*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
Listed below are some of the types of health insurance policies in India available for parents:
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.
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.
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.
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.
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.
Mentioned below are some of the common terminologies used in case of defining health insurance in a better way:
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 |
|
Bajaj Allianz Health Insurance |
Bajaj Allianz Silver Health Cover |
46 years to 70 years |
Required |
|
Care Health Insurance (Formerly known as Religare Health Insurance) |
Care Health Senior Citizen Health plan |
61 years to Lifelong |
Not Required |
|
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.
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:
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.
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.
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.
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.
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.
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.
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.
If the individual’s parents are senior citizens, they can earn a tax benefit up to Rs 50000.
Listed below are some important factors that should be considered before buying a comprehensive health insurance policy for the parents:
Under the following circumstances, a health insurance policy will not provide you with a substantial cover:
If you are looking forward to buying a health insurance policy for the parents, the following is the eligibility criteria for the same:
Listed below are the documents that will be required to buy a health insurance policy for 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.
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
A. The main value-added benefits an individual can obtain are:
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.
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
A. The maximum age limit is 80 years. It may vary from one insurance provider to the other.
A. A family floater plan is a health insurance cover for self, spouse, children, and parents throughout the coverage financial year.
A. Yes, the individual can purchase a top-up and buy further facilities and coverage for parents’ illnesses and hospitalisation.
A. Some common mistakes that most individuals make while considering purchasing the best health insurance policy for the parents are:
A. The main factors that influence the calculation of the premium of a particular health insurance policy are:
A. Buying a health insurance plan online has the following benefits: