Health insurance has a wide scope in present day Indian scenario. With a reach of about 2% of country's 1.2 Billion population, India offers a huge potential in health insurance market. According to a recent study by RNCOS, health insurance is one of the most rapidly growing sectors in the Indian insurance industry with prospects of health insurance premium reaching up to INR 505 Billion by 2016 from an impressive figure of INR 131 Billion in 2011. Such an immense escalation of the market numbers is reflected by the growth of health insurance policy holders from a mere 8.3 Million in 2004 to over 200 Million in 2011.
Amongst the key Non-life insurers in the health insurance market, New India tops the chart with a market share of 17.5% followed by United India and National Insurance grabbing 14.9% and 14.7% shares respectively. In the year 2011-12, numerous products from leading insurance companies were given clearance, corroborating the mammoth opportunities the market offers.
Speculating the growth prospects of Indian Health insurance industry, Shushmul Maheshwari, Chief Executive, RNCOS said that with increasing concern among middle class over lifestyle diseases and increasing government investment in healthcare industry, the health insurance market sets out vast opportunities for companies planning to penetrate the market. He added that the market is promising for industries which can devise strategies to overcome challenges of limited product range, price and awareness which restrain the growth.
Big players like Reliance Life insurance, SBI General insurance and Bharti AXA have already made an entry into the lucrative sector by launching their health insurance plans recently. With standardization of healthcare insurance guidelines by IRDA and grant of the permission to open offices abroad, it is bound to become increasingly productive to invest in the sector.
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