Best Senior Citizen Health Insurance Plans in India
Updated On Mar 15, 2021
Table of Contents
- Top 5 Senior Citizen Plans to Buy in 2021
- Why Buy Senior Citizen Health Insurance Plans
- Features of Senior Citizen Health Insurance Plans
- How to Choose Health Insurance for Senior Citizens?
- Things to Consider While Buying Senior Citizen Health Insurance
- How to Register a Claim for Senior Citizen Health Insurance Plan?
- Documents Required for Claim Settlement
- How to Purchase Senior Citizen Health Insurance with InsuranceDekho?
Best Senior Citizen Health Insurance - For senior citizens, age is not just a number. It is a factor that affects their golden period and how they spend their savings enjoying it. And as people age, their health is their first companion that starts deserting them, majorly because of a weak immune system. As senior citizens have limited income, it may be difficult for them to manage funds for medicines, hospitalisation, and treatment costs in case an emergency arises. This is when a reliable senior citizen's health insurance plan comes to the rescue.
Many of us procrastinate when buying senior citizen health insurance plans, thinking that these plans come with capping, high health insurance premiums, and often lack coverage benefits. But this is a complete myth. There are several senior citizen health insurance plans in the market that offer comprehensive coverage and can be purchased at affordable premiums. This article consists of the best senior citizen health insurance plans in India that you can opt for in 2021.
Top 5 Senior Citizen Plans to Buy in 2021
Here are some of the best senior citizen health insurance plans from popular insurance companies, along with the plan highlights, that you can buy in 2021:
Name of the Insurance Company
Name of the Insurance Policy
Bajaj Allianz General Insurance
Pre-hospitalisation and post-hospitalisation expenses, ambulance expenses, daycare expenses, in-patient hospitalisation expenses, cover for pre-existing diseases, etc.
Star Health And Allied Insurance
Red Carpet Policy
Daycare expenses, in-patient hospitalisation expenses, free health check-up, pre-hospitalisation and post-hospitalisation expenses, etc.
Care Health Insurance
Senior Citizen Health Insurance
In-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, domiciliary hospitalisation expenses, organ donor expenses, alternative treatments, second e-opinion, etc.
Future Generali Insurance
Daycare procedures, hospital cash benefits (under Platinum and Ruby variants), in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, etc.
Iffco Tokio General Insurance Company Limited
AYUSH hospitalisation expenses, emergency medical assistance services, health check-up, ambulance expenses, etc.
1. Silver Health Plan by Bajaj Allianz General Insurance: Available for people aged between 46 years and 70 years, Silver Health Plan by Bajaj Allianz General Insurance offers you lifetime renewability benefits. The policy comes with a sum insured option starting from Rs. 50,000 and goes up till Rs. 5 Lakh. The policy comes with a bag full of coverage benefits for senior citizens and parents including cover for pre-hospitalisation and post-hospitalisation expenses, ambulance expenses, daycare expenses, in-patient hospitalisation expenses, cover for pre-existing diseases after a waiting period of 2 years. In short, the policy gives good value for money.
2. Red Carpet Policy by Star Health And Allied Insurance: Red Carpet policy offers extended coverage to senior citizens and can be purchased on an individual as well as floater basis. The policy can be purchased by people aged between 60 years and 75 years for a term of 1 year, 2 years, or 3 years, on the basis of budget and other requirements. Coverage benefits offered under the policy include daycare expenses, in-patient hospitalisation expenses, free health check-up, pre-hospitalisation and post-hospitalisation expenses, etc. the policy also lets you enjoy portability as well tax benefits in the premium paid, under Section 80D of the Income Tax Act, 1961.
3. Senior Citizen Health Insurance Plan by Care Health Insurance: Specially designed for life’s golden years, Senior Citizen Health Insurance Policy covers people aged at least 61 years. The good news is that there is no limit on the maximum entry age under the policy. The policy can be purchased for 1 year, 2 years, or 3 years, as per your requirements. And you can enjoy several coverage benefits at affordable premiums. These include in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, domiciliary hospitalisation expenses, organ donor expenses, alternative treatments, second e-opinion, etc.
4. Health Suraksha by Future Generali: Another affordable policy for senior citizens and parents is Health Suraksha. People aged up to 70 years can purchase this policy for sum insured options of Rs. 50,000 and Rs. 10 Lakh. The policy comes in four different variants namely Gold, Platinum, Topaz, and Ruby that offer different coverage benefits. Available on an individual and floater basis, the policy can cover the proposer, legally wedded spouse, and up to three dependent children. Common benefits offered under the policy are cover for daycare procedures, hospital cash benefits (under Platinum and Ruby variants), in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, etc.
5. IFFCO Tokio Individual Medishield Policy: Individual Medishield Policy covers people aged between 3 months and 60 years against major healthcare expenses. If covered under the policy, you can opt for sum insured options between Rs. 50,000 and Rs. 5 Lakh. The policy covers parents and senior citizens for AYUSH hospitalisation expenses, emergency medical assistance services, health check-up, ambulance expenses, etc. The policy comes with an add-on benefit of critical illness cover that you can purchase by paying an extra premium.
Why Buy Senior Citizen Health Insurance Plans
Senior citizen health insurance plans help the older generation cope up with health issues, the treatment of which costs high. Not only such plans offer the senior citizens financial help, but good health as well.
Some major benefits that make senior citizen health insurance plans a must buy are listed below:
1. Senior citizen health insurance plans offer the benefit of free health check-ups which the policy buyers can avail of annually without paying anything extra. It monitors the insured person’s health and promotes a healthy lifestyle.
2. Pre and post-hospitalisation expenses are covered to protect the insured in a long period of illness.
3. Most senior health insurance plans cover pre-existing diseases.
4. These plans cover ambulance expenses and reduce the impact of miscellaneous health care costs.
5. Considering soaring healthcare costs in India, the senior citizens are offered a higher sum insured range under the plans.
Features of Senior Citizen Health Insurance Plans
Senior citizen health insurance plans are designed to offer financial aid for medical treatment to people aged above 60 years when they require it the most. Read about some common features of senior citizen health insurance plans below -
These plans can be purchased on an individual or family floater basis.
Pre-medical screening is not required in most senior citizen health insurance plans.
These plans offer a free look period to the policy buyers during which they can thoroughly read and understand the policy terms and conditions.
Senior citizens can avail cashless and quality treatment in empanelled network hospitals with these plans. Expenses of room rent, doctor’s fee, medical bills are included in this facility.
Senior citizens can enjoy tax benefits on the premium paid for health insurance plans under Section 80D of the Income Tax Act.
How to Choose Health Insurance for Senior Citizens?
Before putting any senior citizen insurance product in your cart, make sure you check on a few factors that help you make the right buying decision. These factors include-
1. Cost - You must look for a plan which has been designed for people with a fixed limited income.
2. Convenience - Look for health insurance plans which incorporate maximum features so senior citizens can see treatment easily.
3. Coverage - Choose a plan that covers vulnerabilities that come with old age.
Things to Consider While Buying Senior Citizen Health Insurance
Now that you know all about the best health insurance policies for senior citizens in India, take a quick look at the key aspects to consider before buying a policy.
So, if you are ready to buy senior citizen health insurance, make sure you check your policy for:
1. Age Factor - An ideal health insurance policy designed for senior citizens should have a maximum entry age of 80 years. If the company allows the policy buyer the longest possible coverage, it is a must buy. Remember, along with the entry age, you should also check the policy renewal age. While some policies allow renewal up to 80 years, others allow lifelong renewal. Go for a policy that meets your age requirements perfectly.
2. Sum Insured - Sum insured of the policy is an important aspect to be checked before buying a policy for the elderly. With the passing age, senior citizens need more coverage. So, go ahead with a policy that provides you as much sum insured amount as you think would be sufficient for coverage without making any compromises on treatment or its quality.
3. Coverage - The coverage benefits of the policy will determine how useful it is for the senior citizens. You should look for a plan that provides cover for expenses on domiciliary hospitalization, emergency ambulance cover, critical illnesses, as well as medical conditions like diabetes, hypertension and more.
4. Pre-Existing Medical Conditions - Pre-existing medical conditions are quite common with senior citizens. Do not forget to look for plans that have a comparatively less waiting period so that if required the elderly can undergo treatment, without worrying about the waiting period.
5. Broad Hospital Network - It is important to buy a policy for senior citizens from a health insurance company that provides a broad list of cashless network hospitals so that the treatment can be availed easily, without worrying about last-minute arrangements and hospital formalities.
6. Co-Payment Clause - Many health insurance policies for senior citizens come with a co-payment clause, in which the insured has to share a part of the medical expenses. Remember to check the policy for co-payment because it would affect the total amount to be paid by the elderly other than the premium.
7. Premium - The premium for senior citizens' policies is quite higher than the regular policies. The companies usually charge more in the case of seniors as they have more chances of getting illnesses and diseases. Make sure you are aware of the premium amount to be paid beforehand.
How to Register a Claim for Senior Citizen Health Insurance Plan?
A policyholder can claim from insurance companies for health insurance plans through two ways i.e. cashless claim and reimbursement. Highlighted below are both the claim procedures in detail:
Cashless Claim Procedure
In order to avail the benefits associated with cashless claim, a policyholder is required to get admitted at one of the network hospitals listed with the insurance company:
Step 1: Inform your respective insurance company about your hospitalisation at the earliest.
Step 2: At the hospital counter, submit authorization form alongside all the necessary documents including health card copy, identity proofs etc.
Step 3: Afterwards, these documents will be sent to the respective insurance provider by the hospital for the purpose of approval.
Step 4: Once the insurance company gives approval, you can avail the treatment without any worry about the expenses as the insurance company will look after it after the treatment is done.
Reimbursement Claim Procedure
In case, you get admitted in a non network hospital or wish to get treated in some other hospital, then you need to file for reimbursement. Highlighted below is the procedure:
Step 1: Intimate the insurance provider regarding your hospitalisation, avail the treatment and pay the bills. Then, register for claim reimbursement.
Step 2: Submit all the necessary documents along with doctors’ prescription, hospital reports, chemist bills, pathological reports, etc to the insurance provider.
Step 3: After verifying all the information, the insurance company will process the claim.
Step 4: In case the claim gets approved, then the claim amount will get transferred to you in your registered bank account.
Note: Above mentioned guidelines are general and may differ from one insurance company to another insurance company.
Documents Required for Claim Settlement
You will need the following documents at the time of registering for the claim:
- Photocopy of the Policy Document
- Medical Records and Physician Statement
- A duly filled claim form
- Other documents requested by the insurance company
How to Purchase Senior Citizen Health Insurance with InsuranceDekho?
There are various insurance purchasing options available in the market, however, the risk of getting cheated also increases. In order to buy insurance plans in a hassle free, safe and quick manner, you can visit InsuranceDekho. At InsuranceDekho platform you can experience a simple and user-friendly insurance buying procedure that will let you compare different insurance quotes so that you can buy an ideal insurance policy online from the comfort of your home and as per your requirement and within your budget. You can follow the below given steps to buy a health insurance plan for senior citizen:
Step 1: Visit the official website of InsuranceDekho. On the displayed web page, select the health tab and enter the required details.
Step 2: Make comparisons of quotes from different insurance companies and choose the desired insurance policy according to your requirements.
Step 3: Afterwards, you need to submit all the required documents and details. Make the payment for the policy through different payment gateways available like net banking, credit card, debit card etc.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.