India Health Insurance Market Forecast 2021-2027

1. India Health Insurance Market, By Plan Type - Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. India Health Insurance Market- Industry Trends & Forecast Report 2027 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 health insurance market is growing at a high rate because of the changing lifestyle and the increasing burden of various health issues and chronic medical conditions among all age groups in the country. In addition, the government is taking various steps to boost the adoption of health insurance among the general public. In accordance with the recommendations by NITI Aayog, the government can gain back the trust of the missing middle class in health insurance by strengthening regulatory mechanisms.

3. Growth Drivers  Favorable Government Initiatives for Health Insurance A number of initiatives are being taken by the Indian government to bring health insurance coverage to the missing middle class. For instance, government policies such as Ayushman Bharat PradhanMantri Jan ArogyaYojana provide low-income earners in India with free health insurance coverage. The India Brand Equity Foundation estimates that over 76,663 Ayushman Bharat-Health and Wellness Centers are to be operational in India by September 2022. In addition, the government is designing low-cost comprehensive health insurance plans to encourage the adoption of health insurance. It is anticipated that these initiatives will drive the India health insurance sector forward.

4. Restraints  Negative Biases of General Public Against Health Insurance Policies In India, at least 30% of the population is without health insurance, which translates to 40 crore individuals. According to NitiAayog, a major factor contributing to this gap in health insurance is the gap and overlap in the existing schemes. Health insurance companies in India claim that health insurance adoption in India is limited by the lack of awareness and lacklustre attitude consumers have towards their overall health. In order to resolve these issues, the government needs to strengthen the regulatory framework in order to boost consumer confidence in health insurance.

5. Impact of COVID-19 The sudden outbreak of the COVID-19 pandemic proved to be a boon for the India health insurance market. Also, many families who were insured under the Ayushman Bharat and other State government extension schemes were benefited during the COVID-19 treatment. Furthermore, a number of insurance companies in India offer Coronavirus Health Insurance policies that cover the medical expenses incurred during the treatment of COVID-19. Several policies such as Corona Kavach Policy, Coronavirus Group Health Insurance were introduced during the coronavirus pandemic, which significantly proliferated the growth of the India health insurance market.

6. Regional Insights Geographically, the India health insurance market is segmented into North India, South India, West India, and East India. Western India dominates the country’s health insurance market because of the high concentration of leading health insurance providers, such as Life Insurance Corporation (LIC), ICICI Prudential Life, Kotak Mahindra Life Insurance, etc. Furthermore, various government initiatives such as Mahatma JyotibaPhule Jan ArogyaYojana in Maharashtra are also playing a crucial role in driving the health insurance market in this region. According to an RTI report, around 5 lakh patients received treatment during COVID-19 crises under this scheme.

7. 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. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/india-health-insurance-market/report-sample

8. Recent Development In December 2021, Plum, a group health insurance startup, announced its partnership with Razorpay, a leading payment gateway in India, to offer exclusive group health benefits to early-stage startups.

9. 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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