Public sector general insurance companies are planning to launch health insurance policies covering outpatient department (OPD) and worldwide covers. OPD consist of almost 60% of overall medical spends in India.
Four PSU general insurance companies are –New India Assurance, National Insurance, Oriental Insurance and United India Insurance. They together control 70% of the health insurance market.
In India, health insurance typically covers medical expenses involving a minimum 24 hours hospitalization. Whereas, OPD cover includes doctor consultation, diagnostic tests and medicines.
In last two to three years new private sector general insurers and standalone health insurance companies have been offering health insurance policies covering OPD.
Covering OPD is not an easy task for general insurers as ticket size of claims is small and frequent.
United India is also considering extending an OPD cover under cashless scheme in all retail policies. Currently, it offers cashless OPD for only group policies or as an add-on cover.
vinay mohanty
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