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India Health Insurance Market Showing Prolific Growth: Forecast to Grow at a CAGR of 10.1% by 2027 | BlueWeave

Delhi, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Health insurance is emerging as a powerful financial management tool for Indian people seeking health care. The increasing burden of various health issues and chronic medical conditions among all age groups in the country are driving India's health insurance industry…

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India health insurance market is estimated to grow at a CAGR of 10.1% during the forecast period of 2021-2027. India's health insurance market is witnessing robust growth due to the changing lifestyle and the increasing burden of various health issues and chronic medical conditions among all age groups. In addition, the government is taking various steps to boost the adoption of health insurance among the general public. NITI Aayog recommends strengthening regulatory mechanisms in order to restore the faith of the missing middle class in health insurance. In addition, low-cost policies and the burgeoning private-public infrastructure in India are contributing to the growth of this market.

Various Government Schemes, coupled with Tax Benefits of Health Insurance, are Propelling the Market Growth.

With the launch of the National Health Protection Scheme under Ayushman Bharat in September 2018, which aims to provide insurance coverage of up to INR 500,000 (USD 7,723) to more than 100 million vulnerable families, it is expected that healthcare insurance penetration in India will rise from nearly 34% to 50%. Tax reforms in India provide several tax benefits and deductions on health insurance to boost the awareness and accessibility to these policies among the masses. For instance, under Section 80D of the Income Tax Act 1961, the health insurance premiums paid by individuals to buy policies for themselves and their parents are tax-deductible. Moreover, the purchase of health insurance coverage for oneself, spouse, and children can save up to Rs. 25,000 (approx USD 328) as tax deductions. The above-mentioned factor acts as a key market driver prompting demand for health insurance across India in current and upcoming years.

Increasing Adoption of Insurtech in Health Insurance is Powering the Market

India is emerging as the most prominent and attractive market for the growth of Insurtech. The adoption of Insurtech is anticipated to provide lucrative growth opportunities to the health insurance market as well. Through the application of advanced technologies, such as cloud computing, AI, IoT, etc., health insurance providers can focus on improving user experience and overall customer engagements. To achieve this, health insurance providers are establishing partnerships with Insurtech companies as well. For instance, in August 2021, ICICI Prudential Life Insurance tied up with the National Payments Corporation of India (NPCI) to provide a unified payments interface autopay.

Request for Sample Report @ https://www.blueweaveconsulting.com/report/india-health-insurance-market/report-sample

An Increase in the Cost of Health Insurance Premiums is Expected to Hinder the Market Growth

Healthcare expenses, such as cost of medicines, hospital admission fees, and numerous other treatments, have caused insurance companies to raise premium rates. Further, a large number of people around the world are afflicted with chronic diseases such as diabetes, Alzheimer's, and heart disease. This has pushed the cost of treating chronic diseases to levels that are out of control. Because of this, insurance companies have to deal with high claim settlement costs, making the market growth unpredictable.

India Health Insurance Market - By Demographic

Based on demographics, the India health insurance market is segmented into minors, adults, and senior citizens. Among these, the senior citizens held the largest market share in 2020. Increasingly, geriatric populations between the ages of 65 and 80 are most vulnerable to medical emergencies, which is why health insurance is of paramount importance for providing the financial support necessary. However, the adult segment is expected to grow at a faster pace during the forecast period because of increased awareness of healthcare among this demographic

India Health Insurance Market - Regional Insights

Geographically, the India health insurance market is segmented into North India, South India, West India, and East India. Among these regions, the Western part of India dominates the country’s health insurance market. However, South India is also emerging with a great growth potential in the health insurance market. States like Andhra Pradesh, Tamil Nadu, Telangana, etc., are leading the market with increasing health insurance penetration. Additionally, the growing preference for private hospitals and structured public healthcare systems in these regions plays a crucial role in propelling the overall market growth. Furthermore, the presence of significant health insurance providers, such as Max Bupa, Care Health, Manipal Cigna, etc., is also driving the market growth in South India.

For more info please visit press release of India health insurance market: https://www.blueweaveconsulting.com/press-release/india-health-insurance-market-on-an-impressive-growth-spree-projected-to-grow-at-a-cagr-of-10-1-by-2027

Impact of COVID-19 on India Health Insurance Market

India health insurance witnessed tremendous growth after the unprecedented COVID-19 pandemic outbreak. During the initial phase of the pandemic, there was a lot of confusion over whether or not an individual’s current insurance plan covered coronavirus infection. Therefore, to provide relief to their citizens from the pandemic, The India government developed various health insurance policies and laws. Furthermore, the pandemic altered people's perceptions of medical and health insurance programs, and they began to understand the value of health insurance and its advantages. Additionally, during the global health crisis, health insurance companies in India rapidly switched to Insurtech solutions to make their policies more accessible to customers.

Furthermore, the companies digitized their offerings to drive sales of health insurance policies by utilizing their websites. Moreover, health insurers in India are analyzing a rise in coronavirus infections in the third wave and a surge in inpatient claims before considering raising their premium rates. Hence, the significant surge in demand for Coronavirus Health Insurance to avail financial support during COVID-19 treatment have been playing a crucial factor in driving the India health insurance market.

India Health Insurance Market - Competitive Landscape

The leading players in the India health insurance market are National Insurance Co. Ltd., Go Digit General Insurance Ltd., Bajaj Allianz General Insurance Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Bharti AXA General Insurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd., Future Generali India Insurance Co. Ltd., The New India Assurance Co. Ltd., SBI General Insurance Co. Ltd., Reliance General Insurance Co. Ltd., and other prominent players.

The market is highly consolidated and dominated by established players, such as Bharti AXA, SBI General Insurance, HDFC ERGO, etc., who enjoy a strong consumer base due to their strong industry position. Insurance companies in India offer a variety of policies based on illnesses, age demographics, finances, etc., to cover a larger share of the market. In addition, they utilize social media influence and advertising to create awareness of health insurance benefits. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the India Health Insurance market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Health Insurance market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India Health Insurance market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

North India, South India, West India, East India

Product Service/Segmentation

By Plan Type, By Demographic, By Provider, By Region

Key Players

National Insurance Co. Ltd., Go Digit General Insurance Ltd., Bajaj Allianz General Insurance Co. Ltd., Cholamandalam MS General Insurance Co. Ltd., Bharti AXA General Insurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd., Future Generali India Insurance Co. Ltd., The New India Assurance Co. Ltd., SBI General Insurance Co. Ltd., Reliance General Insurance Co. Ltd., and other prominent players.

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BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

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