India is the second most populous country in the world. When a percentage of this population enters adulthood, it is a huge number to consider. The same stands when a percentage enters the senior age. It means that the population strata control the insurance industry. On the other hand, the increasing cost of healthcare is also a factor for immense growth in the insurance sector. It is extremely beneficial for the modern population to tackle medical bills by affording a health insurance plan from a reputed insurer.
Tax benefits from the Government of India
In accordance with the healthcare benefits and easement in payment of medical bills, the affordable online health insurance schemes are also eligible for tax benefits. As per the Section 80D of the Income Tax Act 1961, one can save a significant amount of tax money by introducing the investment of health insurance schemes in the filings. The rebate and tax benefits offered by the government encourage the mass to avail of such plans.
The healthcare industry in India crossed US$ 100 billion by 2015. It has also registered a huge compound annual growth rate (CAGR) of 20% increase for the next 10 years. Despite the growth, the current health insurance sector of India is in its embryonic stage. The insurance brands, both domestic and international, are eyeing at a huge investment in the upcoming years.
Current trends encouraging health insurance segment grow
Ease of pursuing a health insurance scheme
The prime reason for such an astounding growth is the easiness to avail of a scheme in the market. These days, acquiring knowledge regarding health insurance online is the easiest way. A candidate can find excellent service from the leading brands that help to find the most suitable insurance policies as per the requirements.
Another reason for the stunning growth of the health insurance segment in India is awareness. The digital media has penetrated the Indian population in a remarkable way. The availability of smart phones and media coverage of health insurance benefits are creating awareness among the urban and rural mass. This is why there is a sharp increase in searching for health insurance online in India.
Special plans and services for different segments
The India health insurance sector has also diversified the plans offered to the different segments of population. For senior citizens and children, the plans are verified with added advantages a candidate can enjoy.
Medical expense inflation
A 15% surge in medical expense rate has also driven the mass to avail of health insurance affordable plans.
These are the reasons why the health insurance sector is witnessing a boom.