India Health Insurance Market, by Claim Type, by Insurance Type, by Type of Insurance Provider, by Business Type, by Different Types of Health Insurance Plans, by Type of Scheme, by Type of Coverage, by Mode of Purchase, by Region, Competition, Forecast & Opportunities, 2025

The Indian 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 the 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.

The 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.

The Indian 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 the Indian 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 the Indian 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

The Objective of the Study:

• To analyze and forecast the market size of the Indian Health Insurance Market.
• To classify and forecast the Indian 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 the Indian Health Insurance Market.
• To examine competitive developments such as expansions, new product launches in the Indian Health Insurance Market.
• To conduct pricing analysis for the Indian Health Insurance Market.
• To identify and analyze the profile of leading players operating in the Indian Health Insurance Market.

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

The author calculated the market size of the Indian Health Insurance Market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. The author 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.

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 the market opportunities.

Report Scope:
In this report, the Indian 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:

• Disease
• 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:

• Community-based
• Employer based
• Voluntary

Market, By Type of Coverage:

• Family
• Individual
• Extended Family

Market, By Term of Coverage:

• Term
• Lifetime

Market, 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

Market, By Mode of Purchase:

• Insurance Agents
• Bancassurance
• Corporate Agents
• Direct Company Representatives
• Brokers
• Online Portal
• Web Aggregators
• Others

Market, By End-Users:

• Adults
• Minor
• Senior Citizens

Market, By Region:

• North
• West
• South
• East

Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Indian Health Insurance Market.

Available Customizations:
With the given market data, the author offers customizations according to a client’s specific needs.