Buying Health Insurance from Coverfox is Simple
Mediclaim Plans Starting @ Rs. 350* / month
100% Claims
Support FREE
Dedicated & Experienced Claims Team for Your Assitance.
Save Tax on Rs. 75,000/-
under section 80D

Best Senior Citizen Health Insurance Policies in India

We all plan for our old age and hope to have a great time once we are done with our responsibilities. But unfortunately, with old age comes several ailments that are expensive to treat and long term. As much as we all want to have a disease-free old age, there’s no telling how it is going to be. Won’t it be better to be prepared and plan your healthcare?

Senior citizen health insurance policies cover medical expenses like hospitalisation, pre-existing diseases and even critical illnesses. Before jumping to the best senior citizen health insurance policies in India, let’s understand what senior citizen health insurance is and why seniors should invest in them.

What Is Senior Citizen Health Insurance?

Technically speaking, a senior citizen health insurance is medical insurance for people aged 60 years and above. These are designed to cover all types of ailments that often accompany old age. Children with parents in this age group should consider gifting health insurance to their parents for their medical care. Older adults who wish to manage their expenses and savings better should consider investing in a senior citizen health insurance policy for themselves.

Reasons Why Senior Citizen Health Insurance Is a Must

  • Old-Age and Illness Are a Bad Combination: Most people above the age of 60 are retired and living on their savings. At this time, when they do not have a direct source of income, diseases bring extra expenses. A senior citizen health insurance policy ensures that the elderly do not have to spend from their savings and can enjoy their retirement.

  • Stress-Free Wealth Management: A senior citizen health insurance policy takes care of medical expenses and allows the seniors to enjoy a stress-free retired life. They do not have to worry about paying bills; rather, they can make plans for travel or other things they love.

  • No Financial Burden on Other Members: Sudden health problems can lead to a financial crisis on the family. Children of the elderly people may have to manage the expenses through their own savings, which might take a chunk off other crucial expenses like household, education, etc. With a sensible senior citizen health insurance policy, the senior members of the family’s health expenses do not become a burden on anyone.

Best Senior Citizen Health Insurance Policies in India

Apollo Munich Optima Senior

  • Apollo Munich Optima Senior is available for seniors aged 61 years and above. This senior citizen health insurance policy has no maximum age for entry and offers cover options ranging from Rs. 2, 3 and 5 lakhs. It comes lifelong renewability and offers cashless facility in over 4000 hospitals in India. In case of hospitalisation, this policy also takes care of ambulance charges of up to Rs. 2000.

  • Highlights of this senior citizen health insurance policy include pre-hospitalization coverage of up to 30 days, post-hospitalisation coverage of up to 60 days, and a cover for 140 daily care procedures. Apollo Munich Optima also offers special deals - for every claim-free year, a senior citizen gets 5% discount on the premium. Furthermore, a couple that enrols for this plan receives a 5% discount, and those who opt for a 2-year policy can avail a discount of 7.5%.

Bajaj Alliance Silver Health Insurance Plan

  • Bajaj Alliance Silver Health Insurance Plan provides cover to individuals between the age of 46-70 years. This is one of the senior citizen health insurance policies in India that starts a little earlier than the retirement age. The sum assured in this policy is between Rs. 50000 and Rs 5 lakhs.
  • Bajaj Alliance has designed this senior citizen health insurance policy with perks like lifelong renewability, cashless benefit or reimbursement for hospitalisation expenses, and a cumulative bonus of 10% of sum assured for every claim-free year. Further, this senior citizen health insurance policy provides pre-existing disease coverage from the second year.
  • Bajaj Allianz Silver Health Insurance Plan covers pre and post-hospitalisation expenses up to 3% of the sum assured. It also includes 130 day care procedures. You can also enjoy discounts on premium if you go for a family plan or a spouse plan. If you do not like this senior citizen health insurance policy, you can port this plan to another insurance provider.

Star Health Insurance – Red Carpet Policy

  • This senior citizen health insurance policy is open to anyone in the age group of 60-75. The minimum assured sum by the Red Carpet Policy is Rs. 1 lakh and the maximum sum assured is Rs. 25 lakhs. There is also a family floater plan, wherein the sum assured falls between Rs.10-25 lakhs.

  • Star Health Insurance, just like all the other senior citizen health insurance policies, requires premedical tests to qualify. It covers pre-existing medical conditions after the first year of the plan. Some specific diseases are covered after 24 months of the policy date.

  • There is a lifelong renewability option along with pre-hospitalisation expenses covered for 30 days and ambulance charges covered to the specified limit. With this senior citizen health insurance policy, the elderly can expect costs covered for room rent, medical professional charges, specialist fees, cost of drugs and medicines and consultant fees up to a specified limit.

  • Some top-up perks include 5% discount on the premium if the policy is purchased online, coverage of all daily care procedures, and health check-up coverage for every claim-free year.

New India Assurance Senior Citizen Health Claim Policy

  • This is one of the few senior citizen health insurance policies in India that has an eligibility bracket of 60-80 years. It offers lifelong renewability up to the age of 90 years. This policy covers ambulance charges, post and pre-hospitalisation expenses, and provides a 10% discount if the spouse is also covered.
  • The sum insured is between Rs. 1 lakh to 1.5 lakhs. This senior citizen health insurance policy offers cashless benefit or reimbursement of hospitalisation expenses in case of both an accident or an illness. Pre-existing conditions are covered only after 18 months of the policy date. A pre-medical check-up is mandatory to get this policy.

National Insurance – Varishtha Mediclaim for Senior Citizens

  • Varishtha Mediclaim for Senior Citizens has been designed for individuals above 60 years and up to 80 years of age. This senior citizen health insurance policy provides cashless benefit or reimbursement of the expenses in case of an accident or illness. It is divided into two sections: section 1 has a sum insured of Rs. 1 lakh and section 2 has a sum insured of Rs. 2 lakhs. Section 2 covers eight critical illnesses for senior citizens.
  • This policy covers ambulance charges and has lifelong policy renewal option. One of the biggest perks of this senior citizen health insurance policy is that, for every claim-free year, the sum insured is increased by 5%. This increase can go up to 50% of the sum insured. Pre-existing diseases are covered after 12 months from the policy date, given that the policy is renewed after a year.

Oriental Insurance – Health of Privileged Elders (HOPE)

  • Like all the best senior citizen health insurance policies, this insurance provides a cashless benefit or expense reimbursement to senior citizens above the age of 60 years. The sum insured is between Rs. 1 lakh to Rs. 5 lakh.
  • The USP of this senior citizen health insurance policy is that it covers only specific diseases. It covers pre-hospitalization expenses of up to 30 days and post-hospitalisation expenses of up to 60 days. This policy comes with a lifelong renewal option. Pre-existing diseases are covered only after 48 months of the policy date and only when the policy is renewed every year, without a gap.
  • Senior citizens who go for this senior citizen health insurance policy enjoy 5% discount on premium for every claim-free year. This can go up to a maximum of 20%.

Benefits of Senior Citizen Health Insurance Policies in India

There are several benefits of investing in insurance in old age. The benefits of a senior citizen health insurance policy are:

  • Cashless hospitalisation across a network of top-class hospitals in the country
  • Pre and post-hospitalisation expenses covered along with coverage of daily care procedures
  • Coverage of emergency ambulance expenses
  • Coverage of pre-existing conditions according to terms and conditions mentioned in the senior citizen health insurance policy
  • Fast and convenient claim settlement process
  • Premiums of senior citizen health insurance eligible for tax deductions
  • Some of the senior citizen health insurance policies also cover regular/monthly health check-ups

Conclusion

Old age is often termed the golden years of a person’s life, but it can easily be mired by health issues and their accompanying medical bills. A senior citizen health insurance policy cannot fix health problems, but it can definitely help with the management of expenses incurred in treatment. It can guarantee seniors financial freedom, along with the wonderful feeling of not being a burden on their children.

Consider investing in one of the above senior citizen health insurance policies and enjoy health care at some of the best hospitals in the nation: cashless. Your senior citizen insurance can somewhat restore the carefree bliss of old age. Give it a try.

Recommended Link:Best Health Insurance Plans for Senior Citizen

Close