A Quick Analysis of Health Insurance Industry in India 2016

India has a huge insurance industry that keeps growing gradually with the exponential increase in the population. A considerable growth in the insurance industry has been registered over the past decade, which includes the sub-domain of healthcare delivery. Well, things are not done yet; the underlying industry still expects much in 2016 since there are many regions left untapped.

If we look at the healthcare industry throughout the developed and developing countries, India still has a lot to achieve. Let us take a scenario. We, instead of investing in health insurance for our family spend money on its curative alternative of ailments. This eventually makes us spend an equivalent sum on medication and hospitalization rather than on premium of the insurance policy. Some of the key areas to focus on comprise product innovation, awareness, accessibility or approachability, additional benefits, and most importantly, the tips of preventive care.

Approaching the Untapped Regions

On an average, not more than 15 percent of the population of India has health insurance coverage, which clearly indicates there is a strong need for awareness of features-cum-benefits of health insurance policies in particular. In the other words, there is a huge scope for business in the health insurance segment of Indian market. Doing this will not only help reduce the out-of-pocket expenses of multiple families in India but also make them aware of how efficiently invest the money.

As per the data, in 2011, out-of-pocket expenses of Russia stood 87.9 percent while India followed came close with 86 percent and China with 78.8 percent. The alternative to this percentage could be referred to low health insurance coverage in the country. Unfortunately, India is very much into that and it is mandatory for both public and private sector insurance companies to work on this particular matter.

Present Market Scenario

Although India has a considerable share of its population yet to purchase health insurance policies, the present market scenario highlights four dominating names (New India, United India, National, and Oriental) in the public sector of health insurance industry. On the other hand, about 17 players in the private sector acquired the remaining share. These players included Max Bupa Health Insurance, Star Health, Religare Health, Apollo Munich and more. The largest share of the market was acquired by ICICI Lombard with 9.74 per cent.

Nevertheless, the health insurance industry is yet to be explored more. People also need to be aware of the new policies being introduced to the market while the Internet is the prime source to grab the most relevant information from the authentic repositories. Internet penetration can really help people thereby making them aware of this universal platform and making its efficient use for their own good. HDFC Health Insurance plans offer complete coverage for unforeseen events that lead to hospitalization expenses, transportation charges, and separate attendee for the patient, and more. Not only are these plans affordable but also suitable as per individual’s primary needs. These affordable plans are highly recommended to individuals for additional health benefits.

Sunaina Sekhawat is a seasoned independent writer with creative writing style helps understand the subject matter easily and offers expert suggestions for Health Insurance polices.