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Market Research Report

India Health Insurance Market By Type of Insurance Provider, By Insurance Type, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Cash Limit, By Mode of Purchase, By End User, By Region, Forecast & Opportunities, 2025

Published by TechSci Research Product code 938735
Published Content info 78 Pages
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India Health Insurance Market By Type of Insurance Provider, By Insurance Type, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Cash Limit, By Mode of Purchase, By End User, By Region, Forecast & Opportunities, 2025
Published: May 1, 2020 Content info: 78 Pages
Description

India health insurance market is anticipated to register significant CAGR during the forecast period owing to factors such as rising number of middle-class populations in the country, growing awareness about benefits offered by an insurance plan, 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 heath 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 increased penetration and demand for health insurance 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. This amount is known as a deductible.

Health insurance market is a booming sector in India and with the rising number of people suffering from chronic dieses, increasing number of road accidents and encouragement from both public and private sector companies, the market for health insurance in India is expected to witness robust growth over the course of next five years.

The India health insurance market is segmented based on type of insurance provider, insurance type, type of scheme, type of coverage, term of coverage, cash limit, mode of purchase, end user, region and company. Based on type of insurance provider, the market is segmented into public, private and standalone health insurers. The private sector constitutes more than half of the health insurance share in the market. The reason behind this is that most of the private providers provide quick and flexible treatments and cover a wide number of private hospitals and clinics. Indians too, tend to go for private insurance providers because of their fast and convenient service. Lately, with the arrival of private and standalone health insurance companies, the Indian health insurance market has witnessed tremendous innovations in the policies offered.

Major players operating in the India health insurance market include Life Insurance Corp of India, Apollo Munich Health Insurance Company Limited, Max Life Insurance Company Limited, HDFC Standard Life Insurance Co. Ltd., Aditya Birla SunLife Insurance Co. Ltd., SBI Life Insurance Co. Ltd. , ICICI Prudential Life Insurance Co. Ltd., TATA-AIG General Insurance Company Limited, United India Insurance Company Limited, National Insurance Company Limited, Bajaj Allianz General Insurance Religare , Health Insurance Company Limited, Bharti Axa General Insurance Company Ltd., Star Health and Allied Insurance Co Ltd, Iffco Tokio General Insurance Ltd, Manipal Cigna Health Insurance Limited and others.

The insurance providers are now focusing on providing specialized health policies and rural masses for establishing their dominance in the market.

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.

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. Through this technique, TechSci Research could include the insurance providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the insurance providers, and 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 Type of Insurance Provider:

Public

Private

Standalone Health Insurers

  • Market, By Insurance Type:

Disease

Medical

Income Protection

  • Market, By Type of Scheme:

Voluntary

Mandatory

Community-based

Employer based

  • Market, By Type of Coverage:

Individual

Family

  • Market, By Term of Coverage:

Term

Lifetime

  • Market, By Cash Limit:

Up to 2 Lakh

2.1-3 Lakh

3.1-5 Lakh

5.1-10 Lakh

Above 10 Lakh

  • Market, By Mode of Purchase:

Direct Company Representatives

Online Portal

Insurance Agent

  • Market, By End Users:

Minors

Adults

Senior Citizens

  • Market, By Region:

North

South

East

West

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).
Table of Contents
Product Code: 4658

Table of Contents

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 Type of Insurance Provider (Public, Private, Standalone Health Insurers)
    • 7.2.2. By Insurance Type (Disease, Medical, Income Protection)
    • 7.2.3. By Type of Scheme (Voluntary, Mandatory, Community-based, Employer based)
    • 7.2.4. By Type of Coverage (Individual, Family)
    • 7.2.5. By Term of Coverage (Term, Lifetime)
    • 7.2.6. By Cash Limit (Up to 2 Lakh, 2.1-3 Lakh, 3.1-5 Lakh, 5.1-10 Lakh, Above 10 Lakh)
    • 7.2.7. By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent)
    • 7.2.8. By End User (Minors, Adults, Senior Citizens)
    • 7.2.9. By Company (2019)
    • 7.2.10. 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 Type of Insurance
    • 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 Type of Insurance
    • 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 Type of Insurance
    • 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 Type of Insurance
    • 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)

16. Strategic Recommendations

17. About Us & Disclaimer

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