It is indeed an irony that as we grow older, wiser and understand things better our bodies tend to become weaker and lesser-abled to deal with life’s issues. Any citizen above the age of 60 years is called a Senior Citizen. After a lifetime of working, raising families and contributing to the economy of the country the least that senior citizens can get is a life of dignity, peace and self-sufficiency. It becomes all the more important in today’s society for senior citizens to be self-sufficient as the number of nuclear families that are starting to stay apart from their elders are increasing alarmingly. While the generation could blame smaller homes and just enough incomes for the growing distances the bottom-line is that senior citizens need a safe and secure future.
With the growing costs of medical aid, health insurance is becoming an expensive necessity. Yet, India occupies the lower rung among its counterparts when it comes to spending on the Health Sector. But due to liberalization of the economy and increased general awareness more and more senior citizens are now interested to opt for Health Insurance. In India, there are standalone health insurers along with government sponsored health insurance providers. The Public Sector Companies dealing with Health Insurance keep coming up with advertising campaigns to increase awareness about Health Insurance especially among the senior citizens.
Health Insurance is the most important type of insurance required by the elderly. It is basically a type of insurance coverage that covers the cost of an insured person’s surgical and health expenses. In case of a mishap depending on the kind of coverage one opts for one either gets a refund on the expenses that he/she pays for or the expenses are directly covered by the insurance provider. Elderly citizens often have a hard time finding decent health insurance plans owing to age. The difficulty in finding a good plan may be due to the requirements that they need to fulfill to avail the benefits, like tough medical examinations which are conducted to ascertain if they are healthy enough. Many a times the plans are simply too expensive for these citizens. But in recent times a few decent policies have come up for senior citizens that can be considered.
The Government of India has introduced several benefits to achieve the goal of making India’s senior citizens self-sufficient. One of the schemes includes the health insurance policy. The policies are meant to encourage health, well-being and independence of the elderly across the country. The policies outline many tax benefits, healthcare and travel facilities designed solely for them. The Central Government came out with the National Policy for Older Persons (or Elderly Individuals) in 1999. The policy’s endeavors are aimed at supporting Non-Government Organizations and Voluntary Groups in providing proper care to the elderly. It also tries to create awareness regarding healthcare among the senior citizens and provides training facilities to geriatric caregivers/service providers.
Some of the Top Insurance Policies for Senior Citizens in India are:
Health Insurance from Max Bupa
Heart Beat is an insurance policy that can be taken by citizens even up to the age of 70 years. The best features of Heart Beat include:
- There is no waiting period for an accident cover
- No claims bonus is available
It is still not a very popular plan mainly because of the expenses incurred in buying this policy.
Health Insurance from National Insurance
Varishta Bima is a health insurance plan that also allows people aged 70 years to join. The best features of Varishta Bima are:
- No claim bonus is available
- Health conditions that are existing during the time of application for insurance such as diabetes and high blood pressure can also be covered at a surplus charge. The conditions though get covered only a month after the start of the plan.
Varishta Bima has still come under some criticism for its harsh medical tests which are a precondition to avail the insurance but most septagenarians are unable to pass or this test.
Health Insurance from Star Health
The maximum age limit for entry into Red Carpet Insurance Policy is 74 years which makes it one of the most popular policy in India. Some of the benefits of this plan are:
- One is not expected to go through exacting medical tests to buy this policy. They just ask for a declaration of already existing health conditions.
- This policy covers a wide range of health conditions which may be present before applying for the health insurance. Although there is an agreement wherein the insured agrees to cover half of the payment, and also a long waiting list, it still is a very good deal as most of the other health insurance providers do not cover so many health conditions
Overall Red Carpet is a great health insurance policy for senior citizens and is quickly becoming popular.
