Central Government Proposes New Senior Health Insurance Plan with Rs 1 Lakh Cover

The central government is in the process of rolling out a new health insurance scheme for senior citizens above the age of 60 years that would provide a cover of Rs 1 Lakh annually for tertiary and secondary treatments. This new plan called Rashtriya Swasthya Bima Yojana (RSBY) is modeled on the Pradhan Mantri Jeevan Bima Yojana and Pradhan Mantri Jan-Dhan Yojana schemes.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      Prime Minister Narendra Modi will launch this new scheme on 15thAugust, 2015. 

      This new scheme will bring relief to senior citizens as they often struggle to find a suitable health insurance cover. The plan would include an annual cover with the provision of cashless settlement of medical treatment expenses, and senior citizens can renew it annually. 

      Senior citizens must subscribe to this upcoming RSBY scheme individually. The central government would subsidize the premium up to 90% for citizens falling below the poverty line via the cash transfer to their bank accounts 

      Finance minister Arun Jaitley had previously announced in the Union Budget 2015-16 that the government would launch a Senior Citizen Welfare Fund, where the premium paid by the “vulnerable groups” will be subsidized. The unclaimed provident funds deposits will be used to meet the scheme’s objective.

      Further, in his speech, the FM alleged, “The unclaimed PPF deposits are worth Rs 3,000 crore, while in EPF the corpus is worth Rs 6,000 crore. Although this new health scheme requires individual subscription, we predict that it would benefit a large pool of 2.7 crore BPL senior citizens above 60 years and the non-BPL senior citizens, too.”

      The RSBY scheme would provide an insurance cover to BPL senior citizens worth Rs 30,000 and above. The FM is also contemplating of providing a cover worth Rs 1 Lakh annually for a family floater policy and that would include the senior citizens.

      In his efforts to secure the citizens financially, the Prime Minister had launched the PMJDY on 15th August 2014. Under this scheme each family would have a minimum of two bank accounts, and since then 16.92 crore accounts have been opened.

      Source: This news was published on July 23, 2015 in financialexpress.com under the title: “New senior health insurance plan with Rs 1 lakh cover in the offing”

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What to Look for in a Health Insurance for Cancer Plan?

      20 Dec 2022

      Cancer is one of the biggest demons that the world faces today
      Read more
      What are the Factors Affecting Health Insurance Premium?

      20 Dec 2022

      Demand for insurance products in India, especially health
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How Senior Citizens can save Tax with Medical Bills u/s 80 D?
      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL