An increasing number of coronavirus cases is expected to drive the growth of India coronavirus health insurance market. According to TechSci Research report, “India Coronavirus Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Regular Health Insurance Policy v/s Fixed Benefit Insurance Plan), By Type of Claim (Cashless v/s Reimbursement), By Sum Insured (Up to 25,000, Up to 50,000, Up to 1,00,000, Up to 2,00,000), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, the India coronavirus health insurance market is expected to grow at an impressive rate during the forecast period on account of the drastic increase in the number of coronavirus positive cases in the country.
The Important Elements of India Coronavirus Health Insurance Market
Additionally, increasing healthcare costs is further expected to propel market growth. Furthermore, the lack of beds and adequate facilities for treatment in government hospitals is further expected to fuel market growth. Also, increasing healthcare awareness among the population is further expected to drive market growth in the country. Besides, promotional activities and outstanding marketing & advertising activities used by the major players operating in the market are expected to create lucrative opportunities for growth through 2025.
However, there is generally a waiting period of 15-30 days before an insurance policy is delivered. If someone catches the infection during this duration, they are not entitled to enjoy the benefits of the plan. This in turn is expected to slow down the market growth during the forecast period. As of now, the coronavirus health insurance policies are available for a limited time period of 1 year only and cannot be renewed. This is also expected to hamper the market growth.
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The Indian coronavirus health insurance market is segmented based on the type of insurance provider, insurance type, type of claim, sum insured, mode of purchase, end users, company, and region. Based on insurance type, the market can be split into regular health insurance policies and fixed benefit insurance plans. Among these, the fixed benefit insurance plan segment is expected to witness significant growth, especially in the tier 2/3 cities, where most of the population doesn’t have a health insurance policy or even if they have, the sum insured is quite less.
This is also preferred by the population who is at high risk of catching the disease and does not have access to funds or availability of funds to buy a health insurance plan. Hence, this is acting as a temporary solution for all those who do not have a health insurance plan. Based on the type of claim, the market can be bifurcated into cashless and reimbursement. Out of these, the cashless segment is expected to register significant growth in the market due to the shortage of beds and better healthcare facilities in government hospitals.
As a result of which, all those who have health insurance plans, are going for treatment in private hospitals that are covered under their insurance policy. Based on the type of insurance providers, the market can be categorized into public, private, and standalone health insurers. Here, the private segment is expected to dominate the market since they provide a prompt referral to a consultant, advanced treatment options, and quick & flexible treatment time.
The Major competitors of the India Coronavirus Health Insurance Market
- ICICI Lombard
- Star Health & Allied Insurance
- Future Generali
- Go Digital General Insurance
- Max Bupa Health Insurance
- SBI General Insurance
- Bajaj Allianz
- Bharti AXA Health Insurance
- Reliance General Insurance
- HDFC Ergo and others are some of the leading players operating in India’s coronavirus health insurance market. The companies operating in the market are using organic strategies such as new insurance plan launches, mergers, and collaborations to boost their share.
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“India coronavirus health insurance market is expected to witness significant growth on account of the improving healthcare infrastructure coupled with the use of advanced technologies in the healthcare industry. Additionally, increasing expenditure by the government on promoting health and disease prevention is further expected to propel the market.
Furthermore, increasing awareness among the population pertaining to the existence of such insurance policies and plans is further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Coronavirus Health Insurance Market By Type of Insurance Provider (Public, Private, Standalone Health Insurers), By Insurance Type (Regular Health Insurance Policy v/s Fixed Benefit Insurance Plan), By Type of Claim (Cashless v/s Reimbursement), By Sum Insured (Up to 25,000, Up to 50,000, Up to 1,00,000, Up to 2,00,000), By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent), By End Users (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of India coronavirus health insurance market and provides statistics & information on market size, structure, and future market growth.
The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India’s coronavirus health insurance market.
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