Best Health Insurance Plan for Senior Citizen in India
Insurance

Best Health Insurance Plan for Senior Citizen in India

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Nowadays, health insurance is most important for everyone as the cost of health care is getting higher day by day. If we look at the past few years, the expenses of healthcare in India are increasing at 20% every year which is more than double that of overall inflation. These kinds of expense are not in our control and even we cannot predict about these expenses. It becomes a load on the breadwinner.  It is advisable and beneficial if the individual insures himself to buy health insurance at a young age as the waiting periods get reduced year on year and also there are fewer chances of co-payment. Every human being wants to enjoy their retirement life with their family members, but old age brings several ailments that are expensive to treat and care for. We all are aware that a single medical crisis can break all the savings of a lifetime. That’s why the senior citizen health insurance are offered that will compensate for your higher medical expenses.

There are almost 24 General Insurance Companies in India and they offer various types of plans for a senior citizen to cover their medical expenses. This makes it difficult to choose the best plan for our parents. To pick the right policy, it is imperative to evaluate all the essential aspects and options, and then take a well-informed decision. To buy Health Insurance for our parents is one of the best gifts for them as it keeps financially protected from any unexpected health hazards.

How to Select the Best Health Insurance Plan for Senior Citizens?

This is a very tricky and difficult decision to choose the best plan out of all. It should be done very carefully as you want them to deserve the best. To help make the selection of the best insurance plan for senior citizen easier, here are few things you need to look out for when you choose the plan, which plan is good for us and the best company who provides good services:

  • Company’s reputation and goodwill
  • Claim settlement ratio of the company
  • Compare and choose a plan
  • Customer service
  • Insurance premium
  • Knowledge of the medical history of your senior citizen parents
  • Inclusions and Exclusions
  • Check the coverage of illness
  • Entry and exit age
  • Maximum age of renewal
  • Co-payment
  • Check waiting period
  • Domiciliary hospitalization
  • Select a High Sum Assured
  • Network hospitals
  • Buy separate Insurance Policy for Parents 

Best Health Insurance Plan for Senior Citizen in India

There are 24 General Insurance Companies in India who provide many health insurance plans for senior citizens. Here we are providing the best health insurance plan for senior citizen.

S. No.

Insurance Company Name

Plan Name

Entry Age

Maximum Renewal Age

Features

1

New India Assurance Co. Ltd.

Senior Citizen Mediclaim Policy

60 Years

90 Years

Sum insured – ₹ 1 Lakh to ₹ 1.5 Lakhs

Co-payment – Voluntary payment

Critical illness cover – available

Waiting period for pre-existing disease cover – 18 months

Lowest premium among all the health plans

Discount on premium for voluntary excess

Reimbursement of cost of health checkup once in every 4 claim-free years

Pre and post hospitalization expenses up to 30 and 60 days respectively

10% loading charges for renewal between age of 81-85 years

20% loading charges for renewal between age of 86-90 years

2

National Insurance Co. Ltd.

Varistha Mediclaim Policy

60 Years

90 Years

Sum insured – ₹ 1 Lakh to ₹ 2 Lakh

Co-payment – 10%

Critical illness cover – available

Waiting period for pre-existing disease cover – 1 year

Organ’s donor expenses

Diabetes and hypertension, even pre-existing diseases are covered right from the inception of the policy (at a 10% additional premium)

Sum insured increased by 5% for each claim-free year

Reimbursement of cost of health checkup once in every 3 years

10% loading charges for renewal between age of 76-85 years

20% loading charges for renewal between age of 86-90 years

3

Oriental Insurance Co. Ltd.

HOPE (Health of Privileged Elder)

60 Years

Lifelong

Sum insured – ₹ 1 Lakh to ₹ 5 Lakh

Co-payment – 20%

Critical illness cover – available

Waiting period for pre-existing disease cover – 2 year

Discount in premium for opting voluntary co-payment

Discount in premium for every claim-free year

Pre and post hospitalization expenses are not covered

Pre-acceptance medical screening is required and expenses of which has to be borne by the insured

 

4

Star Health Insurance

Senior Citizen Red Carpet

60 Years

Lifelong

Sum insured – ₹ 1 Lakh to ₹ 5 Lakh

Co-payment – 30% for all other claims and 50% for pre-existing diseases

Critical Illness cover – available

Waiting period for pre-existing disease cover – 1 year

Domiciliary treatment covered

Daycare procedures covered

Treatment at network hospitals only

No medical screening required

No TPA involved, direct in-house claim settlement

Cashless hospitalization at +5400 network hospitals across the nation

24×7 toll-free helpline

Free telephonic consultation with a general physician

One of the first health insurance plans with wide coverage and unique value-added benefits

5

Bajaj Allianz

Silver Health Plan

46 Years

75 Years

Sum insured – ₹ 1 Lakh to ₹ 5 Lakh

Co-payment – 20% in case treatment is taken at a non-network hospital

Critical Illness cover – available

Waiting period for pre-existing disease cover – 2 year

In-patient hospitalization expenses

Pre and post hospitalization expenses covered (up to a maximum of 3% of admissible hospitalization expenses)

5% cumulative bonus gets added to your limit of indemnity for every claim-free year

5% family discount

In-house health claim administration team

 

6

Apollo Munich

Optima Senior Health Plan

61 Years

Lifelong

Sum insured – ₹ 2 Lakh to ₹ 5 Lakh

Co-payment 15-30%

Waiting period for pre-existing disease cover – 3 years

15 days free look period

Restore benefit equal to 100% of the basic sum insured

All daycare treatment covered

Waiting period for pre-existing disease cover – 3 year

4000+ Network Hospital covered

Multiplier benefit of 50% per year

7

ICICI Lombard

iHealth Plan

No maximum entry age limit

Lifelong

Sum insured – ₹ 1 Lakh to ₹ 10 Lakh

Co-payment – Voluntary payment

Critical illness cover – available

Waiting period for pre-existing disease cover – 4 years

Pre-insurance Medical Test is required

Waiting period for pre-existing disease coverage – 2 years / 4 years

3200+ Network Hospital covered

In-house claim settlement team

8

TATA AIG

Medi Senior Health Plan

61 Years

Lifelong

Sum insured – ₹ 2 lakh to ₹ 5 lakh

Co-payment – 15-30%

Critical illness cover – available

Waiting period for pre-existing disease cover – 4 years

Pre and post hospitalization expenses up to 30 and 60 days respectively

Pre-insurance Medical Test is required

Waiting period for pre-existing disease coverage – 2 years / 4 years

7.5% discount by paying a premium of 2 years in advance

30 days grace period for renewing the policy

These are some of the best plan and companies where we can choose the best one which is suitable for us and as well as suits our budget. Paying an insurance premium is not an expense; it is an investment. Our life is unpredictable and we never know the next moment. If we are secure with insurance than we can minimize our expenses and at least we can provide the best medical services to our loved one.

Documents required to buy Health Insurance policy for senior citizen

The documents required to purchase a Health Insurance plan are:

  • Proof of ID and Address
  • Proof of Address
  • Proof of Income
  • Proof of Age
  • Medical Check-up/Report if required
  • 2 Passport-size photographs
  • Application Form

Documents required for a claim under a Health Insurance policy for senior citizen

The following documents are required to raise a claim under a Health Insurance policy for senior citizens:

  • Claim Form/Pre-authorization Request Form.
  • Attending physician’s statement.
  • Attested copies of all medical records.
  • NEFT mandate form

Documents required for Medical Natural Death:

  • Attending physician’s statement (Form ‘C’).
  • Medical records (admission notes, discharge/death summary, test reports, etc.).

Documents required for Accidental Unnatural Death:

  • Copy of the First Information Report (FIR) or Panchanama/Police complaint.
  • Copy of Post Mortem Report (PMR)/Autopsy and Viscera report.
  • Copy of the Final Police Investigation report (FPIR)/Charge sheet.

Documents required for a Death Claim:

  • Original policy documents
  • Original/attested copy of death certificate issued by the local municipal authority.
  • Death claim application form (Form A).
  • NEFT mandate form attested by bank authorities along with a canceled cheque or bank account passbook.
  • Nominee’s photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhaar (UID) card, etc.

 

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