4: India Health Insurance Market Share, By Type of Insurance Provider, 2019 & 2025

    Figure 5: India Health Insurance Market Share, By Business Type, 2019 & 2025

    Figure 6: India Health Insurance Market Share, By Different Types of Health Insurance Plans, 2019 & 2025F

    Figure 7: India Health Insurance Market Share, By Different Types of Health Insurance Plans, By Indemnity Plans, 2019 & 2025F

    Figure 8: India Health Insurance Market Share, By Different Types of Health Insurance Plans, By Defined-Benefit Plans, 2019 & 2025F

    Figure 9: India Health Insurance Market Share, By Types of Scheme, 2015-2025F

    Figure 10: India Health Insurance Market Share, By Types of Coverage, 2019 & 2025F

    Figure 11: India Health Insurance Market Share, By Term of Coverage, 2019 & 2025F

    Figure 12: India Health Insurance Market Share, By Cash Limit, 2019 & 2025F

    Figure 13: India Health Insurance Market Share, By End-User, 2019 & 2025F

    Figure 14: India Health Insurance Market Share, By Region, 2019 & 2025F

    Figure 15: India Health Insurance Market Share, By Company, 2019

    Figure 16: India Health Insurance Market Map, By Claim Type - Market Size (USD Billion) & Growth Rate (%)

    Figure 17: India Health Insurance Market Map, By Insurance Type - Market Size (USD Billion) & Growth Rate (%)

    Figure 17: India Health Insurance Market Map, By Type of Insurance Provider - Market Size (USD Billion) & Growth Rate (%)

    Figure 18: India Health Insurance Market Map, By Business Type- Market Size (USD Billion) & Growth Rate (%)

    Figure 19: India Health Insurance Market Map, By Different Types of Health Insurance Plans - Market Size (USD Billion) & Growth Rate (%)

    Figure 20: India Health Insurance Market Map, By Different Types of Health Insurance Plans, By Indemnity Plans - Market Size (USD Billion) & Growth Rate (%)

    Figure 21: India Health Insurance Market Map, By Different Types of Health Insurance Plans, By Defined-Benefit Plans - Market Size (USD Billion) & Growth Rate (%)

     

    Figure 22: India Health Insurance Market Map, By Types of Scheme - Market Size (USD Billion) & Growth Rate (%)

    Figure 23: India Health Insurance Market Map, By Types of Coverage - Market Size (USD Billion) & Growth Rate (%)

    Figure 24: India Health Insurance Market Map, By Cash Limit - Market Size (USD Billion) & Growth Rate (%)

    Figure 25: India Health Insurance Market Map, By End-User - Market Size (USD Billion) & Growth Rate (%)

    Figure 26: India Health Insurance Market Map, By Region - Market Size (USD Billion) & Growth Rate (%)

    Figure 27: North India Health Insurance Market Size, By Value (USD Billion), 2015-2025F

    Figure 28: North India Health Insurance Market Share, By Different Types of Health Insurance Plans, 2019 & 2025F

    Figure 29: North India Health Insurance Market Share, By Types of Scheme, 2015-2025F

    Figure 30: North India Health Insurance Market Share, By Types of Coverage, 2019 & 2025F

    Figure 31: North India Health Insurance Market Share, By End- User, 2019 & 2025F

    Figure 32: West India Health Insurance Market Size, By Value (USD Billion), 2015-2025F

    Figure 33: West India Health Insurance Market Share, By Different Types of Health Insurance Plans, 2019 & 2025F

    Figure 34: West India Health Insurance Market Share, By Types of Scheme, 2015-2025F

    Figure 35: West India Health Insurance Market Share, By Types of Coverage, 2019 & 2025F

    Figure 36: West India Health Insurance Market Share, By End- User, 2019 & 2025F

    Figure 37: South India Health Insurance Market Size, By Value (USD Billion), 2015-2025F

    Figure 38: South India Health Insurance Market Share, By Different Types of Health Insurance Plans, 2019 & 2025F

    Figure 39: South India Health Insurance Market Share, By Types of Scheme, 2015-2025F

    Figure 40: South India Health Insurance Market Share, By Types of Coverage, 2019 & 2025F

    Figure 41: South India Health Insurance Market Share, By End- User, 2019 & 2025F

    Figure 42: East India Health Insurance Market Size, By Value (USD Billion), 2015-2025F

    Figure 43: East India Health Insurance Market Share, By Different Types of Health Insurance Plans, 2019 & 2025F

    Figure 44: East India Health Insurance Market Share, By Types of Scheme, 2015-2025F

    Figure 45: East India Health Insurance Market Share, By Types of Coverage, 2019 & 2025F

    Figure 46: East India Health Insurance Market Share, By End- User, 2019 & 2025F