Smaller Cities Expected to Drive India's Next Wave of Health Insurance Growth
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India's health insurance market may soon grow faster in smaller towns and cities than in the big metropolitan areas. According to Sarbvir Singh, a senior executive at PB Fintech, the company behind the Policybazaar platform, the next phase of growth will be led by first-time buyers in Tier 2 and Tier 3 cities.
For many years, most health insurance policies in India have been bought by people living in large cities. Residents of smaller towns have often had less access to information about insurance, fewer local agents, and fewer products designed for their needs. Digital platforms and online comparison tools are now helping to change this situation, because people can research policies and buy coverage from their phones without visiting an office.
The shift matters for both families and the insurance industry. For households in smaller cities, health insurance can protect savings from large medical bills, which can be a serious financial burden when a family member becomes ill. For insurance companies, these new customers represent a large group that has not yet been widely covered, and reaching them may be an important way to expand the business in the coming years.
In short, the people who buy health insurance for the first time in smaller cities are expected to become the main source of growth for the sector. As awareness increases and digital tools become easier to use, more families outside the largest cities may gain access to health protection.
Sources: Business Today
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