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All You Need to Know About Star Health Insurance for Senior Citizens

When it comes to buying health insurance for senior citizens, the decision requires a thorough research and considerations of many things. Among plenty of health insurance providers promoting their products to be the best one, it can be quite difficult for one to choose the best option. However, it goes without saying that some insurers have marked their presence through their services throughout, which make them a reliable option in the market. One such insurer is Star Health & Allied Insurance Company. And senior citizen plan from the insurer is worth your money indeed!

Importance of Health Insurance for Senior Citizens

There has been a terrifying increase in healthcare costs recently. As the age of a person increases, the healthcare issues  also escalate. Frequent hospital visits can be a burden on their pocket, especially when one retires. These medical expenses put their retirement savings at a stake.

Health insurance in today's age is a necessity. But the senior citizens do not opt for investing in the health insurance plans because they fear that these plans will be very costly, and they will lose all their hard-earned money. They may not be wrong in their part, but at the same time, paying a health insurance premium is always better than paying expensive medical bills. Senior Citizens should thus search for the best health insurance in India and should invest in good health insurance plans for a secured future and good health. 

Star Health Senior Citizen Plan: A Gist!

Star Health Insurance offers the most affordable and comprehensive health insurance plans in India for senior citizens. One of its famous product is Red Carpet Health Insurance Policy, a recommended health insurance plans for senior people who are at their 60s to 75 years. This policy is available on an individual as well as a floater basis. The coverage of the policy has a lifetime extension. However, the policy does not have any carryover advantage for the sum insured if the policy issue is for more than a year.

Senior Citizens Health Insurance: A Comparative Version

Senior citizen health plans have their limitations, such as high premiums, extensive medical tests, and a lot of exclusions in the policies. There are so many criteria to be looked into before choosing a good health insurance plan, such as:

  • The age of entry and exit 
  • Maximum coverage offered
  • The maximum age for renewal 
  • Exclusions 
  • Rider cover 
  • Coverage for pre-existing illnesses
  • Waiting periods
  • Co-pay
  • Domestic or residential hospitalization 

Hence, it becomes imperative to compare the best health insurance plans in India so that the senior citizens can choose a good health insurance plan. 

Star Health Insurance Plan for Senior Citizens

Red Carpet Plan offered by Star Health Insurance can be considered as one of the preferable insurance options in the market. Let us discuss why this plan is suitable for senior citizens:

The senior citizens' Red Carpet Health Insurance Policy from the Star health insurance is a plan designed for senior citizens in India aged 60 years and above. It is a complete health insurance policy that offers many benefits, such as coverage for medical expenses due to sickness, accidental injury, pre and post-hospitalisation expense cover, OPD consultation, health check-up cost etc.

Features of the Star Senior Citizens Red Carpet Plan 

The policy comes with some of the unique features that make the policy worth buying. Some of them are:

  • Coverage of all the pre-existing diseases and illnesses after 12 months of continuous policy 
  • For claims related to pre-existing diseases, 50% of the co-pay while for any other claims 30% of the co-pay is necessary
  • At the time of renewal, the original sum insured can be enhanced, provided there has been no claim under the policy. This enhancement is subject to the terms and conditions of the insurance company.
  • The option of Portability is available if the policyholder wants to change. The insured can do so by informing the insurance company at least 45 days before the date of renewal. 
  • Tax exemption is available on the premium payable amount under section 80D of the Income Tax Act. 
  • The term of the policy is for 1/2/3 year and is renewable yearly.
  • For the renewal of the policy, a grace period of 30 days is available.
  • There is a 15-day free-look period. If the insured is not satisfied with the policy, they can return the policy without bearing any cost.   

Inclusions of the plan are as follows – 

  • Coverage of all day care procedures 
  • Coverage of pre-existing diseases from the second year 
  • Any expenses incurred for inpatient hospitalization 
  • Expenses for pre-hospitalization for up to 30 days 
  • Expenses towards post hospitalization 
  • Emergency expenses towards ambulance charges 
  • Expenses towards help health check-up for a specific limit 
  • Any outpatient consultation charges up to a specific limit 

Exclusions of the plan are as follows – 

  • Any treatments for behavioural, psychiatric or mental disorders 
  • Use of intoxicating substances like alcohol, drugs, tobacco chewing or smoking 
  • STS's or venereal diseases 
  • Nutritional deficiency conditions, general debility, convalescence or run down conditions 
  • Any disease or injury, directly or indirectly, caused or occurred, due to any warlike operations or any act of foreign enemy or invasions 

Who can Buy this Policy?

The eligible age of entry for senior citizens is between 60 to 75 years of age. Available on individual and family floater basis, the policy tenure is of 1/2/3 years.

Benefits of Star Senior Citizen Health Insurance Plan

The below table shows the benefits structure under this plan:

Features/Plan

Red Carpet

Rent of the room

10 lacs - 1% of  (max Rs 6000), 15 lacs - Rs 7000, 20 lacs – Rs 8500, 25 lacs – Rs 10000

Charges for ICU

2% of  up to 10 lakh and 15 lakh; 20 lakh, 25 lakh - Actual

Pre and Post Hospitalization

Pre-hospitalization - 30 days, post hospitalisation - maximum up to Rs. 10000 (depends on )

Day Care Procedure

All

Free Health Check-up

Available

OPD Benefit

Rs 200 per consultation, max up to Rs 2600 (depends on )

Ambulance Cover

Max up to Rs 3000 (depends on )

Co-Pay

50% on all PED claims, 30% on all non-PED claims

Initial Waiting Period

30 days

Waiting Period for Specific Illness

2 years

PED Waiting Period

1 year

Savings

A 10% savings on the premium as well as no medical screening at the time of buying of the policy and premium table does not increase with the increase in age

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

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Written By: Paisawiki - Updated: 03 November 2020

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