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

This article is based on topic suggested by a reader through "suggest a topic" in menu bar.

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.

If you enjoyed this article, share the link in Facebook/Twitter. The links are provided below.

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

122 comments

  • Sushil

    Hi Suresh,
    really nice article. I want to take health insurance policy for my Mother age 54 and Father age 61 with no pre disease.I am looking for 10 lakh joint policy for Parents.Maximum disease coverage, lifetime renewal. Please suggest me best plan for my parents

    Thanks

    • Sushil, all the ones which are indicated are good. You can review couple of them by going thru the product details and pick one of them.

      • Sushil

        Suresh, i want to cover my parents in single plan but above plans shows entry age from 60 years. and my mothers age is 54 years.How can i get above plan for my mother. Plz suggest me plan that will cover my fater (61 age) and mother (age 54) in single plan for lifetime .

        Thanks

        • Sushil, Above plans are only best suitable for 60+ years. However there are several other plans for like Reliance health assure plan or LIC Jeevan Arogya where you can cover your mother at this age. Check those options

  • hi, I think maxbupa offers very attractive plans for senior citizens/parents in india.

  • Amit

    I am from Mumbai age 38.5 years.

     

    I was diagnosed with Type 2 Diabetes Mellitus in late 2008.

     

    I am a bachelor and wish to remain so for my life due to personal reasons.

    Also being diagnosed with Type 2 DM came to me as a shock though both my parents have

    a history of Type 2 diabetes.

     

    There are so many Health insurance companies in the market currently.

    I do not know which health insurance policy to select and which suits me the best

    as I am a diabetic.

     

    I require a comprehensive individual  policy for myself which will cover any diabetes related complications

    and normal hospitalisation costs in future.eg say I have an accident ,it should cover costs of hospitalisation then  also or for say knee replacement surgery in case of arthritis.

     

    My mother expired at 65 yrs age due to stroke in 2010. My father is 68 . He has type 2 diabetes

    since 1988. I don't want a policy for him because he is covered in a Group Insurance policy from my brother if at all he has to be hospitalised in future.

     

    Though hospitalisation costs occur normally after 50 yrs age, I wish to start a policy for myself now which will cover me till atleast 70 -75 years if not more.

     

    I am open for any policy from Govt or private insurer but it should be a good comprehensive policy

    with maximum sum assured possible and with cashless facility (for network hospitals).

     

    Can you suggest some good p[olicies.

    • Hi Amit, Life is like that, we should move on. There are a few health policies only for diabetic patients thought there are several life insurances policies. Thought I have not done extensive analysis, here are the two which came to my mind and their relevant details. 1) ICICI Diabetic care: http://www.iciciprulife.com/public/Health-plans/DiabCare.htm 2) Star diabetic care: http://www.starhealth.in/diabetessafe.php While you can review them, let me do some extenstive research and come back for some more policies with positives and drawbacks. You would see an article in next 2 weeks about this.

  • shilpi

    Hi,

     is there any health insurance which will cover in one policy for my Father -57 year/ Mother -46year  including me 24years and my brother 22 years age . pls suggest good insurence plan(company) . and what will be the premium cost yearly/monthly.

  • Anand

    Hi Sir,

    I want to take health insurance policy for my Mother age 45 and Father age 60 with no pre disease.Person should go for maximum coverage irrespecive of premium.Basically i am looking for such policy where it shouls be hassle free in less of paper work but good service.Usually gov policy have less premium but they kinda have lot of things checklist when u apply for claim.

    I am looking for 10 lakh joint policy for Parents.Maximum coverage lifetime renewal.Wiould i be able to avail my medical and premium reimborsment in situatation of cancellation of policy.Which one you recommend is good health insurance policy i should adapt.

     

    • Hi Anand, After extensive analysis, I have found these as the best ones. You can pick-up non Govt polices from this

      • Anand

        Hi Suresh,

        Did you share the list coz i cant see any ……

         

        • Anand, what I said is the list indicated in the article are the best ones as per my knowlege and they also depeding upon individual needs. If you exclude Govt ones, you can go for other healthcare policies

          • Anand

            Thanks a tonn Suresh.Nice article and promt responses will deffinately look for the above options.

Leave a Reply to Suresh Cancel reply

Your email address will not be published. Required fields are marked *