Page 24 - Insurance Times November 2022

private health insurance, and the gap those who are not covered by any health of around 41 Cr have no health
insurance scheme. benefits, and the Niti Aayog has
mentioned this as a "Missing
Number of individuals and families eligible or covered, by Middle."

health insurance scheme type
A. However, the challenges are
Insurance Scheme Individuals Percentage Families Eligible a. Despite 70% of the population
Eligible or of Population or Covered being insured by some or other
Covered (cr.) Eligible (cr.) health insurance scheme, non-life
Government Subsidized 69 51% 15.3 insurance penetration in India is
Schemes very low at 1% compared to the
world average of 4.1% in 2020-21,
AB-PMJAY (w/o State 49 36% 10.9
as per IRDA data. The emerging
Extension Schemes)
Asia pacific markets have non-life
AB-PMJAY State Extension 20 15% 4.4
insurance penetration at 1.7%
Schemes
b. Despite the 61% population
Social Health Insurance 14 10% 3.6
covered by government health
Schemes
insurance schemes, whether those
Employees' State Insurance 13.6 10% 3.5
covered are even aware of their
Scheme (ESIS)
coverage and how to take the
Central Government 0.4 0.3% 0.13 benefits
Health Scheme
c. Whether hospitals are available for
Private Voluntary Health 11.5 9% 2.6
rural population to take the
Insurance (PVHI)
benefits of health insurance.
Total Eligible or Covered 94.5 70% 21.5
(assuming no overlap)
Reality Check on Health
Total Population / Families 135 30
Insurance Market in India
Uncovered Population / 40.5 30% 8.5
The table below shows the spread of
Families
health insurance income in (INR, Cr) in
the Indian market by the end of May
There are a few important statistics to look at from the above table.
for the financial year 2022-23. The
premium income is shown by individual
1. Only 9% of the total population of 135 Cr is insured through private health
health insurance, group business,
sector insurance.
government health insurance schemes
2. Whopping 61% population is covered by the government and other social and overseas medical insurance done
health schemes
by general insurance and standalone
3. Total health insurance for the Indian population is 70%, while 30% population health insurance companies.

Sr. No Types of Business Health- Health- Government Overseas Total
Retail Group schemes Medical
General Insurers
1 Acko General Insurance Ltd 0 102 --- 0 103
2 Bajaj Allianz General Insurance Co Ltd 115 325 108 31 579
3 Cholamandalam MS General Insurance Co Ltd 63 30 --- 0 93

4 Edelweiss General Insurance Co Ltd 1 15 --- 3 19

20 November 2022 The Insurance Times