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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 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 Policies

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 Floater Health Insurance

This is a cumulative family policy in, which sum assured 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 

  • 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 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: 

Insurance Company

Plan Name

Entry Age

(Minimum to Maximum)

Pre Medical Test

Features

Religare Health Insurance

Senior Citizen Health Insurance 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

Star Health Insurance Company

Senior Citizens Red Carpet Health Insurance Plan

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

Aditya Birla Group

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

 

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

 

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

Apollo Munich (Now 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 discounts applicable at registered network hospitals

HDFC Health Insurance

my: health Medisure Classic Insurance

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

 

Bajaj Allianz

Bajaj Allianz Silver Health Cover For Seniors

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.

 

New India Insurance

Senior Citizen Mediclaim Policy

60 years to 80 years

(Renewability available up to 90 years of age)

Required

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

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

National Insurance

Varishtha Mediclaim Policy for Senior Citizens

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

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

history

●       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.

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 and anywhere across the globe. 

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 of 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-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 he 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.

Common Exclusions - Health Insurance Plans For the Parents 

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)

Written By: Paisawiki - Updated: 30 June 2020

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