Please Wait.....
Report
India Health and Medical Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029
Market Report I 2024-02-17 I 150 Pages I Mordor Intelligence
The India Health and Medical Insurance Market size is estimated at INR 0.91 trillion in 2024, and is expected to reach INR 1.5 trillion by 2029, growing at a CAGR of 10.60% during the forecast period (2024-2029).
Health and Medical Insurance is a type of health coverage that pays for medical expenses incurred because of an illness. These costs could be related to hospitalization, medication, or doctor consultation fees. The increasing cost of quality healthcare and increased demand for healthcare coverage due to growing income levels, rising life expectancy, and the epidemiological shift toward noncommunicable diseases have made health and medical coverage mandatory in India.
Health insurance is a major contributor to the expansion of the general insurance market in India. It contributes to approximately 29% of total general insurance premium income in India. The expansion of this sector is significant in terms of the overall expansion of the general insurance industry. The insurance market is expanding due to significant government initiatives, strong democratic factors, a favorable regulatory framework, growing partnerships, product innovations, and dynamic distribution networks. Health insurance is a rapidly growing sector of the Indian economy. For instance, as per the India Brand Equity Foundation, in the fiscal year 2020, there was an increase in health insurance coverage. In Bihar, Assam, and Sikkim, the proportion of households with health insurance increased by 89% in FY20 compared to FY16.
While the global pandemic had an impact on many industries, COVID-19 spurred growth in the Indian insurance sector. The health and medical insurance industry of India demonstrated its importance by offering COVID-19-specific health insurance plans and providing assistance to policyholders. Health insurance plan sales increased amid COVID-19, which benefited both customers and insurers. Health insurance providers with exclusive facilities and benefits were in higher demand. For instance, the Insurance Regulatory and Development Authority of India (IRDAI) mandated and instructed health insurers to include COVID-19 coverage in all policyholders' regular health insurance plans.
Health insurance is an emerging insurance sector in India, following life and automobile insurance. The rise of the middle class, higher hospitalization costs, expensive health care, digitization, and an increase in awareness are some important drivers for the growth of India's health insurance market. The health insurance industry is at an emerging stage. There exists a huge potential for growth and penetration of health insurance among a larger population. Additionally, there are both opportunities and restraints in the marketing and distribution of health insurance products in India.
India Health Insurance Market Trends
Government Subsidized Health Insurance Schemes is Boosting the Sales of Health and Medical Insurance Policies
India's health and medical insurance market is growing because of big government programs, strong democratic factors, a good regulatory environment, steadily more partnerships, new products, and strong distribution channels.
Government programs and financial inclusion initiatives are likely to have aided in driving adoption and penetration across all segments. AB PM-JAY is an entitlement-based scheme funded entirely by the government under Ayushman Bharat. It is the world's largest health assurance scheme, aiming to provide INR 500,000 ($6,900) per family per year for secondary and tertiary care hospitalization to over 107 million vulnerable families (approximately 500 million beneficiaries). Nearly 514 million people in India were covered by health insurance schemes in the fiscal year 2021. The majority of these people were covered by government-sponsored health insurance plans, while the minority were covered by individual insurance plans.
Focus Towards Growth of General Insurance is Driving the Growth of the Industry
According to the Insurance Regulatory and Development Authority of India (IRDAI), the penetration of general insurance in FY 2021 was nearly 1%. This is especially low in India, owing to the lack of awareness within the population. However, the IRDAI as announced aspirational targets to reach a penetration of 2.52% by 2027. Further, the IRDAI has given growth targets for next five years for non-insurance companies such as ICICI Lombard, Bajaj Allianz General, HDFC Ergo, and others. Additionally, it has also asked public sector insurers to increase premiums by 25% annually, and private sector insurers to surge the premiums by 40% each year. This will assist the general insurance sector to gain a significant growth in the overall insurance industry in India.
India Health Insurance Industry Overview
The Health and Medical Insurance Market is moderately consolidated. The increasing number of new players in the market is expected to increase the competition levels for the established market players. The rapid adoption of advanced technology for improved healthcare, as well as the introduction of new policies, are significant factors influencing the competitive nature. Furthermore, to gain market share, players are employing various strategies such as expansion, merger and acquisition, partnership, and collaboration.Some of the key players operating in the market are Star Health, Aditya Birla, Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance), Bajaj Allianz Health Insurance, Bharti AXA Life Insurance, Reliance Health Insurance, and others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porters' Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Insights of Technology Innovations in the Market
4.6 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type of Insurance Provider
5.1.1 Public Sector Insurers
5.1.2 Private Sector Insurers
5.1.3 Standalone Health Insurance Companies
5.2 By Type of Customer
5.2.1 Non-Corporate
5.2.2 Corporate
5.3 By Type of Coverage
5.3.1 Individual Insurance Coverage
5.3.2 Family or Floater (Group)Insurance Coverage
5.4 By Product Type
5.4.1 Disease- specific Insurance
5.4.2 General Insurance
5.5 By Demographics
5.5.1 Minors
5.5.2 Adults
5.5.3 Senior Citizens
5.6 By Distribution Channel
5.6.1 Direct to Customers
5.6.2 Brokers
5.6.3 Individual Agents
5.6.4 Corporate Agents
5.6.5 Online
5.6.6 Bancassurance
5.6.7 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Star Health and Allied Insurance Co Ltd
6.2.2 Aditya Birla Group
6.2.3 Niva Bupa Health Insurance Company Limited
6.2.4 Bajaj Allianz Health Insurance
6.2.5 Bharti AXA Life Insurance
6.2.6 Religare
6.2.7 HDFC Ergo
6.2.8 Oriental Insurance
6.2.9 ICICI Lombard
6.2.10 United India Insurance
6.2.11 Reliance Health Insurance
6.2.12 New India Assurance
6.2.13 National Assurance
6.2.14 Cigna TTK*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER AND ABOUT US
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security