Mediclaim policies for senior citizens in India are a "new thing" in the world of Insurance. Traditionally, senior citizens were getting insurance only if they had purchased it in their younger days. It has recently been possible to purchase insurance policies for senior people over 65 years of age. Only a few allow the age of entry into the policy above the age of 65. As per my knowledge, there are 2 insurance companies which provide Insurance for elderly people.
The three companies are as follows:
- Star Health Red Carpet Health Insurance Policy
- Aditya Birla Activ Care Plan
Star Health Red Carpet Health Insurance Policy
- The official link to this policy is here: https://www.starhealth.in/health-insurance/red-carpet/
- Entry age: A senior person or couple can avail of this policy in the age group of 60 to 75 years of age. The policy can be renewed until life continues to exist.
- The sum assured under this policy is flexible. One can opt on under individual basis or on a self and spouse basis.
- The policy covers major modern treatments including oral chemotherapies, various major injections, and robotic surgeries.
- Pre-Existing diseases and their complications are covered only after 12 months of the policy, subject to the declaration of the same. If a disease may be declared in the second year of the policy, the coverage will begin only in the third year.
- There is a compulsory 30% co-payment term for this policy. This means that whatever expenses may occur due to hospitalization, the individual will have to pay 30% of the amount. In other words, if the hospitalization expense is 1,00,000 INR, then the policyholder will have to pay 30,000 INR.
Aditya Birla Activ Care Plan
- The official link to this policy is here: https://www.adityabirlacapital.com/healthinsurance/activ-care-standard
- Entry age: A senior person or couple can avail of this policy in the age group of 55 to 80 years of age. The policy can be renewed until life continues to exist.
- A unique feature of this policy is HealthReturns of up to 21%. One gets a 21% return on their annual premium. This amount can be used to pay for OPD and AYUSH treatments or as a discount on the next year's premium.
- Senior citizens get comprehensive health check-ups and cashless treatments at home.
- Aditya Birla Activ Care Plan also arranges for a nurse to look after for 15 days worth up to INR 1500 per policy.
- The policy also maps 586 essential daycare treatments which require less than 24 hours of hospitalization.
- There may be other policies as well that provide Mediclaim and Health insurance for Senior Citizens. But do keep in mind, the insurance policies are generally costlier. Thus a cost analysis would be helpful to decide, whether to save the money on other immediately liquidable instruments to reap higher benefits in case of medical emergencies.