India’s Health Insurance Market Booms Amid Rising Medical Costs, Turtlemint Reports Surge in Demand

Mumbai, 28th February 2025 – India's health insurance sector is experiencing remarkable growth, propelled by rising healthcare costs and heightened consumer awareness post-pandemic. With medical inflation soaring at an annual rate of 14%, the market is projected to reach INR 2.0 trillion (USD 23.8 billion) by 2028, according to GlobalData.

Increasing Demand for Higher Coverage and Comprehensive Plans​

As healthcare expenses climb, more Indians are opting for higher sum assured policies, reflecting a shift in consumer behavior. Turtlemint, a leading insurtech platform, has reported a 240% surge in total sum assured over the past five years. The company now processes annual quote requests amounting to ₹546 billion in sum assured across 592 Tier II and beyond cities.

A significant transformation is also observed in smaller cities, where premium per policy has increased by over 73% since 2020. Consumers in Tier 2 and Tier 3 cities are now more inclined towards comprehensive health insurance plans to safeguard themselves against the financial burden of medical emergencies.

Dhirendra Mahyavanshi, Co-founder & CEO of Turtlemint, emphasized this shift, stating:
"The rising preference for higher sum assured and broader coverage highlights a growing consumer focus on financial preparedness for medical expenses. At Turtlemint, we are committed to equipping individuals with the right insurance solutions, ensuring seamless coverage and claims support when they need it most."

Tech-Driven Insurance Accessibility​

To enhance accessibility and ease of use, Turtlemint continues to innovate through its technology-driven platform. The Turtlemint App plays a crucial role in simplifying policy selection, enabling hassle-free document management, and providing end-to-end claims assistance. These advancements align with the company's mission to ensure that quality healthcare remains within reach for every Indian.

As the demand for health insurance surges, the industry is expected to witness continued expansion, with higher consumer spending on premiums and broader policy coverage becoming the new norm.