Why health insurance with OPD covers are growing popular in India? Check top plans with OPD cover

Many insurance buyers prefer to opt for health insurance plans with OPD coverage. Many also plan for OPD riders in their health insurance plans

Published2 Jun 2024, 12:44 PM IST

The percentage of Health insurance buyers opting for OPD coverage has increased to 20% from 5% in 2021.

More people opting for health insurance prefer an additional Outpatient Department (OPD) cover. This feature's popularity has significantly increased over the years, with the percentage of customers opting for plans with OPD covers quadrupling to 20% in the last three years, according to Policybazaar data.

Also Read: 5 key reasons health insurance is crucial for young adults' future security

Why are more people opting for OPD covers?

The main reason behind the growing popularity of health insurance plans with OPD covers and riders is the increasing preference for comprehensive coverage that extends beyond conventional inpatient services. Eighty percent of customers cite the accessibility to doctor consultations and diagnostic tests as one of the main reasons behind opting for OPD benefits in insurance plans.

Also Read: Health insurance: New rule for faster cashless approvals might get off to a slow start

How much an OPD cover is relevant?

The Policybazaar data suggests that millennials constitute a large share of health insurance holders looking for additional OPD cover as an inbuilt feature or a rider in their plans. Of all the customers who opted for an OPD rider or an insurance plan with OPD cover, 50% have actively utilised the OPD services.

Also Read: Why you should buy health insurance plans for your family

Top health insurance schemes with OPD cover

Limited number of health insurance plans like Care Supreme, Tata Medicare Premier, etc offer OPD coverage as a part of their base plan. People can opt for riders like Star OPD rider if a preferred plan lacks OPD coverage.

Despite the growing popularity of OPD coverage in health insurance, only a limited number of health insurers provide this feature in their basic plan. However, customers can still opt for OPD coverage with the help of an additional rider. According to PB data, 47% of customers opting for this feature fall within the 31-45% age bracket, whereas 34% of the customers are in the 18-30 segment.

Also Read: Why is health insurance crucial for working women? Here are 4 key reasons

Insurance plans with OPD benefits are most popular in Tier 1 cities

Most of these insurance plans are popular in Tier 1 cities, as nearly 45% of people opt for health insurance policies with OPD benefits from Tier 1 cities. Second is the tier-3 category. Whereas, people living in these cities make up 35% of customers opting for health insurance with OPD benefits.

Certain cities exhibit a higher concentration of customers opting for plans with OPD benefits, with Vellore (12.3%), Tiruvallur (10.9%), and Mathura (10.2%) leading the trend.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Business News Insurance NewsWhy health insurance with OPD covers are growing popular in India? Check top plans with OPD cover

MoreLess

First Published:2 Jun 2024, 12:44 PM IST

Get Instant Loan up to ₹10 Lakh!

Most Active Stocks

Market Snapshot

Top Gainers
Top Losers
52 Week High

Trending In Market

Recommended For You

More Recommendations

Gold Prices

Fuel Price

Petrol
Diesel

Popular in Insurance