India Health Insurance Market By Type of Insurance Provider (Public, Private), By Type of Coverage (Individual, Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, Others), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens), By Types of Insurance Plan (Indemnity Plans, Defined-Benefits Plans), By Sum Insured (Below USD200, USD200-USD600, USD600-USD1200, Above USD1200), By Region, By Company, Forecast & Opportunities, 2029

Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format

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India Health Insurance Market By Type of Insurance Provider (Public, Private), By Type of Coverage (Individual, Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, Others), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens), By Types of Insurance Plan (Indemnity Plans, Defined-Benefits Plans), By Sum Insured (Below USD200, USD200-USD600, USD600-USD1200, Above USD1200), By Region, By Company, Forecast & Opportunities, 2029

Forecast Period 2025-2029
Market Size (2023) USD14.10 Billion
CAGR (2023-2028) 11.12%
Fastest Growing Segment Private
Largest Market Individual

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India Health Insurance Market Scope

The India health insurance market can be described as a market that offers health insurance products and services to individuals and group of individuals in India, with the aim to cover the cost of medical and surgical treatments incurred by the insurer.

The health insurance market is primarily served by two types of insurance providers, such as private and public firms. The market offers a variety of schemes to invest, such as the individual health insurance plans, family floater health insurance plans, critical illness insurance, senior citizen health insurance, and other related products and services, as per the suitability of the person.

The India health insurance market is highly competitive, with several national and international players offering a wide range of health insurance products and services.

India Health Insurance Market Overview

The India health insurance market has witnessed significant growth over the past decade, driven by several factors, such as rising healthcare costs, increasing awareness about health

The health insurance market in this country has been driven by the rise in individual demand for specialized and high-quality healthcare services. Hospitalization charges, medical devices, telemedicine, medical tourism, and medical equipment are among the products and services that are driving the demand for health insurance industry. The significant growth of this market is supported by large investment activities from various corporate hospital chains and the entry of new players, aided by private equity investors.

The Indian

India Health Insurance Market Drivers

One of the key driving factors behind the growth of the India health insurance market is the rising medical costs in the country, which is propelling the demand for health insurance among the citize

Furthermore, with the rise of promotional activities on

The government of India has also played a critical role in promoting health insurance across the nation, by launched the “Ayushman Bharat Yojana” scheme in 2018 that aims to provide health insurance coverage to approximately 500 million people in India. This initiative has played a crucial role in increasing the adoption rate of health insurance among people from rural as well as urban areas of the country.

India Health Insurance Market Trends

The India health insurance market is experiencing certain reshaping trends by

Another trend is the emergence of innovative health insurance products. Insurers are introducing new products that cater to specific healthcare needs, such as critical illness cover, maternity cover, and mental health cover. They are also offering customized plans that allow customers to choose the coverage according to their requirement. Additionally, insurers are collaborating with healthcare providers to offer value-added services. For instance, in 2022, HDFC ERGO partnered with HDFC Life to offer “Click2Protect Optima Secur”. This new insurance plan provides combined benefits of life and health insurance solutions and comes with ‘Individual’ and ‘Family Floater’ options.

MIR Segment1

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India Health Insurance Market Challenges

The India health insurance market faces several challenges that hinder its growth and impact the availability and affordability of health insurance for the population. One of the most significant challenges is the low penetration of health insurance in India. According to a survey by the National Sample Survey Office in 2021, only about 20% of the Indian population has health insurance, leaving a majority of the population without any coverage. This low penetration is due to several factors, such as the lack of awareness among consumers about health insurance, limited accessibility of health insurance products, and affordability issues.

Additionally, the limited coverage offered by many health insurance policies makes it challenging for people to access quality

India Health Insurance Market Recent Developments

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India Health Insurance Market Opportunities

The India health insurance market presents several opportunities for growth and innovation, driven by several factors, such as rising healthcare costs, increasing awareness about health insurance, and a surging population. One of the most significant opportunities in India health insurance market is the potential for growth. With a population of over 1.4 billion people, India is still among countries with lowest penetration rate in the health insurance market. Hence, there is ample opportunities for health insurance companies to expand their customer base.

Additionally, customization of health insurance policies is another opportunity in the India health insurance market. With the growing awareness of health and wellness, health insurance companies can offer tailored policies that cater to the specific needs of different customer segments, such as women, senior citizens, and people with pre-existing medical conditions. This customization can lead to better customer satisfaction and retention, as well as increased revenue for insurers.

Market Segmentation

MIR Regional

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Company Profiles

SBI General Insurance Company Limited, Star Health and Allied Insurance Co Ltd, Universal Sompo General Insurance Co Ltd., ManipalCigna Health Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Tata AIG General Insurance Company Limited, Edelweiss Tokio Life Insurance Company Limited, Go Digit General Insurance Limited, Care Health Insurance Ltd, HDFC ERGO General Insurance Company Limited

Attribute

Details

Base Year

2023

Historical Years

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Revenue in USD Million, and CAGR for 2019-2023 and 2024-2029

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Type of Insurance Provider

Type of Coverage

Mode of Purchase

Premium Type

End Users

Types of Insurance Plan

Sum Insured

Region

Regional Scope

North, South, East, West

Key Companies Profiled

SBI General Insurance Company Limited, Star Health and Allied Insurance Co Ltd, Universal Sompo General Insurance Co Ltd., ManipalCigna Health Insurance Company Limited, ICICI Lombard General Insurance Company Limited, Tata AIG General Insurance Company Limited, Edelweiss Tokio Life Insurance Company Limited, Go Digit General Insurance Limited, Care Health Insurance Ltd, HDFC ERGO General Insurance Company Limited

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Table of Content

Table of Contents

Chapter 1 India Health Insurance Market: Methodology And Scope
                  1.1 Market Segmentation
                      1.1.1 Segment Scope
                      1.1.2 Country Scope
                      1.1.3 Estimates And Forecast Timeline
                  1.2 Research Methodology
                  1.3 Information Procurement
                      1.3.1 Purchased Database
                      1.3.2 Gvr’s Internal Database
                      1.3.3 Secondary Sources
                      1.3.4 Primary Research
                      1.3.5 Details Of Primary Research
                  1.4 Information Or Data Analysis
                      1.4.1 Data Analysis Models
                  1.5 Market Formulation & Validation
                  1.6 Model Details
                      1.6.1 Commodity Flow Analysis
                          1.6.1.1 Approach 1: Commodity Flow Approach
                          1.6.1.2 Approach 2: Country Wise Market Estimation Using Bottom Up Approach
                          1.6.1.3 Approach 2: Country Wise Market Estimation Using Top Down Approach
                  1.7 Country Market: CAGR Calculation
                  1.8 List Of Secondary Sources
                  1.9 Objectives
                      1.9.1 Objective 1:
                      1.9.2 Objective 2:
                  1.10 List of Abbreviations
Chapter 2 India Health Insurance Market: Executive Summary
                  2.1 India Health Insurance: Market Outlook
                      2.2.1 Segment Outlook
                      2.2.2 Market Summary, 2022 (USD Million)
Chapter 3 India Health Insurance Market: Industry Outlook
                  3.1 Market Lineage Outlook
                      3.1.1 Parent Market Lineage Outlook
                      3.1.2 Related/Ancillary Market Outlook
                  3.2 Penetration & Growth Prospect Mapping
                  3.3 Market Dynamics
                      3.3.1 Market Drivers
                          3.3.1.1 Private organizations providing employer-sponsored health insurance plans
                          3.3.1.2 Increase in cost of healthcare
                          3.3.1.3 Demand increase with COVID-19 pandemic
                      3.3.2 Market Restraint Analysis
                          3.3.2.1 Premiums price increase with age
                          3.3.2.2 Some healthcare services and medical expenses not covered
                  3.4 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
                  3.5 Industry Analysis - Porter’s
                  3.6 Major Deals & Strategic Alliances
                      3.6.1 New Product Launch
                      3.6.2 Acquisition
                      3.6.3 Expansion
                      3.6.4 Partnerships
                      3.6.5 Marketing & Promotions
Chapter 4 India Health Insurance Market: Competitive Landscape
                  4.1 Recent Developments & impact analysis by key market participants
                      4.1.1 ANSOFF MATRIX
                  4.2 Company Categorization
                      4.2.1 INNOVATORS
                          4.2.1.1 Market Differentiators
                  4.3 Vendor Landscape
                      4.3.1 LIST OF KEY DISTRIBUTORS AND CHANNEL PARTNERS
                      4.3.2 KEY CUSTOMERS
                  4.4 Public Companies
                      4.4.1 COMPETITIVE DASHBOARD ANALYSIS
                  4.5 Private Companies
                      4.5.1 LIST OF KEY EMERGING COMPANIES
                  4.6 Regional Network Map
Chapter 5 India Health Insurance Market: Duration Business Analysis
                  5.1 India Health Insurance Market: Duration Movement Analysis
                  5.2 Life-Time Coverage
                      5.2.1 Life-Time coverage insurance market estimates and forecast, 2018 - 2030 (Million)
                  5.3 Term Insurance
                      5.3.1 Term insurance market estimates and forecast, 2018 - 2030 (Million)
Chapter 6 India Health Insurance Market: Distribution Channels Business Analysis
                  6.1 India Health Insurance Market: Distribution Channels Movement Analysis
                  6.2 Direct sales
                      6.2.1 Direct sales market estimates and forecast, 2018 - 2030 (Million)
                  6.3 Brokers and Agents
                      6.3.1 Brokers and agents market estimates and forecast, 2018 - 2030 (Million)
                  6.4 Bankers
                      6.4.1 Bankers market estimates and forecast, 2018 - 2030 (Million)
                  6.5 Others
                      6.5.1 Other distribution channels market estimates and forecast, 2018 - 2030 (Million)
Chapter 7 India Health Insurance Market: Type of Insurance Provider Business Analysis
                  7.1 India Health Insurance Market: Type of Insurance Provider Movement Analysis
                  7.2 Public Sector Insurers
                      7.2.1 Public sector insurers insurance market estimates and forecast, 2018 - 2030 (Million)
                  7.3 Private Sector Insurers
                      7.3.1 Private sector insurers insurance market estimates and forecast, 2018 - 2030 (Million)
                  7.4 Standalone Health Insurance Companies
                      7.4.1 Standalone health insurance companies insurance market estimates and forecast, 2018 - 2030 (Million)
Chapter 8 India Health Insurance Market: Customer Type Business Analysis
                  8.1 India Health Insurance Market: Customer Type Movement Analysis
                  8.2 Individuals
                      8.2.1 Individuals insurance market estimates and forecast, 2018 - 2030 (Million)
                  8.3 Corporate houses/Business Units
                      8.3.1 Corporate houses/business units insurance market estimates and forecast, 2018 - 2030 (Million)
                  8.4 Others
                      8.4.1 Others insurance market estimates and forecast, 2018 - 2030 (Million)
Chapter 9 India Health Insurance Market: State Business Analysis
                  9.1 India Health Insurance Market: State Movement Analysis
                  9.2 Maharastra
                      9.2.1 Maharastra health insurance market estimates and forecast, 2018 - 2030 (Million)
                  9.3 Tamil Nadu
                      9.3.1 Tamil Nadu health insurance market estimates and forecast, 2018 - 2030 (Million)
                  9.4 Karnataka
                      9.4.1 Karnataka health insurance market estimates and forecast, 2018 - 2030 (Million)
                  9.5 Delhi
                      9.5.1 Delhi health insurance market estimates and forecast, 2018 - 2030 (Million)
                  9.6 Gujrat
                      9.6.1 Gujrat health insurance market estimates and forecast, 2018 - 2030 (Million)
                  9.7 Rest of state
                      9.7.1 Rest of state health insurance market estimates and forecast, 2018 - 2030 (Million)
CHAPTER 10 India Health Insurance Market: Company Profiling
                  10.1 Company Profiles
                      10.1.1 Star Health and Allied Insurance Co Ltd
                          10.1.1.1 Company overview
                          10.1.1.2 Financial performance
                          10.1.1.3 Product benchmarking
                          10.1.1.4 Strategic initiatives
                      10.1.2 Aditya Birla Group
                          10.1.2.1 Company overview
                          10.1.2.2 Financial performance
                          10.1.2.3 Product benchmarking
                          10.1.2.4 Strategic initiatives
                      10.1.3 Niva Bupa Health Insurance Company Limited
                          10.1.3.1 Company overview
                          10.1.3.2 Financial performance
                          10.1.3.3 Product benchmarking
                          10.1.3.4 Strategic initiatives
                      10.1.4 Bajaj Allianz Health Insurance
                          10.1.4.1 Company overview
                          10.1.4.2 Financial performance
                          10.1.4.3 Product benchmarking
                          10.1.4.4 Strategic initiatives
                      10.1.5 Bharti AXA Life Insurance
                          10.1.5.1 Company overview
                          10.1.5.2 Financial performance
                          10.1.5.3 Product benchmarking
                          10.1.5.4 Strategic initiatives
                      10.1.6 New India Insurance
                          10.1.6.1 Company overview
                          10.1.6.2 Financial performance
                          10.1.6.3 Product benchmarking
                          10.1.6.4 Strategic initiatives
                      10.1.7 United India
                          10.1.7.1 Company overview
                          10.1.7.2 Financial performance
                          10.1.7.3 Product benchmarking
                          10.1.7.4 Strategic initiatives
                      10.1.8 ICICI Lombard
                          10.1.10.1 Company overview
                          10.1.10.2 Financial performance
                          10.1.10.3 Product benchmarking
                          10.1.10.4 Strategic initiatives
                      10.1.9 National Insurance Company
                          10.1.9.1 Company overview
                          10.1.9.2 Financial performance
                          10.1.9.3 Product benchmarking
                          10.1.9.4 Strategic initiatives
                      10.1.10 Tata AIG General Insurance Company Limited
                          10.1.10.1 Company overview
                          10.1.10.2 Financial performance
                          10.1.10.3 Product benchmarking
                          10.1.10.4 Strategic initiatives
                  10.2 List of Other Key Players

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