Top Health Insurance Plans in India for parents / senior citizens

Top health insurance plans in India for parents , senior citizensTop Health Insurance Plans in India for parents / senior citizens

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With growing medical expenses year on year, it is important that you do plan for health insurance as part of your financial planning exercise. There are several ways to reduce insurance costs. While it is easy to get a medical insurance policy at young age, there are several restrictions and conditions to get health insurance for parents / senior citizens. What are the top health insurance plans in India for parents / senior citizens?

Why health insurance is important for our parents?

Thanks to medical advancement that average age of a person is increasing year on year. Health insurance is an option to avoid holes to our pocket else they can make our finances sick. Health insurance may not be costing much at young age, but it is very important once you reach the age of 60 due to various reasons like:

  • Growing medical expenses year on year
  • Decreasing or zero revenue for the senior citizens
  • Surplus money reduces year on year to meet regular monthly expenses
  • Unforscene expenses would wipe out savings kitty

Top health insurance plans in India for parents / senior citizens

Below are some of the best health insurance for parents / senior citizens.

  1. Star Health insurance company – Star Senior Citizen Red carpet plan
  2. Bajaj Alliance health insurance – Silver plan
  3. Apollo Munich insurance – Optima Senior
  4. Max Bupa insurance – Heartbeat plan
  5. National Insurance – Varishta healthcare plan
  6. United India insurance – Senior Citizen plan
  7. New India insurance – Senior Citizen medi claim policy

Let us look at the features of these top health insurance plans in India

Star Health insurance company – Star Senior Citizen Red carpet plan

  • Entry of age: 60 to 75 years
  • Renewals up to: Lifelong
  • Pre-existing diseases coverage :  from first year
  • Sum assured: Rs 1 to Rs 5 lakhs
  • Additional details: 1) 50% co-payment for pre-existing diseases 2) 30% co-payment for other illnesses
  • Thought it looks like this is one of the best health insurance plan as it covers pre-exising diseases from first year itself, one need to keep in mind about 50% co-payment for pre-existing diseases.
  • Website: URL details: http://www.starhealth.in/health.php?healthid=17

Bajaj Alliance health insurance – Silver plan

  • Entry of age: 46 to 70 years
  • Renewals up to: 75 years
  • Pre-existing diseases coverage :  After 1 year
  • Sum assured: Rs 50,000 to Rs 5 lakhs
  • Additional details: 1) 20% copayment on non-network hospital 2) Waiver of co-payment if we pay additional premiums
  • Website: http://www.bajajallianz.com/Corp/health-insurance/silver-health.jsp

Apollo Munich – Optima Senior

  • Entry of age: 61 years onwards
  • Renewals up to: Lifelong
  • Pre-existing diseases coverage :  After 3 years
  • Sum assured: Rs 1 Lakh to Rs 5 lakhs
  • Additional details: 1) 15-30% based on room type 2) 30% co-payment based on specified  diseases 3) Pre-existing diseases covered after 3 years 3) In case of no claim, a discount of 5% on subsequent premiums.
  • Website: http://www.apollomunichinsurance.com/optima-senior.aspx

Max Bupa – Heartbeat plan

  • Entry of age: 0 years and maximum no limit
  • Renewals up to: Lifelong
  • Pre-existing diseases coverage :  After 4 years
  • Sum assured: Rs 2 lakhs to Rs 3 lakhs
  • Additional details: 20% of co-payment for insurers age > 65 years
  • Website:http://www.maxbupa.com/productvariantpages/health-insurance-plan-HBIndividual.aspx

National Insurance – Varishta healthcare plan

  • Entry of age: 60 to 80 years
  • Renewals up to: 90 years
  • Pre-existing diseases coverage :  After 1 year
  • Sum assured: Rs 1 Lakh (Hospitalization) to Rs 2 Lakhs (Critical illness)
  • Additional details: 10% claim amount to be borne by the insurer
  • This is one of the best health insurance plans in India as the co-payment is only 10%. The negative point is about low sum assured.
  • Website: http://www.nationalinsuranceindia.com/nicWeb/nic/file_policy/4866.html#p_5

United India insurance – Sr. Citizen Plan

  • Entry of age: 61 to 80 years
  • Renewals up to: Lifelong
  • Sum assured: Rs 50,000 to Rs 3 lakhs
  • Additional details: 20% claim to be borne by the insurer
  • Website: http://www.uiic.co.in/product/health/1212

New India insurance – Sr. Citizen Medi claim policy

  • Entry of age: 60 to 80 years
  • Renewals up to: 90 years
  • Pre-existing diseases coverage :  After 18 months
  • Sum assured: Rs 1 lakh to Rs 1.5 lakhs
  • Additional details: 10% extra on basic premium to cover BP and Diabetes
  • This is one of the top health insurance plans in India as it covers BP and diabetes which have become part of every one’s life at the age of 50 itself. You need to pay additional 10% premium for this.
  • Website: http://newindia.co.in/content.aspx?pageid=1179#a5

Quick comparison of top health insurance plans in India in one table:

Top health insurance plans in India for parents, senior citizens-comparison table

Now though there are several good health insurance plans in India for parents, you would have been in dilemma which one to choose. There is no single policy which suits for everyone. It suites based on the requirement, budget and several other parameters.

How to choose best health insurance plans in India for your parents?

Here are few suggestions where you can take decision on choosing best medical insurance for your parents.

  1. Max renewal age: Choose medical insurance policy which offers max renewal age. When you choose such medical insurance policy, you need not worry about this year on year. You can keep renewing the policies to the maximum extent.
  2. Maximum coverage: Choose a best insurance for your parents which have maximum coverage within your budget. The coverage includes any critical illness coverage, pre-existing diseases. E.g. New India insurance plan of Sr. citizen’s plan covers diabetic also with additional premium.
  3. Go for Pre-existing diseases coverage with least period: Some of the medical insurance plans cover pre-existing diseases within 1 year. You would benefit more if you can opt for lesser waiting period for such coverage’s.
  4. Maximum sum assured: Many insurance companies are offering lower sum assured policies. Take a medical insurance policy with higher sum assured.
  5. Minimum special exclusions: Buy insurance policies with minimum special exclusions. Special exclusions are those where insurance companies exclude some diseases or impose special conditions.
  6. Minimum co-payment: Co-payment is the amount where insurer has to make the payment. You should go for insurance policy where you need to pay minimum or nil co-payment.

Conclusion: If you are looking for top health insurance plans in India for your parents, do not look for low insurance premium policies. Consider above suggestions and get the best health insurance within your budget.

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Suresh
Top Health Insurance Plans in India for parents / senior citizens

Article by Suresh

Suresh KP i.e. me have written 500+ articles on this blog. I love doing analysis and identifying the Best investment options.

107 Comments

  1. Vishnu says:

    Hi Suresh,

    Please guide me best plan for my parents.

    My Mother & Father both are suffering from knee arthiritis problem.Mother has already undergone surgery(knee replacement) for one of her knee and second is to be done .

    Also father has the same problem and will be requiring knee replacement surgery in coming years.’

    I understand that Pre existing diseases are covered after some years but will these disesaes be covered??

    And if yes then please suggest me the plan.

    Thanks & Regards,
    Vishnu

  2. vijendra says:

    Hi my father’s age 65 and mother’s age 60 year, I want to health insurance for of both, please suggest me..

  3. atul , delhi says:

    I am 57 years of age and mitral valve replaced in 2008. No insurance company not willin to cover me under insurance policy. In addtion to that I will retire in jul 2015. I am being covered in corporate plan. pls. let me know if there is any company that would cover me under medical policy.

  4. Aditya says:

    Hi Suresh,

    Mera name aditya hi mere father ki age 65 years hai main unke liye helth insurance plan lena chahta hun, please suggest one of the best plan for him sum asssured 3lakh ke liye kam se kam primium ho aur ache benefits ho.

    Please suggest.

    Thank you,

    Aditya Anand 

  5. Suresh says:

    Hi,

    My Dad is 55, my mom is 53, myself 28 and my sister 26. we dont have any health insurance.

    Can you please suggest me which is good for my family

  6. Shekhar says:

    I have a friend who is suffering from pre-existing disease and he is 36 years old. Which Health Policy can cover it?

    • Suresh KP says:

      Unfortunately none of the health insurance plans cover pre-existing diseases from day-1. However you can buy plan which considers early like Star health insurance which covers within 11 months from policy date.

  7. rajesh says:

    heloo sir,

    my father is 59 & mother 55.

    Father is taking medication for bp & OA, mother has ESR 40.

    Iam thinking of a plan around 2 lkh (Flotter policy).My budget 6-10 K. Iam confused about Bajaj siver plan, National insurance flotter flan,Star Optima & L&T clasic..

    i want a insurance with maximum coverage to all disease,least waiting periord,low primium & easy/hessel free claim return.least/no co payment

    please guide.

    regards 

    Rajesh

  8. Sid says:

    Dear Suresh,

    Thanks for all these info. Need your valuable guidance on this case.

    My Parents are insured with Star health red carpet since march,2010. My mother(63) was recently hospitalised for sudden symptoms of anemia and received blood transfusion. I got 30k against claim of 88k from star. They deny cashless sighting various reasons. My father (75)was hospitalised for dengue in 2010 when the reimbursed 60% of the claim.

    Both are insured for Rs 200000 each. I am considering for a portability of the policy to New India/ National/ United India after reading your analysis. Kindly suggest if it's possible – and are there any charges for portability? Are there any waiting period with the new insurer after shifting the policies?

    Thank you.

    • Suresh says:

      Sid, I am sure there are portability charges, but heard they are very less. However regarding waiting period, yes I understand there is waiting period. Suggest you talk to customer care to get exact details.

    • raghabendra says:

      Dear Sir,

      You already might have got your solution, however, still I would like to suggest you, what might help you, if you haven't done it yet.

       

      1. You can port your policy, only at the time of policy renewal.

      2. You will get all benefits of waiting period or other bonuses accumulated at previous insurer, if you policy is active.

      3.  Start with writing to your insurer, citing the exact reason of portability.  They will need details of your new insurer and it is supposed to happen this way.  Please consult your both the service providers regarding portability, as policy differ from company to company.

       

      Hope this will help you,

       

      Regards,

      Raghabendra Pradhan

  9. jamesfranklin says:

    A very Informative article.The unexpected illness or accident will create too much of financial burden on the common man. The cost of hospitalisation, surgical expenses, cost of medicines and the rent for the other medical facilities will turn out to be unaffordable in case of unforeseen illness.

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