With a staggering 20% growth per annum, India’s health insurance showcases robust growth

Oct 01, 2018 | 12 months ago | Read Time: 3 minutes | By iKnowledge Team

The abundance of qualified and quality insurance service providers showcases a journey that started with liberalization, thrived with globalization and is taking flight with digitalization.

India's Health Insurance Showcases Robust Growth - Aegon Life

We know the age of digitalization is truly upon us when its effects begin to generate positive results for public health and the economic development of the country. In India, where healthcare insurance has been a relatively new phenomenon, the sector registers a 20% growth on an average per year [1], and has shown immense promise for further growth and penetration.

A primary roadblock in the way of achieving total coverage for the entire population today lies at the level of dissemination. Information and awareness have proven to be quite insufficient in convincing lower income sections about the benefits of healthcare insurance and inculcating them with the habits of investing in a comprehensive health plan.

What do the stats say?

It is commendable how far we have come from Mediclaim being the only health insurance available to one and all. The abundance of qualified and quality insurance service providers showcases a journey that started with liberalization, thrived with globalization and is taking flight with digitalization.

Insurance Increasing Scope - Aegon Life

Credit: Livemint

More young college graduates and professionals are aware of the benefits of health insurance. Women, whether working or housewives, are now playing a more active role in financial planning and availing insurance policies for their family in a bid to secure the future. These numbers are likely to improve in the next decade as the gender gap narrows and the young populace enter the job market as more informed individuals than their predecessors. Data reflects that the growth will amount to a rise in medical insurance investment portfolio worth Rs. 280 billion by the year 2020[2]. In fact, one of the highest growth rates in the general insurance sector comes from the health insurance segment. Studies from 2017 show the premium collection in this segment at Rs 27,457 crore in 2015-16, against Rs 22,636 crore of 2014-15, a growth of 21.30 percent.

Behind the rising demand for insurance

Robust growth in the health sector has given a necessary fillip to the healthcare delivery ecosystem as well, and this creates demand for world-standard medical attention and services. The private healthcare sector is usually equipped to provide state-of-the-art services and the people needing such attention can only avail them by means of a comprehensive health cover. Medical insurance policies help bring adequate and immediate healthcare within affordable reach.

The increased infiltration of health covers into lower income sections will increase the country’s economic growth. With so many epidemics and diseases doing the rounds, our public health is in constant danger. Not only will medical insurance improve the life expectancy of an average Indian, but it will also help secure them financially in the face of future uncertainties.

Take AegonlLife’s Life’s life insurance plans for example. One of their online term plans, the iTerm Plus offers the benefits of both term insurance and health insurance with its options – life & health, and life & health plus.  This plan has been designed to insure you against 36 critical illnesses, providing crucial monetary support at a time when you most need it. The iTerm Plus plan comes with 4 different options to choose from, thereby giving you the choice to safeguard your family according to their specific needs. Most importantly with a term plan like iTerm Plus, you can secure your family’s future, and make sure there is immediate financial help if you get diagnosed with any critical illness.

Population Coverage Under Health Schemes - Aegon Life

With information at your fingertips now, you can insure yourself online, and secure your loved ones’ future in a heartbeat. Faster digital distribution that cuts out the middleman is making life insurance more cost effective for India’s online generation.

To know about AegonLife’s life insurance products like term insurance plans and other products like health insurance , visit our home page.

II/Sep 2018/4433


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