A report indicates that more than 40% of the elderly in India live with poor wealth, and 18.7% are void of any income sources. The statistics highlight the grim situation of geriatrics in India. The young generation has the responsibility to choose the best medical insurance for senior citizens in India, be it their parents or grandparents. Senior citizen health insurance is tailor-made to provide a financial cushion to people over 60 who need frequent medical assistance. Stay glued to learn more about the best health insurance policy for senior citizens in India.
Checklist to Purchase the Best Health Insurance Plan for Senior Citizens in India
Here are the key considerations when choosing the best senior citizen health insurance policy in India:
- The health insurance plans usually provide coverage for pre-existing diseases but with a waiting period that can range up to 4 years. Until then, the policyholder cannot claim reimbursement for their treatment. Therefore, prioritise a policy with a smaller waiting period.
- One of the best health insurance companies in India for senior citizens is the one associated with an expanded network of hospitals so that you can rush to the nearest hospital during an emergency.
- Choose a policy providing a free medical check-up facility.
- It should cover the cost of treatment at home.
- Since the premium of senior citizen health insurance is already high, look for a policy with lifetime renewability so that you do not have to spend much on buying new policies every time.
Best Medical Insurance Plans for Senior Citizens
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Health Insurance Company
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Available plans for senior citizens
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Basic Features
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Age criteria
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Waiting period for pre-existing diseases
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Aditya Birla Health Insurance Co. Ltd.
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Active Care – Classic, Standard and Premium
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Personal health coach, nursing at home, annual health check-up, 586 daycare procedures covered
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Min: 55 years
Max: 80 years
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2 years
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Care Health Insurance Ltd.
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Care Senior
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Sum insured- Rs 3 lakh to 6 crore, day care treatment, ambulance cover, organ harvesting option, automatic reinstatement of sum assured, second opinion
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Min: 61 years
Max: Lifelong
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2 years
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ICICI Lombard
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Golden Shield
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Coverage up to Rs 50 lakh, reset of sum assured, road and air ambulance, care management program
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Min: 56 years
Max: Lifelong
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2 years
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Manipal Cigna Health Insurance Company Limited
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Prime senior – Classic and Elite
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Sum insured- Rs 3/5 lakh to 50 lakh, day care treatment, domiciliary hospitalisation, donor expenses, AYUSH treatment, mandatory co-payment
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Min: 56 years
Max: 75 years
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2 years (can be reduced to 90 days)
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Niva Bupa Health Insurance Co Ltd.
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Senior First – Gold and Platinum
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Sum insured- Rs 5 lakh to 25 lakhs, road, and air ambulance, claim on robotic surgeries, organ donor treatment, daycare and domiciliary treatment
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Min: 61 years
Max: 75 years
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2 years
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Star Health & Allied Insurance Co.Ltd.
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Senior Citizen Red Carpet Health Insurance Policy
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Sum insured- Rs 1 to 25 lakh, pre-medical examination not required, modern treatment facility, Outpatient consultation, co-payment of 30% for claims
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Min: 60 years
Max: 75 years
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1 year
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Conclusion
Health insurance is the sine qua non for senior citizens, considering their age and the health ailments common to their age. Compare the best insurance plans for senior citizens and choose the one that suits your parents the best.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.