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:

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:

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:

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

122 comments

  • Kishore

    Hi Suresh,

    Recently I referred Religare health insurance.plan. Could you please review and let's know whether that it is a good lan or not ?

    I want to take this plan for my parents who are nearly 60.

     

    Thank you

    Kishore

  • suryabhan singh

     

    Minimum age at entry

    Maximum age at entry

    Self / spouse

    18 years

    65 years (last birthday)

    Parents / parents-in-law

    18 years

    75 (last birthday)

    Children

    91 days

    17 years (last  birthday)

    this is what i get in intenet about jeevan arogya–somewhere i read in your post before choossing insurance check the age limit.

    here ia age limit is very less.can u suggest any other issurance

    thanks  and regrads

    • Hi Surbhan, If you go for individual policies for parents, you can get more policies like what I indicated on this article. For group policies, I feel there are some restrictions on max age limit.

  • suryabhan

    is there any health insurance which will cover my mom -dad-me -my wife and two children.in one policy.

     

    • Hi Suryabhan, There are several policies like that. LIC Jeevan Arogya is one like that. One can add their in-laws to such policy 🙂

  • chintalapudi someswararao

    Can suggest a good health insurance policy for my sister,  age  64 yrs,  no pre existing diseases except BP.  Can pay single premeum also (is it advisable ?).

    Are there any policies which give insurance & minimum interest/return on investment (10 to 15 lakhs)

    • Hi Someswararao, All the health plans indicated here are good. At this age, I would not advice to go for single premium health insurance. Looks your second question is about life insurance. I do not think, there are any money back life insurance policies issued at this age.

  • fathima

    hi my age 61,i need good insurces plan,only i need sum assured(10,00000)pls tell whice company best? need a medical?

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