The Narendra Modi-led government has made a comeback in India. For healthcare, its second-term return greenlights an ambitious health insurance scheme—Ayushman Bharat. The government, over the next five years, intends to provide health insurance cover to the 500 million poorest in the country. Meanwhile, private insurers have a plan of their own. To boost the most profitable kind of health insurance—the one that individuals buy.

There is tremendous scope for health insurance in general to grow, but individually-bought health insurance is the most unpenetrated market right now. Indians with disposable incomes have opened their wallets for fast-growing industries such as e-commerce and fintech over the past five years.