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

  • Pavan naga

    HI Suresh,

    My father is 48 years old. NO helath insurance till now. Mother is 44 yrs. Recently my father has been treated with Angioplasty wunder Arogya Sri insurance. Now I have to take full Health insurance for them along with me. Please suggest any Heath insurance plan. (I'm of thinking to take LIC Jeevan Arogya). Is it good?

    Thanks in Advance

  • deepak

    Hey Suresh,

    My Mother is diagnosed with cancer in 2011 FEB, went thru chemo and radaition. She is recovering and doing well now. Will there be any insurance plans to cover her future expenses if recurrence occurs, though we are praying it shouldnt happen again?

     

    Regards

    Deepak

    • Deepak, Most of the health insurance would cover cancer diseases, but only after 4 years. Max Bupa health insurance is one such health insurance plan. I have reviwed it and the article would get posted this week.

    • Sailu

      Hi Deepak,
      did u get an insurance for your mother?? Even my mother is having the same situation. welcome suggestions from u.

      Thanks in advance.

  • Rohan

    Hi, Nice article.. i am looking for health insurance for me as well as parents. Help me to chose the best plan…Mother-Age 45,  Father Age-52, Me 25

    • Rohan, I hope you would have gone thru the health insurance plans specified in this article. All of them are good ones. You can select one among them

  • harsha

    Good article suresh..

      Can you please review the HDFC health insurance.. They offer zero payout payment. Whether one should go for it or not. Or how to read between the lines about their offers

  • Pradeep MIttal

    Hi,

    I am looking for insuarance for my parents ( Father:age 57, Mother: age 51). Father is without any medical history but Mother is experience knee pain issue. May need to be operated in the next two years. I am not sure whether I can insurance company will provide insurance in know case issue. If yes, will it make difference in the premium.

    Please suggest some of the best policy ( 5 Lkhs / annum) out of which I can go for a choice.   I am very confused to choose one. Please help to filter the insurance plan.

    Thanks,

    Pradeep Mittal

     

     

     

     

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