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Best Health Insurance Plans for Senior Citizen

The golden years of your life are not quite that golden as you age. The loss of regular income due to retirement can add financial distress during medical emergencies. Hence, a decent health insurance policy can be your only saviour during this stage of your life. Read more to know about some of the best health insurance plans for senior citizen in India.

Being a senior citizen can be quite overwhelming if you don't plan your expenses properly. With increasing age, there is a rise in risk to health and so the medical expenses. The best solution to this is health insurance plans for senior citizen. A senior citizen health plan is a must if you are planning to spend your retirement life on interest from savings or pension fund. To boost health insurance plans for senior citizen, the IRDA of India has mandated insurance companies to provide health coverage to individuals up to 65 years of age. This has helped senior citizens to avail health cover even in the later stages of life.

What is Covered Under Health Insurance Plans for Senior Citizen?

  • In-patient hospitalisation for treatment of disease/accident/injury
  • Daycare procedures
  • Cashless hospitalisation at network hospitals
  • Pre-existing diseases after a specific waiting period
  • Hospital room rent
  • Ambulance charges up to a certain limit
  • Some insurance companies offer free medical check-up once a year
  • Critical illness rider option
  • AYUSH
  • Pre and post hospitalisation expenses up to certain days
  • Organ donor expenses
  • Domiciliary treatment expenses

Top Health Insurance Plans for Senior Citizen

Bajaj Allianz Silver Health Plan

  • Sum insured: Rs. 50,000 to Rs. 5,00,000
  • Eligibility age: Entry age is 46 years to 70 years
  • Pre and post hospitalisation: Pre and post hospitalisation expenses are covered up to 60 and 90 days, respectively.
  • Pre-existing diseases: Cover pre-existing conditions until one year after purchasing the plan.
  • Medical check-up: Pre-medical test is mandatory.
  • Tax benefits: As mentioned under Section 80D of the Income Tax Act, 1961.

Waiting period:

  • One year waiting period for any pre-existing conditions.
  • 4 years of exclusion for joint replacement surgery
  • 30 days waiting period is mandatory from the date of policy issue for any disease/illness except accidental bodily injury. Lifetime renewal: Available

What is covered?

  • All pre and post hospitalisation expenses are covered after one year.
  • Ambulance charges up to a certain limit
  • 130 daycare procedures are covered
  • In-patient hospitalisation expenses are covered

Star Health – Senior Citizen Red Carpet Policy

  • Sum insured: From Rs. 1 lakh up to Rs. 25 lakhs
  • Eligibility age: Entry age is between 60 and 75 years of age
  • Pre and post hospitalisation: Pre-hospitalisation expenses are covered up to 30 days. Post-hospitalisation expenses are covered equal to 7% of the hospitalisation expenses.
  • Pre-existing diseases: 12 and 24 months from the date of policy inception
  • Medical check-up: Not required
  • Tax benefits: As per Section 80D of the Income Tax Act, 1961.

Waiting period:

  • 30 days waiting period is mandatory from the date of policy issue for any disease/illness.
  • For specified illness/diseases/ailments – 24 months
  • Pre-existing conditions – 12 and 24 months
  • Lifetime renewal: Available

What is covered?

  • Hospitalisation cover
  • ICU charges
  • Pre and post hospitalisation expenses
  • Ambulance expenses
  • One free health check-up in a year
  • Out-patient consultant in network hospitals.

Apollo Munich’s Optima Senior Health Plan

  • Sum insured: Rs. 2 lakhs, 3 lakhs and Rs. 5 lakhs
  • Eligibility age: Required entry age is 61 years onwards
  • Pre and post hospitalisation: Pre and post hospitalisation expenses are covered up to 30 and 60 days, respectively.
  • Pre-existing diseases: Any pre-existing conditions will be covered after a waiting period of 3 years.
  • Medical check-up: Required
  • Tax benefits: As mentioned under Section 80D of the Income Tax Act, 1961.

Waiting period:

  • Any pre-existing conditions will be covered after a waiting period of 3 years.
  • 30 days waiting period is mandatory from the date of policy issue for any disease/illness.

  • Lifetime renewal: Available

What is covered?

  • In-patient treatment
  • Daycare procedures
  • Pre and post hospitalisation expenses
  • Ambulance expenses
  • Domiciliary treatment
  • Organ donor
  • E-opinion

ICICI Lombard’s iHealth Plan

  • Sum insured: Starting from Rs. 2 lakhs up to Rs. 50 lakhs
  • Eligibility age: Entry age is 6 years. No restrictions on maximum entry age. Children between 3 years to 5 years can enter into the policy.
  • Pre and post hospitalisation: Pre and post hospitalisation expenses are covered up to 30 and 60 days, respectively.
  • Pre-existing diseases: Any pre-existing conditions will be covered after a waiting period of 2 years (48 months, for plans with Sum Insured up to 2 Lacs).
  • Medical check-up: Free at selected centres
  • Tax benefits: As mentioned under Section 80D of the Income Tax Act, 1961.
  • Waiting period: Any pre-existing ailments will be covered after a waiting period of 2 years (48 months, for plans with Sum Insured up to 2 Lacs).
  • Lifetime renewal: Available

New India’s Senior Citizen Mediclaim Policy

  • Sum insured: Rs. 1 lakh and Rs. 1.5 lakhs
  • Eligibility age: 60 years to 80 years of age
  • Pre and post hospitalisation: Pre and post hospitalisation expenses are covered up to 30 and 60 days, respectively.
  • Pre-existing diseases: Covered after 18 months
  • Medical check-up: Required
  • Tax benefits: As mentioned under Section 80D of the Income Tax Act, 1961.
  • Waiting period: 18 months to 48 months
  • Pre-existing ailments are covered after 18 months
  • Pre-existing conditions such as hypertension, diabetes, are covered after 18 months at the cost of additional premium.
  • Lifetime renewal: Available

National Insurance Varistha Mediclaim

  • Sum insured: Rs. 1 lakh for hospitalisation and domiciliary treatment cover & Rs. 2 lakhs for critical illness cover.
  • Eligibility age: 60 years to 80 years of age
  • Pre and post hospitalisation: Pre and post hospitalisation expenses are covered up to 30 and 60 days, respectively.
  • Pre-existing diseases: Covered after 12 months from purchasing the policy
  • Medical check-up: Required
  • Tax benefits: As mentioned under Section 80D of the Income Tax Act, 1961.

Waiting period:

  • Covers pre-existing ailments after one year
  • 30-days no claim period for general cover & 90-days no claim period for critical illness cover

  • Lifetime renewal: Available

What is covered?

  • Hospitalisation expenses
  • Cashless facility
  • Room charges, boarding expenses up to 1% of the sum insured.
  • Nursing expenses, surgeon expenses, anaesthetist, consultant, specialists charge are covered up to 25% of the sum insured for each illness.
  • Ambulance charges up to Rs. 1000 per year

There are several insurance providers for senior citizens, but the challenge is to choose the right one. Therefore, we strongly recommend you to compare different health insurance plans for senior citizen which are available in the market before buying one. The online comparison is the smart choice to find and choose the best health plan for senior citizens. Such a comparison will give you an honest idea on which is the best-suited policy for your insurance and financial goals.

Recommended Link:What is a Senior Citizen Health Insurance Policy?

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