India Health Insurance Market Size, Share & Trends Analysis Report By Duration (Life-Time Coverage, Term Insurance), By Type of Insurance Provider, By Distribution Channels, By Customer Type, By State, And Segment Forecasts, 2023 - 2030

India Health Insurance Market Size, Share & Trends Analysis Report By Duration (Life-Time Coverage, Term Insurance), By Type of Insurance Provider, By Distribution Channels, By Customer Type, By State, And Segment Forecasts, 2023 - 2030


India Health Insurance Market Growth & Trends


The India health insurance market size is anticipated to reach USD 30,291.2 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.55% from 2023 to 2030. Strong distribution channels, democratic factors, various government programs, and a favorable regulatory environment are some of the factors driving the growth. The Indian economy's health insurance sector is expanding. With approximately 1.3 billion potential beneficiaries, the Indian healthcare system is among the biggest in the world.

Low penetration, along with a COVID-19-led increase in awareness, rising disposable income, product innovation, etc. are some of the key drivers for growth in the retail health segment, where coverage is anticipated to reach about 250 million individuals. As per an independent survey by NITI Aayog, only 18% of individuals in urban areas and 14% in rural regions in India are covered by any type of health insurance plan, making it one of the countries with the lowest health insurance penetration rates in the world. The data shows that it stands at 0.4% in the country compared to 4.1% in the U.S. and 2.7% in France.

Government initiatives and financial inclusion programs are likely to have helped in propelling adoption and penetration across all segments. The Indian government is introducing several schemes, such as the Ayushman Bharat Yojana, Pradhan Mantri Jan Aarogya Yojana (PM-JAY), Aam Aadmi Bima Yojana (AABY), and Pradhan Mantri Suraksha Bima Yojana to offer health insurance to the economically weaker sections of the nation.

Furthermore, key entities in the Indian health insurance industry undertake various strategic initiatives such as partnerships, new policies, and mergers & acquisitions to expand and adoption of their insurance policies in the country. For instance, in July 2022, Star Health and Allied Insurance entered into a partnership with Common Services Centers to offer more than 5 lakh CSCs access to a number of Star Health insurance products.

This partnership intends to broaden access to health insurance in rural India.Star Health is expected to simultaneously increase its market share and consolidate its position across the nation with the help of the new distribution network. Moreover, in August 2022, Abu Dhabi Investment Authority (ADIA) invested USD 80.5 million (Rs 665 cr) in Aditya Birla Health Insurance for a 9.99% stake. Such initiatives are expected to propel market growth in the country.

India Health Insurance Market Report Highlights

  • In 2022, the brokers and individual agents distribution channel segment held the highest revenue share, with over 59.30% and 32.23%. This is attributed due the majority of health insurance policies in the country being sold in-person or through middlemen
  • The direct sales distribution channel segment is expected to hold a significant market share owing to direct sales allow health insurance entities to sell their insurance without the interference of an intermediary
  • Private sector insurers are expected to hold a significant share in the insurance type segment over the forecast period owing to an increase in private health insurers entering the market to offer specialized healthcare coverage and high-quality services
  • Life-time coverage dominated the market and accounted for the largest revenue share of over 55.49% in 2022. The lifetime coverage allows customers to continue receiving insurance without having to apply for a new policy
  • Term life insurance is expected to grow at a CAGR of 12.97% during the forecast year. This is attributed due to the term life insurance being more affordable than other types of health insurance policies
  • Maharashtra state dominated the market with a revenue share of 29.00% in 2022.In India, Maharashtra accounts for the largest percentage of insurance premiums
  • Key players include Star Health and Allied Insurance Co Ltd., Aditya Birla Group, Niva Bupa Health Insurance Company Limited, Bajaj Allianz Health Insurance, Bharti AXA Life Insurance, New India Insurance, and United India
Please note The report will be delivered in 3-8 business days upon order notification.


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
2.1.1 Segment Outlook
2.1.2 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 the 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 are not covered
3.4 SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.5 Industry Analysis - Porter’s
3.7 Major Deals & Strategic Alliances
3.7.1 New Product Launch
3.7.2 Acquisition
3.7.3 Expansion
3.7.4 Partnerships
3.7.5 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: Customer Type Business Analysis
9.1 India Health Insurance Market: Customer Type Movement Analysis
9.2 Individuals
9.2.1 Individuals insurance market estimates and forecast, 2018 - 2030 (Million)
9.3 Corporate houses/Business Units
9.3.1 Corporate houses/business units insurance market estimates and forecast, 2018 - 2030 (Million)
9.4 Others
9.4.1 Others insurance market estimates and forecast, 2018 - 2030 (Million)
Chapter 10 India Health Insurance Market: State Business Analysis
10.1 India Health Insurance Market: State Movement Analysis
10.2 Maharastra
10.2.1 Maharastra health insurance market estimates and forecast, 2018 - 2030 (Million)
10.3 Tamil Nadu
10.3.1 Tamil Nadu health insurance market estimates and forecast, 2018 - 2030 (Million)
10.4 Karnataka
10.4.1 Karnataka health insurance market estimates and forecast, 2018 - 2030 (Million)
10.5 Delhi
10.5.1 Delhi health insurance market estimates and forecast, 2018 - 2030 (Million)
10.6 Gujrat
10.6.1 Gujrat health insurance market estimates and forecast, 2018 - 2030 (Million)
10.7 Rest of state
10.7.1 Rest of state health insurance market estimates and forecast, 2018 - 2030 (Million)
Chapter 11 India Health Insurance Market: Company Profiling
11.1 Company Profiles
11.1.1 Star Health and Allied Insurance Co Ltd
11.1.1.1 Company overview
11.1.1.2 Financial performance
11.1.1.3 Product benchmarking
11.1.1.4 Strategic initiatives
11.1.2 Aditya Birla Group
11.1.2.1 Company overview
11.1.2.2 Financial performance
11.1.2.3 Product benchmarking
11.1.2.4 Strategic initiatives
11.1.3 Niva Bupa Health Insurance Company Limited
11.1.3.1 Company overview
11.1.3.2 Financial performance
11.1.3.3 Product benchmarking
11.1.3.4 Strategic initiatives
11.1.4 Bajaj Allianz Health Insurance
11.1.4.1 Company overview
11.1.4.2 Financial performance
11.1.4.3 Product benchmarking
11.1.4.4 Strategic initiatives
11.1.5 Bharti AXA Life Insurance
11.1.5.1 Company overview
11.1.5.2 Financial performance
11.1.5.3 Product benchmarking
11.1.5.4 Strategic initiatives
11.1.6 New India Insurance
11.1.6.1 Company overview
11.1.6.2 Financial performance
11.1.6.3 Product benchmarking
11.1.6.4 Strategic initiatives
11.1.7 United India
11.1.7.1 Company overview
11.1.7.2 Financial performance
11.1.7.3 Product benchmarking
11.1.7.4 Strategic initiatives
11.1.8 ICICI Lombard
11.1.10.1 Company overview
11.1.10.2 Financial performance
11.1.10.3 Product benchmarking
11.1.10.4 Strategic initiatives
11.1.9 National Insurance Company
11.1.9.1 Company overview
11.1.9.2 Financial performance
11.1.9.3 Product benchmarking
11.1.9.4 Strategic initiatives
11.1.10 Tata AIG General Insurance Company Limited
11.1.10.1 Company overview
11.1.10.2 Financial performance
11.1.10.3 Product benchmarking
11.1.10.4 Strategic initiatives
11.2 List of Other Key Players

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings