The basis for evaluation of health insurance for senior citizens are as below:
- Premiums: It is the amount paid periodically to the insurance provider to get health insurance coverage. The cost of the premium to be paid by the individuals is determined by the insurance providers while considering various factors like medical history, pre-existing illnesses, age, etc. Policies with lower premiums and higher sum insured are better.
- Age: There are different health insurance policies for various age groups. Generally, the age for senior citizen health insurance is 60 to 80 years.
- Renewability Option: Renewability refers to extending the existing policy for a set time frame. The longer the renewability period, the better it is. Many senior citizen health insurance plans offer lifetime renewability benefits.
- Exclusions: It refers to the coverage excluded in the health insurance policies. Different policies have different exclusions. Generally, acts like self-inflicted injury, drug abuse, internal congenital disease come under exclusions.
- Claim Settlement Ratio: It is the ratio of the total number of claims settled by the insurance company to the total number of claims received in that particular time. The higher the CSR, the better it is because a higher CSR ratio means lower chances of a claim not being settled.
- Waiting Period: It is the duration when one cannot avail of the benefits of the policy taken. Each plan has its waiting period. The Shorter the waiting period, the better it is.
- Minimum and maximum sum assured: The minimum and the maximum sum assured for senior citizen health insurance policy generally ranges from Rs. 1 Lakh to Rs. 1 Crore. Insurance policies with higher sums assured are better.
Best Health Insurance Policies for Senior Citizens
- Star Health Senior Citizens Red Carpet Health Insurance Policy
This is one of the first insurance policies introduced in India to fulfill the medical needs of senior citizens. It offers a cashless hospitalization facility and free medical consultation 24*7. Individuals are not required to undergo pre-medical tests before purchasing this policy.
- Age: 60 – 75 years
- Premium: Rs. 5,251 – Rs. 42,462
- Renewability Option: Lifetime renewability available
- Claim Settlement Ratio: 78.62%
- Waiting Period: 30 days
- Amount assured: Rs. 1 – 25 Lakh
- Policy Tenure: 1 / 2 / 3 years
2. Max Bupa Senior First Health Insurance Plan
This policy is offered by one of the most trusted health insurance companies in India. It consists of no maximum age limit to avail of this plan. This policy grants two variants – Gold and Platinum plans to meet the suitability of the individuals.
- Age: No age limit
- Premium: starts from Rs. 13,453
- Renewability Option: Lifetime renewability available
- Claim Settlement Ratio: 89.46 %
- Waiting Period: 30 days
- Amount assured: Rs. 5 – 25 Lakh
- Policy Tenure: 1 / 2 years
3. Aditya Birla Active Care Policy
This policy is offered by Aditya Birla to cover senior citizens. It gives broad coverage as both inbuilt and optional coverage benefits are available. Standard, Classic, and Premium are the three variants available under this plan.
- Age: 55 – 80 years
- Premium: starts from Rs. 36,476
- Renewability Option: Lifetime renewability available
- Claim Settlement Ratio: 70.81 %
- Waiting Period: 24 Months
- Amount assured: Rs. 3 – 25 Lakh
- Policy Tenure: 1 / 2 years
4. Bajaj Allianz Silver Health Policy
This policy is offered by Bajaj Allianz to cover the medical needs of both the individual and the spouse. This plan gives flexibility in the amount assured.
- Age: 46 – 70 years
- Premium: Rs. – Rs. 1,995 – Rs. 29,039
- Renewability Option: Lifetime renewability available
- Claim Settlement Ratio: 92.24 %
- Waiting Period: 12 Months
- Amount assured: Rs. 50,000 – 5 Lakh
- Policy Tenure: 1 year
5. New India Assurance Senior Citizen Mediclaim Policy
This policy offers health coverage at the lowest premiums for senior citizens from all the health insurance policies available. Under this policy, individuals are supposed to undergo a health check to detect pre-existing diseases.
- Age: 60 – 80 years
- Premium: Rs. 3,850 – Rs. 7,650
- Renewability Option: Lifetime renewability available
- Claim Settlement Ratio: 92.68 %
- Waiting Period: 18 Months
- Amount assured: Rs. 1 – 1.5 Lakh
- Policy Tenure: 1 year
The above-listed policies were shortlisted by our analysis based on the factors we have considered. Please read the policy documents carefully before purchasing a health insurance policy.
Contact Us to choose the Best Health Insurance for your parents.