Growing awareness regarding advantages offered by health insurance companies and increasing disposable income to drive the growth of India health insurance market
India According to TechSci Research report, “India Health Insurance Market By Type of Insurance Provider (Public, Private, Others), By Insurance Type (Disease, Medical, Income Protection), By Type of Scheme (Voluntary, Mandatory, Others), By Type of Coverage (Individual, Family), By Term of Coverage (Term, Lifetime), By Cash Limit (Up to 2 Lakh, 2.1-3 Lakh, Others), By Mode of Purchase (Online Portal, Insurance Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, India health insurance market is expected to register robust growth during forecast period. Surging working population, increasing disposable income and rising awareness towards policies offered by health insurance companies are the major factors driving the Indian health insurance market. Additionally, the mandatory provision of providing health insurance for both private and public sector employees is further anticipated to fuel the growth of health insurance market in India through 2025.
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India Health Insurance Market
Moreover, Government of India had launched National Health Protection Scheme under ‘Ayushman Bharat’ which provides coverage of up to USD7,723 to more than 100 million vulnerable families. This gave a boost to the health insurance sector in the country. This has further driven insurance penetration in the country and proliferation of insurance schemes, thereby positively impacting the market growth.
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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 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 India 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, medical and income protection. In 2019, medical insurance type dominated the health insurance market in India owing to increasing cases of road accidents in the country. Medical insurance covers almost all the incurred expenses while admitting a patient to a hospital in the event of any medical agency. It may include cost of medical admission, diagnostic tests including MRI & CT scan, hospital accommodation, nursing care, surgery and cost of seeing consultant or a doctor.
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. Various insurance providing companies are focusing on developing a strong base in e-commerce market as users prefer to understand, compare, and apply for the health coverage & buy insurance packages online.Download Sample Report @ www.techsciresearch.com/sample-report.aspx?cid=4658
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