| | MAY 20244Consultancy firm Redseer's report forecasts that India's healthcare insurance market will reach a valuation of $222 billion by FY26, propelled by the expanding middle class and increasing digital adoption. The events in the industry corroborate these projections. Over the past few months, Banks in India have been aggressively partnering with Insurance companies. One can see that most of these partnerships are with life insurance companies. This includes AU Small Finance Bank and South Indian Bank's partnership with Bajaj Allianz Life Insurance, Mumbai-based DCB Bank and Capital Small Finance Bank's collaboration with Max Life Insurance, and state-owned UCO Bank's partnership with Aditya Birla Health Insurance in March. Nonetheless, the sector grapples with the challenge of escalating medical inflation, which has compelled numerous insurers to raise health insurance premiums this year, potentially impacting the market adoption rate. The Insurance Regulatory and Development Authority of India (IRDAI) targets `Insurance for All' by 2047. The goal is to guarantee comprehensive insurance coverage for life, health, and property for all individuals while also providing enterprises with robust insurance support. Additionally, the aim is to enhance the global appeal of the insurance sector.However, the GST on health insurance products is still 18 percent. Reducing this will help reduce the premium costs and make health insurance purchases more affordable for policy buyers. Additionally, increasing the limit to claim tax deductions under section 80D will further enhance health insurance affordability. This will also lead to more people opting for health insurance for their family and elderly parents. This yearly special issue sheds light on the insurance industry in India. Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comInd-surance Industry is Bettering Healthcare EditorialVol 05 · Issue 3 - 5· MAY, 2024 Publisher Alok ChaturvediDesigner Girish M Madhusmita Sahoo Antony Arnold F NoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comAdvertising ManagersPrerna Khera To subscribeVisit https://www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs. 150 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of BizprintMedia Technologies Pvt Ltd and Printed at Executive Prints - 113/7, Ground floor, Old madras road, Halas-uru, Bangalore - 560008 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murigheshpalya, Bangalore-560017.Copyright © 2024 Info Connect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.VP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Hima P. M. Keerthana Kantharaj Roopalatha H Roshan Akthar A Managing Editor Sujith Vasudevan
< Page 3 | Page 5 >