The term "group health insurance market" describes health insurance policies that cover a large number of individuals, typically members of an organization, association, or corporation. Although it can also be given to members of different professional, trade, or social clubs, employers typically offer this kind of insurance as part of employee benefits packages. Hospitalization, surgeries, pre- and post-hospitalization treatment, and occasionally wellness services are all covered by group health insurance plans, which provide financial security against medical costs for a group of people.
India Group Health Insurance Market Driving Factors and Challenges
Drivers:
- Growing Healthcare Costs: People and organizations are looking for strategies to control the financial burden of healthcare as medical costs keep rising. Group health insurance is a popular option for companies wishing to provide healthcare benefits to their employees since it provides comprehensive coverage at a lower price than individual policies, making it an affordable option.
- Growing Corporate Sector: The need for group health insurance as a regular employee benefit has increased due to the growth of the corporate sector, especially large firms. Recognizing that comprehensive health benefits increase job happiness and productivity, companies use group health plans as a tool for talent attraction and retention in addition to ensuring the health and well-being of their employees.
Challenges: One of the primary challenges is the low percentage of health insurance coverage in the country, where a significant portion of the population is either uninsured or underinsured. Some of the reasons for this include a lack of awareness, issues with affordability, and limited access to high-quality healthcare information in remote locations. Additionally, the coverage of health insurance varies significantly across different industries. The market's potential is limited since startups and small and medium-sized firms (SMEs) usually cannot afford such benefits, while large organizations are more likely to offer complete group health insurance to their employees.
Impact of COVID-19 on India Group Health Insurance Market
The COVID-19 pandemic has had a major impact on the India Group Health Insurance Market, causing both new challenges and acceleration of some trends. On the one hand, the pandemic highlighted the pressing need for comprehensive health care, which increased employers' and employees' understanding of the benefits of group health insurance. Many businesses, particularly in the corporate sector, began to review or expand their employee health coverage to ensure that their workers were adequately covered in the case of a medical emergency. Small and medium-sized enterprises (SMEs), who had previously been reluctant to make such investments, have seen an increase in the use of group health insurance policies as a result of this shift.
India Group Health Insurance Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; New India Assurance Company Limited, ICICI Lombard General Insurance, United India Insurance Company, Star Health and Allied Insurance Co. Ltd., Bajaj Allianz General Insurance, HDFC Ergo General Insurance, SBI General Insurance, Reliance General Insurance, Tata AIG General Insurance, ManipalCigna Health Insurance, and Others.
India Group Health Insurance Market Segmentation:
By Plan Type: Based on the Plan Type, India Group Health Insurance Market is segmented as; Basic Group Health Insurance, Comprehensive Group Health Insurance, Critical Illness Group Coverage, Top-up and Super Top-up Plans.
By Industry/Employer Type: Based on the Industry/Employer Type, India Group Health Insurance Market is segmented as; Large Corporates, Small and Medium Enterprises, Startups and Freelancers.
By Distribution Channel: Based on the Distribution Channel, India Group Health Insurance Market is segmented as; Direct (Corporate Tie-ups), Broker and Agents, Online Platforms.
By Coverage Type: Based on the Coverage Type, India Group Health Insurance Market is segmented as; In-Patient Treatment, Pre/Post Hospitalization, Maternity and Newborn Cover, Day-Care Procedures, Others.
By Region: This research also includes data for Eastern region, Western region, Southern region, Northern region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.