India Group Health Insurance Market Introduction and Overview
According to SPER Market Research, the India Group Health Insurance Market is estimated to reach USD XX billion by 2033 with a CAGR XX%.
The report includes an in-depth analysis of the India Group Health Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. Employees' medical costs for any illness, accident, or other physical or mental impairment are covered by group health insurance. The employer pays a monthly, semi-annual, or annual premium or payroll tax to provide healthcare benefits, and it serves as payment in return. Throughout the duration and coverage of the insurance, the insurer is required to pay for the policyholder's medical bills. A number of variables, such as illnesses, age group, and governmental regulations, may affect the coverage according on the insurance.
Market Opportunities and Challenges
Opportunities: A group of people, typically workers of a corporation or members of an organization, are covered by group health insurance. The most valuable assets in any business are its employees. These days, businesses are paying more attention to their workers, and one of the most alluring perks for luring in new hires is corporate health insurance. It has a significant impact on how employees feel about their jobs. Employee turnover and labor union unrest are decreased because it gives workers a sense of belonging to the organization. Furthermore, it is now challenging to retain employees due to the rise in employment across a variety of industries.
Nonetheless, the probability of an employee sticking with the company increases if the employer offers benefits like health insurance to all of its workers and their families. Consequently, these are the primary drivers of growth for the group health insurance sector. Furthermore, Due to economic and demographic trends, the India Group Health Insurance Market offers a number of encouraging opportunities. Large corporations, small and medium-sized businesses (SMEs), and startups seeking to offer employee benefits are driving growing demand for reasonably priced healthcare coverage as the nation's middle class grows. In an effort to draw and keep talent, employers are taking the initiative to provide group health insurance policies in response to the growing expenses of healthcare.
Challenges: The growth and development of the India Group Health Insurance Market may be impacted by a number of obstacles. The low rate of health insurance coverage in the nation, where a sizable section of the populace remains uninsured or underinsured, is one of the main challenges. A lack of knowledge, problems with affordability, and restricted access to high-quality healthcare information in rural areas are some of the causes of this. Furthermore, there is a notable variation in health insurance coverage between various industries. Large companies are more likely to provide their employees full group health insurance, but startups and small and medium-sized businesses (SMEs) frequently cannot afford such benefits, which restricts the market's potential.
Market Competitive Landscape
The Group Health Insurance market in India is moderately fragmented. Some of the market key 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.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Plan Type, By Industry/Employer Type, By Distribution Channel, By Coverage Type.
|
| Regions covered | Eastern region, Western region, Southern region, Northern region. |
| Companies Covered | 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. |
COVID-19 Impact on India Group Health Insurance Market
The India Group Health Insurance Market has been significantly impacted by the COVID-19 pandemic, which has both accelerated some trends and created new difficulties. On the one hand, the pandemic brought to light the urgent need for all-inclusive health care, which raised awareness of the value of group health insurance among companies and workers. In order to make sure that their employees were sufficiently covered in the event of a medical emergency, many firms, especially in the corporate sector, started to reevaluate or increase their employee health coverage. Due to this change, group health insurance plans have become more popular in a variety of industries, including small and medium-sized businesses (SMEs), which had previously been hesitant to make such investments.
Key Target Audience:
- Large Corporates
- Small and Medium Enterprises (SMEs)
- Startups and Freelancers (via Associations)
- Public Sector Enterprises
- Government Employees
- Educational Institutions
- Healthcare Providers and Organizations
Our in-depth analysis of the India Group Health Insurance Market includes the following segments:
| By Plan Type: | Basic Group Health InsuranceComprehensive Group Health InsuranceCritical Illness Group CoverageTop-up and Super Top-up Plans |
| By Industry/Employer Type: | Large CorporatesSmall and Medium EnterprisesStartups and Freelancers |
| By Distribution Channel: | Direct (Corporate Tie-ups)Broker and AgentsOnline Platforms |
| By Coverage Type: | In-Patient TreatmentPre/Post HospitalizationMaternity and Newborn CoverDay-Care ProceduresOthers |
Key Topics Covered in the Report:
- India Group Health Insurance Market Size (FY’2024-FY’2033)
- Overview of India Group Health Insurance Market
- Segmentation of India Group Health Insurance Market By Plan Type (Basic Group Health Insurance, Comprehensive Group Health Insurance, Critical Illness Group Coverage, Top-up and Super Top-up Plans)
- Segmentation of India Group Health Insurance Market By Industry/Employer Type (Large Corporates, Small and Medium Enterprises, Startups and Freelancers)
- Segmentation of India Group Health Insurance Market By Distribution Channel {Direct (Corporate Tie-ups), Broker and Agents, Online Platforms)}
- Segmentation of India Group Health Insurance Market By Coverage Type (In-Patient Treatment, Pre/Post Hospitalization, Maternity and Newborn Cover, Day-Care Procedures, Others)
- Expansion Analysis of India Group Health Insurance Market
- Problems and Obstacles in India Group Health Insurance Market
- Competitive Landscape in the India Group Health Insurance Market
- Impact of COVID-19 and Demonetization on India Group Health Insurance Market
- Details on Current Investment in India Group Health Insurance Market
- Competitive Analysis of India Group Health Insurance Market
- Prominent Players in the India Group Health Insurance Market
- SWOT Analysis of India Group Health Insurance Market
- India Group Health Insurance Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the India Group Health Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. India Group Health Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in India Group Health Insurance Market
7. India Group Health Insurance Market, By Plan Type (USD Million) 2020-2033
7.1. India Group Health Insurance Market Size, Share and Forecast, By Plan Type, 2020-2026
7.2. India Group Health Insurance Market Size, Share and Forecast, By Plan Type, 2027-2033
7.3. Basic Group Health Insurance
7.4. Comprehensive Group Health Insurance
7.5. Critical Illness Group Coverage
7.6. Top-up and Super Top-up Plans
8. India Group Health Insurance Market, By Industry/Employer Type (USD Million) 2020-2033
8.1. India Group Health Insurance Market Size, Share and Forecast, By Industry/Employer Type, 2020-2026
8.2. India Group Health Insurance Market Size, Share and Forecast, By Industry/Employer Type, 2027-2033
8.3. Large Corporates
8.4. Small and Medium Enterprises
8.5. Startups and Freelancers
9. India Group Health Insurance Market, By Distribution Channel (USD Million) 2020-2033
9.1. India Group Health Insurance Market Size, Share and Forecast, By Distribution Channel, 2020-2026
9.2. India Group Health Insurance Market Size, Share and Forecast, By Distribution Channel, 2027-2033
9.3. Direct (Corporate Tie-ups)
9.4. Broker and Agents
9.5. Online Platforms
10. India Group Health Insurance Market, By Coverage Type (USD Million) 2020-2033
10.1. India Group Health Insurance Market Size, Share and Forecast, By Coverage Type, 2020-2026
10.2. India Group Health Insurance Market Size, Share and Forecast, By Coverage Type, 2027-2033
10.3. In-Patient Treatment
10.4. Pre/Post Hospitalization
10.5. Maternity and Newborn Cover
10.6. Day-Care Procedures
10.7. Others
11. India Group Health Insurance Market Forecast, 2020-2033 (USD Million)
11.1. India Group Health Insurance Market Size and Market Share
12. India Group Health Insurance Market, By Region, 2020-2033 (USD Million)
12.1. India Group Health Insurance Market Size and Market Share By Region (2020-2026)
12.2. India Group Health Insurance Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Western Region
12.5. Southern Region
12.6. Northern Region
13. Company Profile
13.1. New India Assurance Company Limited
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. ICICI Lombard General Insurance
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. United India Insurance Company
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Star Health and Allied Insurance Co. Ltd.
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Bajaj Allianz General Insurance
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. HDFC Ergo General Insurance
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. SBI General Insurance
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Reliance General Insurance
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Tata AIG General Insurance
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. ManipalCigna Health Insurance
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Others
14. Conclusion
15. Reference Links
16. List of Abbreviations