Know Insurance Policies for Senior Citizens

Insurance Policies for Senior Citizens

All About Insurance Policies for Senior Citizens

The most important form of insurance for elder people due to the advancement in their age is known as Health Insurance. With the increase in age, the body becomes more vulnerable to diseases.

Severe medical insurance can result in severe financial crises 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 the 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 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 arrangement individuals in the age gathering of 60-69 years old are secured. No clinical tests are required at the hour of the reimbursement of the approach, however, you should make a copayment of 50 %.

  • Bajaj Allianz Silver Plan: Under this plan,  individuals have secured whose age extents to 75 years. This arrangement can be reestablished until 80 years old. The whole guaranteed under this Insurance plan begins from Rs 50,000 to Rs 5 lakhs.

  • Oriental Insurance Plan: Under this plan,  there is no furthest cutoff set for medical coverage. In this arrangement around 11 basic ailments is secured, for example,

  1. Replacement.
  2. Cardio Vascular Diseases.
  3. Chronic Renal Failure.
  4. Cancer
  5. 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.
  •  This can reduce your burden of traveling to a long distance in case of a medical emergency.
  • The waiting period is an important aspect while purchasing the health insurance plan. This period ranges between3-4 years for senior citizens.
  • The co-payment schedule must also be taken into consideration.
  • All of the clauses must be carefully read and clearly understood.
  • Consult with 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.

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