Insurance for senior citizens is a common necessity. But, not every senior citizen has the funds to purchase an insurance policy. The insurance industry is not free from problems, especially when it comes to senior citizens. For this reason, the Insurance Regulatory Development Authority (IRDA) of India has taken steps to protect senior citizens. Under the new rules, no insurer or company can deny or charge extra premiums to senior citizens without valid reasons that are scrutinized by regulatory bodies.
- Health insurance
Senior citizens are increasingly requiring a health insurance plan to ensure financial independence. The rising cost of healthcare in India has made it imperative for individuals consider buying a health insurance policy. Unfortunately, age is also a factor in the occurrence of certain medical conditions, which can cause financial difficulties. Senior citizen health insurance plans are offered by reputed insurance providers, and they are designed to cover the costs of medical treatment for people above 60 years of age.
Premiums for health insurance have increased sharply over the last few years, making life difficult for senior citizens and pensioners. Since most insurers have increased rates simultaneously, switching between policies is a pointless exercise. The last time you renewed your health insurance policy, you could save up to 15% on your premium by making no claims for the policy year. You could also avail of a family discount of 10% if you have at least two members.
Premiums for health insurance have increased sharply over the last few years, making life difficult for senior citizens and pensioners. Since most insurers have increased rates simultaneously, switching between policies is a pointless exercise. The last time you renewed your health insurance policy, you could save up to 15% on your premium by making no claims for the policy year. You could also avail of a family discount of 10% if you have at least two members.
- Term insurance
Term insurance for senior citizens in India is not a must these days, as the life expectancy in India has risen by almost 5 years since 1970-75. According to the National Health Profile 2019, the Life Expectancy at Birth in India has increased by over five years in the past six decades. This increase in life expectancy has meant increased opportunities for senior citizens to work and earn money. However, the financial burdens associated with age and illness are still high, especially for those who are close to retirement age.
Generally, senior citizen insurance plans come with a co-pay clause. The co-pay clause specifies the proportion of the claim amount to be paid by the policyholder. This means that if you are 70 years of age, you would have to bear up to 20% of the costs. The insurer would cover the rest of the claim. But beware of a senior citizen's co-pay clause! Seniors are often forced to take a medical test to obtain their insurance.
Generally, senior citizen insurance plans come with a co-pay clause. The co-pay clause specifies the proportion of the claim amount to be paid by the policyholder. This means that if you are 70 years of age, you would have to bear up to 20% of the costs. The insurer would cover the rest of the claim. But beware of a senior citizen's co-pay clause! Seniors are often forced to take a medical test to obtain their insurance.
- Life insurance
Increasing life expectancy has also increased the elderly population in India. Everyone wants to be taken care of in their later years, but senior citizens often feel isolated and alone. Life insurance provides emotional and financial security. Senior citizens should consider purchasing life insurance for their own protection. In India, this type of insurance is called a term life insurance policy. In India, life insurance for senior citizens is available for those over the age of 60.
There are no waiting periods when you purchase life insurance for senior citizens. A good policy will pay out a lump sum to your surviving partner. This will make the financial situation of your partner easier to handle in the event of your death. It will also make it easier for your partner to take care of personal needs without having to depend on their children. With life insurance for senior citizens, there is no age limit, so you can begin taking out a policy as early as possible.
There are no waiting periods when you purchase life insurance for senior citizens. A good policy will pay out a lump sum to your surviving partner. This will make the financial situation of your partner easier to handle in the event of your death. It will also make it easier for your partner to take care of personal needs without having to depend on their children. With life insurance for senior citizens, there is no age limit, so you can begin taking out a policy as early as possible.
- Travel insurance
When traveling to India, a good way to protect yourself is by getting travel insurance for senior citizens. Such insurance policies can help you cover medical costs, property damage, and emergency repairs. Senior citizens should look for policies that have higher policy maximums to ensure that they can stay covered until they return to India. Senior citizens should also consider if the policy they have has additional benefits. In addition to medical coverage, senior citizen travel insurance in India also covers flight delay and trip cancellation.
When it comes to coverage, the most important factors to look for in a travel insurance policy are the sum assured and the duration of the trip. The policy must also cover pre-existing medical conditions. A traveler must declare such conditions when purchasing a travel insurance policy. Another feature to look for is the emergency cash advance service. If you need cash immediately, this service is invaluable. Many travel insurance plans also offer packages for senior citizens in India, such as the Travel Elite 61-70 package, which includes a cash advance service, in case you need it.
When it comes to coverage, the most important factors to look for in a travel insurance policy are the sum assured and the duration of the trip. The policy must also cover pre-existing medical conditions. A traveler must declare such conditions when purchasing a travel insurance policy. Another feature to look for is the emergency cash advance service. If you need cash immediately, this service is invaluable. Many travel insurance plans also offer packages for senior citizens in India, such as the Travel Elite 61-70 package, which includes a cash advance service, in case you need it.
- Hospitalization coverage
Senior citizens can avail hospitalization coverage through private health insurance plans. However, there are several things to look out for while choosing a plan. First of all, you need to check the age limit for enrolling in the plan. It is generally between 65 and 75 years old. The policy also includes a maximum Sum Assured. Most insurers cap the coverage of senior citizens between Rs 1 lakh and Rs 3 lakhs. However, there is an exception to this rule: the Star Health Insurance Red Carpet Plan.
In case of a hospitalization, the insurance policy covers a percentage of the actual expenses. The amount includes doctor's charges, x-rays, nursing charges, and surgical appliances. The coverage is also extended up to 90 years. The plan also covers the costs of domiciliary hospitalization, ambulance charges, and organ donation. In case of a medical emergency, the insurer covers the cost for up to 25% of the sum insured.
In case of a hospitalization, the insurance policy covers a percentage of the actual expenses. The amount includes doctor's charges, x-rays, nursing charges, and surgical appliances. The coverage is also extended up to 90 years. The plan also covers the costs of domiciliary hospitalization, ambulance charges, and organ donation. In case of a medical emergency, the insurer covers the cost for up to 25% of the sum insured.
