Best Insurance Plans for Senior Citizens
Health Insurance is an important part of our life as it helps us in mitigating the risk that comes with the medical problems and as the age increases, the chances of suffering from disease increases. There are some diseases which can cost a bomb and a lot of people may not be able to afford the sudden medical expenditure that comes their way. In such a case, it is always advisable to buy a medical insurance as that will save you from financial risk. If you are a salaried person then there are chances that the medical expenses are covered by the insurance provided by the company but if it is not then you should buy a medical insurance for your parents and here are some of the best insurance plans you can choose from.
3) Apollo Munich
Next on our list is a plan from Apollo Munich and the name of the plan is Optima Senior. The policy offers a discount of 5% on premium when both husband and wife are covered and in addition to this, pre-screening is necessary in the case of this insurance. The company reimburses 50% of the expense incurred in the medical tests. The insurance also provides 140-day care procedures which do not require hospitalization. Pre-Existing Diseases in this policy are covered after 3 years and co-payment is of 30% on some of the illness specified. For all day care procedures, the co-payment is 15% and the company also gives 5% of cumulative bonus on annual basis.
Premium – Rs 14615
Entry Age – NA
Sum Assured – Rs 2 Lakh to Rs 5 Lakhs
2) ICICI Lombard
We also have ICICI Lombard’s iHealth Plan on our list and this plan has no mandatory sub-limit. In addition to this, the customer can also get the hospitalization cover for a lesser premium. The insurance has a high sum assured which can prove to be beneficial in case of major illness. In addition to this, the company also provides a free health check up every year but there are some diseases which are not covered in first two years of the policy. The company also offers a cumulative bonus of 10% on the sum assured on annual basis.
Premium – Rs 22618 to Rs 26690
Entry Age – NA
Sum Assured – Rs 1 Lakh to Rs 10 Lakhs
1) Star Health Red Carpet Plan
This is one of the best plans available in the market as the plan covers all the pre-existing diseases and the co-payment clause in this policy is of 30% for diseases and 50% for pre-existing diseases. The plan also comes with a discount of 10% on premium if the lab test documents are submitted to the company
Premium – Rs 14494
Entry Age – 60 Years
Sum Assured – Rs 1 Lakh to Rs 5 Lakhs
Before you go ahead with the purchase, make sure that you check about the Co-Payment Clause, Sub-Limit, Pre-Existing Disease and Waiting Period for the specific insurance plan that you are willing to purchase.
3) Apollo Munich
Next on our list is a plan from Apollo Munich and the name of the plan is Optima Senior. The policy offers a discount of 5% on premium when both husband and wife are covered and in addition to this, pre-screening is necessary in the case of this insurance. The company reimburses 50% of the expense incurred in the medical tests. The insurance also provides 140-day care procedures which do not require hospitalization. Pre-Existing Diseases in this policy are covered after 3 years and co-payment is of 30% on some of the illness specified. For all day care procedures, the co-payment is 15% and the company also gives 5% of cumulative bonus on annual basis.
Premium – Rs 14615
Entry Age – NA
Sum Assured – Rs 2 Lakh to Rs 5 Lakhs
2) ICICI Lombard
We also have ICICI Lombard’s iHealth Plan on our list and this plan has no mandatory sub-limit. In addition to this, the customer can also get the hospitalization cover for a lesser premium. The insurance has a high sum assured which can prove to be beneficial in case of major illness. In addition to this, the company also provides a free health check up every year but there are some diseases which are not covered in first two years of the policy. The company also offers a cumulative bonus of 10% on the sum assured on annual basis.
Premium – Rs 22618 to Rs 26690
Entry Age – NA
Sum Assured – Rs 1 Lakh to Rs 10 Lakhs
1) Star Health Red Carpet Plan
This is one of the best plans available in the market as the plan covers all the pre-existing diseases and the co-payment clause in this policy is of 30% for diseases and 50% for pre-existing diseases. The plan also comes with a discount of 10% on premium if the lab test documents are submitted to the company
Premium – Rs 14494
Entry Age – 60 Years
Sum Assured – Rs 1 Lakh to Rs 5 Lakhs
Before you go ahead with the purchase, make sure that you check about the Co-Payment Clause, Sub-Limit, Pre-Existing Disease and Waiting Period for the specific insurance plan that you are willing to purchase.
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