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Best Health Insurance Plan for Parents in India

Growing up is a thing, which is surely not into anyone’s control. As one grows up one becomes more prone to diseases and other ailments. Considering the lifestyle we lead today, possibly by the time we reach the an age of 60 or so we would surely be having some health-related issues.

Therefore, it is a smart and prudent choice to opt for a health insurance policy and secure yourself from any financial implications. Besides, if you have an old or ageing parent then it is important that they too are insured with the best type of health insurance plans for parents available in the market.

The sooner an individual understands the relevance of covering the parent’s health with a useful health insurance policy, the better.

Opting for the best health insurance plans for parents is the safest way to protect oneself against any unwanted monetary expenses. One of the best things about these health insurance plans for India is that one can customize the policy along with comprehensive benefits based on the needs.

It is the moral duty of children to take care of their parents and provide the best lifestyle and secure life for them, So it is highly recommended that they must do their homework well, research on the various health insurance policies in India and opt the one, which is most lucrative and beneficial for the whole family specifically the parents.

Types of Health Insurance Policies in India

Listed below are some of the types of health insurance policies in India available for parents: 

Individual Health Insurance Policy

This type of health insurance policy is designed for individuals and is beneficial for people with higher risks. One can easily earn the benefit of the sum assured than the floating sum assured. 

Family Health Insurance

This is a cumulative family policy in, which sum insured covers all the family members. Multiple claims arising for every individual will be covered under the same policy, premium, and sum insured. If planning to buy the best health insurance plans for parents, then this should be the least considered alternative as it will not be specifically entitled to serve the parents. 

Senior Citizen Health Insurance

This is one of the best plans that an individual can buy for his parents with exclusive coverage for them, which suits all their medical requirements, including diseases, Ayush coverage, home hospitalisation. This health insurance policy is best suited for parents who are above 60 years of age. 

Cover from Employers

There is a contingency in, which the employer offers health insurance coverage for the employee’s parents. It is always suggested to accept the cover but also looks out for individual policies. The employer cover exists only until the job stays. 

Top-Up Policy

Again, this type of health insurance policy is applicable for an employer’s group scheme, if parents are already covered, a top-up facility to ensure settling higher claims if the need arises is a reasonable and beneficial option. The maximum cover available under this, at times, crosses the amount allowed by senior citizens' policy as well. 

Common Terminologies Used Under Health Insurance Plans 

Mentioned below are some of the common terminologies used in case of defining health insurance in a better way:

  • Ayush Benefit – It means that the benefit of treatments and therapies under Ayurveda, Unani, Siddha, and Homeopathy will be covered. 
  • Co-payment – It means that a certain amount of the medical expense will be covered by the insured. 
  • Endorsement – Any kind of relevant and crucial changes made within the policy is an endorsement. 
  • Free-Look Period – It is a period in, which the insured has the facility to cancel his/her policy after giving a valid reason for doing so. 
  • Sum Insured Rebound – It means getting an add on the sum insured in case the original amount gets exhausted.
  • Add-on Cover Riders – Any additional cover or facility obtained by the insured for which he has to pay something extra and which will give him an extra benefit is a rider. 

Best Health Insurance Plans for Parents in India 

The below table consists of some of the health insurance plans for parents in India, which can be considered for buying for your elderly parents above 55-60 years: 

Insurer Name

Plan Name

Entry Age

Pre-medical Test

Features

Aditya Birla Health Insurance

Activ Care

55 years to 80 years

Required

  • Cover for about 586 daycare procedures
  • Lifestyle support and portable medical equipment
  • Comprehensive covers available across multiple sums insured of Rs 10 lakh

 

Bajaj Allianz Health Insurance

Bajaj Allianz Silver Health Cover

46 years to 70 years

Required

  • Individual health insurance plan for senior citizens
  • Pre-existing ailments cover from second policy year
  • Cover for pre and post-hospitalization expenses. etc.

 

Care Health Insurance (Formerly known as Religare Health Insurance)

Care Health Senior Citizen Health plan

61 years to Lifelong

Not Required

  • Cover for pre and post hospitalization expenses
  • Both individual as well as floater cover available
  • Yearly detailed health check-ups, which promotes healthy lifestyles
  • Automatic recharge of the sum insured

Cholamandalam Health Insurance

Arogya Sanjeevani Plan

Up to 65 years

Required

·       Covers the whole family including in-laws

·       Family savings up t o 5% for covering 3 to 5 members

·       All daycare procedure cover

·       Dental treatment or plastic surgery arising out of an injury

Digit Health Insurance

Super Top-Up Plan

Up to 65 years

 

·       No room rent capping

·       Pay the deductible only once

·       No limit on ICU room rent

·       Cover COVID-19 treatment expenses

Edelweiss Health Insurance

Arogya Sanjeevani Policy

Up to 65 years

-

·       Policy comes with lifelong renewal benefit

·       Sum insured rages between Rs 1 lakh to 5 lakh

·       Child can be added form 3 months

·       AYUSH treatment expenses are covered

 

Future Generali Health Insurance

Future Varishta Bima

From 60 years-lifelong

In case of adverse medical condition only

·       Sum insured options ranging from Rs 2 lakh to 10 lakh

·       Long-term policy savings on premium

·       50% co-payment applicable in case of pre-existing illness

·       Sub-limits to be applied for specific illnesses

·       No loading on premium

 

HDFC Ergo Health Insurance

Optima Senior

 

61 years to No Age Limit

Not Available

●       Cover for pre and post hospitalization expenses, domiciliary treatment, emergency ambulance, daycare procedures, etc.

●       Enhancement on the sum insured

●       Health line services and cashless services applicable at registered network hospitals

HDFC Ergo General Health Insurance

my: health Medisure

No upper age limit

Required

●       Cover for in-patient treatment, pre and post hospitalization expenses, etc.

●       Cover for ayurvedic treatment yearly

●       Lifelong renewability of the policy

 

IFFCO Tokio Health Insurance

Family Health Protector

Up to 65 years

Required after 60 years

·       160 days care procedures

·       Health check-up % vaccinations

·       AYUSH treatment

·       Wide sum insured ranges from 1.5 lakh to 30 lakh

·       Day care procedure cover

·       10% savings on premiums for existing customers

·       Cumulative bonus of 5%

 

Kotak Mahindra Health Insurance

Kotak Secure Shield – Critical Illness Insurance

Up to 65 years

-

·       Pre-existing illness covered after 48 months

·       Personal accident benefit

·       Child education benefit

·       Loss of job covered

Liberty Health Insurance

Secure Health Connect Policy

Up to 65 ytingears

Required

·       Sum insured starting from Rs 2 lakh to 15 lakh

·       Reload of sum insured

·       405 days care procedure covered

·       Daily hospital cash allowance up to 10 days

 

Max Bupa Health Insurance

Max Bupa Health Companion Family Floater Plan

No Limit of Age

20% of co-payment for individuals above 65 years of age

All daycare treatment procedures covered

●       Avail the services at the registered network hospitals on a cashless basis

●       Cover for the in-patient treatment up to sum insured

ManipalCigna Health Insurance

Manipal Cigna Protection Accident Care

Up to 80 years of age

Not Available

Options of three types of plan

●       Tailor the plan based on the needs

 

National Health Insurance

Varishtha Mediclaim Policy

60 years to 80 years

Required

●       Cover for domiciliary hospitalization and other diagnostic charges

●       The facility of health check-up once at the end of a block

●       Tax benefit under Section 80D of the Income Tax Act, 1961

New India Assurance Health Insurance

Senior Citizen Mediclaim Policy

Renewable up to 90 years

Required

●       Cover for pre and post-hospitalisation expenses, ambulance charges, etc.

●       Limited cover available in case of Unani or any other ayurvedic treatment

Oriental Health Insurance

Happy Family Floater Plan

Up to 65 years

Above 60 years

·       Sum insured starts from Rs 2 lakh

·       Midterm inclusion of a member is possible

·       No claim loading

·       Restoration of sum insured

·       Diamond plan offers sum insured Rs 12 lakh-20 lakh

·       Maternity expense cover

·       New Born baby cover

 

Raheja QBE Health Insurance

QuBE Super Top-up Policy

Up to 65 years

Required after 55 years

·       Coverage up to Rs 1 cr.

·       Coverage extended for entire family

 

Royal Sundaram Health Insurance

Family Plus

No restrictions

-

·       Sum insured options are Rs 2 lakh, Rs 3 lakh, Rs 5 lakh, Rs 10 lakh and Rs 15 lakh

·       Maternity benefit

·       Sum insured reload benefit

·       No claim bonus benefit

Reliance Health Insurance

Reliance Family Floater Plan

No restrictions for upper age

-

·       In-patient cover including pre and post hospitalisation cover

·       Day care procedures cover

·       Domestic road ambulance cover

·       Domiciliary hospitalisation cover

·       Donor expense cover Wellness solution

Star Health Insurance

Senior Citizens Red Carpet

60 years to 75 years

Not Required

Cover for pre-existing ailments from the second year of the policy

●       A cover-up to Rs 25 lakh on an individual or the floater basis

●       Guaranteed lifelong renewals

SBI Health Insurance

Arogya Top Up Policy

Entry up to 65 years

No medical check-up till the age of 55 years until with a medical

 

Comprehensive cover for pre and post hospitalization

●       Sum insured from Rs 1 lakh to Rs 10 lakh

●       Cover for daycare expenses, room rent, medicines, consumables, etc.

Tata AIG Health Insurance

MediSenior Plan

Above 61 years

-

·       In-patient cover including pre and post hospitalisation cover

·       Ambulance charges over Rs 2000

·       140 day care procedures covered

·       7/5% savings on premiums offered for pre-paying the policy premiums for two years

 

United India Health Insurance

Individual Health Insurance

Up to 65 years

 

·       SI options: Rs 2 lakh to 5 lakh

·       Pre & post hospitalisation expenses

·       Domiciliary hospitalisation cover

·       Add-on covers such as hospital cash/ambulance charges etc.

·       Free health check-up after 3 claim-free years

 

Universal Sompo Health Insurance

Senior Citizen Health Plan

60 years minimum

-

In-patient hospitalisation

Daycare procedures

1% of SI as a daily allowance

Rs 1500 as ambulance charges

 

 

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

Importance of Health Insurance Plans For the Parents

A general saying goes that health is wealth. If you are unhealthy that you are of no use and you cannot manage your daily living style. Therefore, it is important to take care of your health. When it comes to parents they are growing old and are more prone to diseases therefore, chances of them falling sick is more which can lead to heavy burden in the pocket. Therefore it is vital to buy a health insurance policy for the parents and secure yourself from the monetary stress or burden.

Given below are some of the key reasons to buy a health insurance policy for the parents:

Lifestyle Diseases and Pandemics

Looking at the current scenario wherein Coronavirus and such pandemics turn the world upside down, even lifestyle hazards lead to medical ailments and illnesses that grow worse with age. This is one of the biggest reasons why parents need a good medical policy to keep themselves financially secure in the days when their earning capacity is next to nil. Remember, any eventuality can occur at any point in time. A financial backup like this is a boon in this regard.

Affordability, Reduced Stress, and Burden

No one wants the breadwinner of the family to be burdened with the financial crises of ailments and medical contingencies of parents. Even if they have their savings, they will not want to use it for hospitalisation. A good health insurance policy will relieve the individual and his parents from stress and burden, and the affordability of the worst can be taken care of by the policy.

Easy Claim Process

Claim in the form of cashless hospitalisation, which most of the insurance companies offer or reimbursement is quite simple and easily comprehensive for the elderly.

Inadequate Cover

In case of employer-paid health insurance policy wherein the cover is inadequate, buying a top-up to the same will enhance it and make it eligible to take care of high finances involved in bigger ailments of the elderly.

Medical Inflation

Every year the inflation rate is increased up to a level of 12-16%, and there is no stopping it. Operation of the heart, which now costs Rs 4-5 lakh will be around 10-12 lakh after a few years. Keeping this in mind, the insured should be prepared for the growing medical inflation and start investing wisely today in the best health insurance policy to avoid the inconvenience at a later stage.

Big Savings

Buying a good health insurance policy for the parents can also promise lower premium rates and extra covers with more leverage, thus being profitable for the pocket. It is better to buy a health insurance policy online and save big on the health insurance premiums.

Beyond Diseases

There are other benefits that parents can avail using a health insurance policy like free health check-ups, diet plans, fitness regime, health and nutrition-related information and consultation, counselling, etc.

Tax Benefits

If the individual’s parents are senior citizens, they can earn a tax benefit up to Rs 50000.

Factors to Be Considered While Buying Best Health Insurance Plans for the Parents

Listed below are some important factors that should be considered before buying a comprehensive health insurance policy for the parents:

  • Sum insured rebound, which means an automatic recharge up to the amount of sum insured every financial year.
  • The benefit of paying instalments in case the amount of premiums or payment towards the insurance company is on the higher side.
  • Look for no medical test up to an age of 45 and no restriction on entry age, which usually is 61 years, but there should be leverage.
  • Cashless home health care, which means a cashless facility available for senior citizens in case of hospitalisation and home hospitalisation, should be included too.
  • Hospitalisation and medical expenses covered by the relevant ailments that have been agreed upon.
  • Pre and Post hospitalisation and in-petient hospitalisation benefits, domiciliary hospitalization cover, daycare procedures, etc. should be included.
  • Look for organ donor benefits.
  • Lower co-payment facility, which will be beneficial for the individual as if the isured has to pay a portion of the medical expenses towards his parents, it should be on the lower rate.
  • Smooth insurance policy with clear terms and conditions.
  • Mental wellbeing and counselling should be covered along with other benefits like diet, nutrition, and health regimes to be provided.
  • Recuperation and recovery benefits post the illness for the parents to rebound after their ailment.
  • Free health check on an annual basis for the parents.
  • Network hospitals should be in good numbers to help the individual avail cashless hospitalization
  • Ambulance, ICU, room rent and daily allowance charges should be covered.
  • Lifetime renewability should be offered.

Health Insurance Plans for the Parents Common Exclusions

Under the following circumstances, a health insurance policy will not provide you with a substantial cover: 

  • If there are any medical charges paid towards an existing illness and the waiting period of 30 days is not over, this will not be covered under the health insurance policy.
  • The non-allopathic treatments mostly remain covered.
  • Any hospitalisation of parents, which is without prior permission, recommendation, or prescription of the doctor, cannot be claimed.
  • Self-inflicted injury or attempted suicide is not covered.
  • Non-medical expenses like toiletries, diapers, syringes, administrative charges, service charges, etc. are not covered.
  • Dental treatments and optical tools like spectacles, eye surgeries, lenses are not covered.
  • Joint replacements and similar surgeries are only covered after two years of the activation of policy.
  • STD and HIV, Childbirth, pregnancy, abortion, infertility, in vitro fertilisation charges are not covered.
  • Cosmetic surgery, vaccinations, circumcision, war, strike, nuclear weapons, or plastic surgery.
  • Any contingency due to intake of alcohol, drug abuse, smoking, etc. not covered. 

Eligibility Criteria to Buy Health Insurance Plan for the Parents

If you are looking forward to buying a health insurance policy for the parents, the following is the eligibility criteria for the same:

  • The parents should ideally fall between the age group of 60 to 80.
  • Senior citizen parents up to age 65 have the option of lifetime renewability and avail the benefit of the best health insurance policy for parents.

Documents Required When Buying Health Insurance Plan for the Parents

Listed below are the documents that will be required to buy a health insurance policy for parents:

  • Evidence of age
  • Address and identity proof
  • Application or proposal form
  • 2-4 passport size pictures
  • A pre-policy medical check-up report
  • Any pre-existing illness or disease need to be correctly informed along with report and doctor cards plus prescriptions 

Steps to Buy a Health Insurance Plan for the Parents 

A health insurance policy for the parents can be bought both online as well as offline. 

An individual can seek assistance from insurance agents, dealers, or brokers directly or indirectly. However, it is recommended to buy a health insurance policy for the parents online since it gives you a platform to compare different policies and study all of them elaborately. 

After doing extensive research and a thorough comparison of different health insurance policies, zero down a health insurance policy for the parents, which meets all the requirements and suits the pocket as well. 

One needs to follow the below-mentioned steps to buy the best health insurance policy online

Step 1 – Go to the official website of the insurance company and enter the details. The individual needs to mention his parents if it's for a family cover specifically.

Step 2 – Update relevant details like their date of birth, contact details, address, and other minutes asked for and provide all the details correctly.

Step 3– Now pick the sum insured amount and fill in all his details.

Step 4 – Before you submit the health insurance policy application, check the complete policy break up, read the terms and conditions and understand the document very carefully.

Step 5 – Finally, make the payment of the premium online, and the health insurance policy will be bought.

Frequently Asked Questions (FAQ’S)

  • Q What are the various tax benefits that an individual can get by availing the best health insurance plan for the parents?

    A. Under section 80D, an individual is entitled to a tax benefit up to Rs 25000 for his self-insurance and family insurance. But in the case of senior citizen’s insurance, this benefit can go to Rs 50000. Again, under section 80D, one can claim an additional Rs 5000 as an expense incurred on preventive health check-ups.

    *Tax benefits are subjects to change as per the prevailing income tax laws

  • Q. What are the major benefits one can obtain by purchasing the best health insurance plan for the parents?

    A. The main value-added benefits an individual can obtain are:

    • Emergencies and hospitalisation expenses are covered.
    • Injury or illness in case of an accident is covered.
    • Cashless settlements in-network hospitals.
    • Annual renewal.
    • Pre/Post and In-hospitalisation covered.
    • Pre-existing and specific ailments already covered.
    • Online renewal and purchase possible.
    • Medical inflation is taken into consideration.
    • Tax Benefits are available.
    • Special savings offered for purchasing the policy online or in case of long-term policies.
  • Q. Is there any family policy that covers an individual’s parents and his wife’s parents as well?

    A. Yes, there are a few policies available in the market like the heartbeat policy by Max Bupa, which can cover up to 14 relations in his family.

  • Q. Which are the best health policies for parents in India, one can purchase?

    A. With a plethora of health insurance companies available in India, you can likewise zero down health insurance policy for the parents, which suits your requirements. One needs to do thorough research of all the policies to get an idea and make an informed decision

  • Q. What is the maximum age limit of parents when an individual can purchase a health insurance plan for them?

    A. The maximum age limit is 80 years. It may vary from one insurance provider to the other.

  • Q. What is a family floater plan?

    A. A family floater plan is a health insurance cover for self, spouse, children, and parents throughout the coverage financial year.

  • Q. Is it possible for the insured to enhance health insurance policy and customise it according to parents’ hospitalisation cover?

    A. Yes, the individual can purchase a top-up and buy further facilities and coverage for parents’ illnesses and hospitalisation.

  • Q. Fatal mistakes one must avoid while considering buying the best health insurance policy for the parents in India?

    A. Some common mistakes that most individuals make while considering purchasing the best health insurance policy for the parents are:

    • His employer has already provided him with an insurance cover, and he does not need to ensure more people or go for a higher amount
    • Unaware of the relevance of a health insurance policy or the number of options available in health insurance companies. Lack of research and poor comparison can lead to a loss
    • Low sum insured or low payment of premium is the only factors considered by some, without realising the importance of other crucial factors that must also be taken into consideration
    • Considering the purchase of a health insurance plan only to avail tax benefits
  • Q. What are the main factors that can affect the calculation of the premium?

    A. The main factors that influence the calculation of the premium of a particular health insurance policy are:

    • Age- The younger the age, the lower the premium would be
    • Pre-existing Illnesses – Any ailment that the individual is already suffering from like blood pressure, diabetes, etc. will be heavy on the calculation of the annual premium.
    • Family History and Genetic Disorders – have a huge effect
    • Location of Residence – whether the individual is in an urban area or rural and his living conditions play a vital role. For example, a person living in Mumbai will be paying a higher premium than a person who lives in Ludhiana.
    • Members Covered – More the members more the premium
    • BMI – Body Mass Index is a crucial factor as it is an indication of ailments like cholesterol, BP, diabetes, thyroid, joint pain, hypertension and other health risks due to, which the premiums could be high
    • Smoking Habits – If the individual is a smoker, it may consequently burn the pockets of the insured as well as it leads to many ailments futuristically.
  • Q. Why should one buy a health insurance plan online, and what are its benefits?

    A. Buying a health insurance plan online has the following benefits:

    • The convenience of buying a health insurance plan just by the click of a button.
    • The payment modes of premium are secured and safe.
    • Instant payment of premium and issuance of the policy.
    • Instant premium calculation.
    • Comparison among various other policies and companies.
    • Extensive research on insurance plans.
Written By: Paisawiki - Updated: 09 October 2020

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