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Health Insurance Comparison Chart For Senior Citizens in India

Health insurance is something which is required by people of every age. Phew! No more of worries related to high medical bills, emergency treatments or day care procedures as medical insurance has come like a savoir for all. Health insurance for senior citizen is one of the essentials which are must for their secured and stress free future. Today, there are numerous insurance companies which provide health insurance for seniors and all the policies come with different pros and cons. The selection of a good plan from the sea of such health policies might sound a bit tricky, and actually, this step should be taken after a thorough R&D. An individual should check the cover and decide on the things he/she needs in future.

Also, one should check the premium rates along with riders and benefits available. Well, the premium is likely to be higher because of the age factor, but it is undoubtedly a great investment for seniors. An elderly person does not need to agonize about financial condition in case of unforeseen medical emergencies and can easily go for free health check-ups with a good health insurance plan.

When finalizing a policy, an individual must take care of certain parameters like- premium rates, cover or benefits, features, exclusions and terms & conditions.

You may also like to Read: Tax Benefits under Section 80C

Health Insurance Comparison Chart

Analyzing the following points, below is a comparison chart of some of the popular health insurance policies on the major features:

 

Bajaj Silver -55 yrs & above

Star Medical Classic- 2 to 80 yrs

Star Red Carpet- 60 to 69 yrs

National Varishtha -60 yrs& above

Maximum Entry Age

70

75

69

70

Maximum Exit Age

75

80

Life long

90

Pre-existing waiting period

1st year for 50% S.A

4 years

2nd yr with 50% co-payment

1st claim free year

Non-network hospital treatment

Co-payment of 20%

No charges

No charges

No charges

Room Rent

No room rent

2% of S.A up to Rs. 4000/-

1% of S.A

1% of S.A

Family Discount

5%

Nil

Nil

Nil

Buying Policy Process

Too many medical test and inflexible process

Abundant restrictions, many tests but, simple issuing

Easy to buy and no medical tests

Easy issuing but lower cover

Special Exclusion

No joint replacement surgery for 4 yrs

 

 

 

Premium for Rs. 1 Lakh

Rs. 8056

Rs. 3372

Rs. 5000

Rs. 5166

Disclaimer: The ranking listed above is in no particular order.

Apart from these plans, one can check out various other policies and compare the benefits provided. This process helps to select the policy which best meets your requirement.

You may also like to Read: Deduction under Section 80D for AY 2016-17
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