Most important form of insurance for the elder people due to the advancement in their age is known as Health Insurance. With the increase in age, their body becomes more vulnerable to diseases.
A severe medical insurance can result into severe financial crisis when they are not covered under an important medical insurance policy. Most of the insurance companies nowadays are not in favor of providing such policies as they contain higher loss ratios.
Change in scenario:
IRDA (Insurance Regulatory Development Authority has directed its general insurance companies to keep the maximum entry age as 65 for Medical Insurance policy.
This has increased the general insurance products for the senior citizens. This includes Star Health Senior Citizen Red Carpet Plan, Bajaj Allianz Silver health and many more.
What are the Various Plans available?
- Star Health Senior Citizen Red Carpet Policy: This plan people in the age group of 60-69 years of age are covered. No medical tests are required at the time of the repayment of the policy, though you will have to make a copayment of 50 %.
- Bajaj Allianz Silver Plan: Under this plan, people are covered whose age ranges till 75 years. This plan can be renewed till 80 years of age. The sum assured under this Insurance plan starts from Rs 50,000 to Rs 5 lakhs.
- Oriental Insurance Plan: Under this plan, there is no upper limit set for the health insurance. In this plan around 11 critical illness disease are covered such as:
- Cardio Vascular Diseases.
- Chronic Renal Failure.
- Lung Diseases and many more.
Things to keep in mind while purchasing Health Insurance:
- Firstly be confident about your health and take health examination.
- Show proof of your sound health to the Insurance Company.
- Make sure that the good network of hospitals comes under this plan and must be near your locality.
- As this can reduce your burden of travelling to the long distance in case of a medical emergency.
- Waiting period is the important aspect while purchasing the health insurance plan. This period ranges between3-4 years for senior citizens.
- Co payment schedule must also be taken into consideration.
- All of the clauses must be carefully read and clearly understood.
- Consult to the insurance company agent to get the perfect clarity of the insurance clauses.
How to apply for Health Insurance?
As the market is bounded with different insurance options, it is required to go through all of the options and then finalizing to buy the best health insurance for the elder people.
Go online and compare insurance quotes from different banks online through different Financial Portals. Fill the form online and choose the policies from different insurance policies and get in touch with the relationship manager that will help you to choose the best insurance plan.