The India health insurance market is poised for significant growth until 2029, fueled by the increasing accessibility of health insurance and the rising costs of medical treatments. A report from TechSci Research titled "Health Insurance – India Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2029" indicates substantial expansion in the market during the forecast period.
Several factors contribute to this growth, including the escalating prevalence of diseases, advancements in treatment technologies enhancing healthcare facilities, and the mounting financial burden of medical expenses on patients and their families. As healthcare costs soar, there is a growing demand for health insurance across India, a trend expected to persist in the coming years.
Health insurance, functioning as a contract between the insured and the insurer, covers medical and surgical expenses in exchange for a premium. It encompasses diverse insurance plans such as families, senior citizens, individuals, critical illness, accidents, and diseases, providing coverage for a range of life-threatening conditions.
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Government initiatives, collaborations, and democratic factors contribute significantly to the market's expansion. Notably, a collaboration between the Indian government and the World Bank in 2021, involving a USD 40 million investment in Meghalaya's healthcare services, has substantially contributed to the market's growth.
Beyond financial protection, health insurance offers tax advantages, with premiums being tax-deductible under Section 80D of the Income Tax Act. This provision allows individuals to claim tax benefits, thereby minimizing the financial burden related to medical expenses, income, and residence tax.
Post-COVID-19, there's a heightened awareness of the benefits of health insurance in providing financial security during medical emergencies. More individuals are investing in healthcare plans to safeguard their financial well-being.
The report provides a comprehensive analysis of the India health insurance market, considering factors such as insurance provider, type of coverage, mode of purchase, premium types, end users, types of insurance plans, sum insured, and region.
Key findings include:
Insurance Provider: The market is classified into public and private, with private health insurance providers dominating due to increased specialization and high-quality services.
Type of Coverage: Divided into individuals and family, individual coverage leads the market owing to its cost-effectiveness and flexibility.
Mode of Purchase: Categorized into insurance companies, insurance agents/brokers, and others, reflecting the varied channels through which health insurance is acquired.
Premium Type: Distinguished between regular premium and single premium payment options.
End Users: Segmented into minors, adults, and senior citizens.
Types of Insurance Plan: Differentiated into indemnity plans and defined-benefit plans.
Sum Insured: Further segmented based on different monetary brackets.
The report also identifies key market players, including SBI General Insurance Company Limited, Star Health and Allied Insurance Co Ltd, Universal Sompo General Insurance Co Ltd., and others. It emphasizes the rising awareness of health insurance benefits and predicts a positive impact on the market in the coming years. Mr. Karan Chechi, Research Director at TechSci Research, highlights the growing awareness among Indian consumers regarding the protective nature of health insurance policies against various health-related expenses, anticipating a surge in market growth driven by increased consumer purchasing power.
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