Pvt Health Insurers are Gaining by Covering More People, but are Losing Out on Premium

65% per cent of population is covered by private players but state owned firms score over them by collecting 61% as premium. Close to 65 per cent of the population has health insurance and is covered by private players but even then they are losing out to state-owned firms as the latter account for over 61 per cent of the premium collections. Private health insurers have outperformed the public insurance companies by covering 65% of the population.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step

      Popular Cities

      Previous step
      Previous step

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      However, in terms of premium it is the public insurance companies that are leading as they account for maximum share of over 61 per cent in premium arising out of health insurance.

      Private health insurance will continue to lead in terms of covering the non-vulnerable, the middle class and higher income segments of the population as they can afford to buy it.

      In case of channel-wise distribution of medical insurance, individual agents contribute majorly by providing business with 72.9 per cent share.

      However, direct business is the sole contributor in terms of premium collection with around 37 per cent share, followed by individual agents (31.6 per cent) and brokers (21.4 per cent).

      Referrals contribute a negligible 0.1 per cent in terms of both the numbers of policies sold as well as the medical insurance premiums collected.

      The population residing outside the metros and Tier-I is a bigger challenge for the industry as it results in huge cost of customer acquisition and operations.

      It added that reducing the coverage gap is a major challenge for the insurance industry as the public spending on health is quite less and also high levels of informal or unorganized labor, a greater dispersed rural population, high levels of poverty and fewer providers serving the poor make the problem more severe.

      It has been found through a study that government priorities for healthcare financing are such that they cover the basic goals of affordability, reach and quality of services.

      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Benefits of Multi-Year Health Insurance Plans

      25 Aug 2022

      Ever since COVID-19 entered our lives, health insurance has come...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      Download the Policybazaar app
      to manage all your insurance needs.