Senior Citizen Health Insurance
  • Tax Benefit up to Rs.75,000
  • Higher Sum Assured Option
  • Entry Age Upto 75 Years
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Senior Citizen Health Insurance

Senior Citizen Health Insurance offers medical coverage to individuals lying between 60 to 80 years (depending on the insurer). With a separate health insurance plan for senior citizens, not only one can secure his/her health, but can also avail several benefits such as coverage for pre and post-hospitalisation, in-patient hospitalization, among others.

What are the benefits of buying Senior Citizen Health Insurance?

A senior citizen health care plan offers multiple advantages to its customers. Some of them are mentioned below:

  • No-Pre Medical Tests Required: Most insurers don't ask for pre-medical tests. Still, it's recommended to check the policy's terms and conditions before taking it home.
  • High Coverage: Senior citizen health insurance plans offer a higher sum insured options to grant adequate health insurance coverage in old age.
  • Life-long Renewability: Many senior citizen health insurance plans come with a lifetime renewability benefit.
  • Discounts: If you also enroll your spouse in a senior citizen health insurance policy, the insurance company will offer family discounts on the total premium.
  • Tax Benefits: Premiums paid for senior citizen health insurance policies are eligible for tax benefits under Section 80D of the Income Tax Act, 1961.

Top 5 Senior Citizen Health Insurance Plans

Company Name

Plan Name

Claim Settlement Ratio (2018-19)

Bajaj Allianz

Silver Health Plan

85%

Star Health

Senior Citizens Red Carpet Health Insurance Policy

63%

Care

Care Senior Health Insurance Plan

55%

HDFC ERGO

HDFC ERGO Optima Senior Health Insurance

62%

National Insurance

Varistha Mediclaim for Senior Citizens

107.64%

**Last Updated on 17-12-2020

1. Bajaj Allianz Silver Health Plan

Bajaj Allianz Silver Health Plan is specially designed for senior citizens and allows them to live their retirement life without worrying about their medical expenses.

Key Features:

  • This plan covers pre-existing illnesses until 1 year after the inception of the policy.
  • Avail of free health check-up at the end of four continuous claim-free years.
  • Grab 10% of SI as a cumulative bonus (maximum 50% of SI) for every claim-free year.
  • The plan covers 130 day care procedures as per its terms and conditions.

Eligibility:

Entry Age

46 years to 70 years

Sum Insured

Rs.50,000-5 lakhs

Policy Tenure

1 year

**Last Updated on 17-12-2020

2. Star Health Senior Citizens Red Carpet Health Insurance Plan

Star Health Senior Citizens Red Carpet policy looks after the medical needs of senior citizens and provides a secure financial future to them.

Key Features:

  • The plan offers coverage against all day care procedures.
  • A discount of 10% is allowed on the premium on submission of the medical test reports like Stress Thallium, Sugar (blood and urine), Blood, Urea, and Blood Pressure.
  • The plan also offers coverage for modern treatments.
  • Pre-hospitalisation expenses (up to 30 days) are taken care of by the plan.

Eligibility:

Entry Age

60 to 75 years

Sum Insured

Rs.1 lakhs-25 Lakhs

Policy Tenure

1/ 2/ 3 years

**Last Updated on 17-12-2020

3. Care Senior Health Insurance Plan

Care Senior Health Insurance is a comprehensive health insurance plan designed to protect senior citizens against hefty medical expenses.

Key Features:

  • No pre-medical checkup is required.
  • The plan comes with an option of automatic recharge of the sum insured.
  • One can avail of annual health-checkups.
  • By paying regular premiums, one can save up to Rs.75,000 under the Income Tax Act, 1961.

Eligibility:

Entry Age

61 years to no limit

Sum Insured

Rs.3 Lakhs-10 Lakhs

Policy Tenure

1/ 2/ 3 years

**Last Updated on 17-12-2020

4. HDFC ERGO Optima Senior Health Insurance

HDFC ERGO Optima Senior Health Insurance is one of the best health insurance plans for senior citizens that offers a life-long health cover without any hassles.

Key Features:

  • The plan comes with an option of lifelong renewability.
  • The policyholders are allowed to get a second opinion for listed critical illness.
  • After every claim-free year, grab a 5% non-cumulative discount on the renewal premium.
  • The plan looks after the emergency ambulance hospitalisation (up to Rs.2,000/hospitalisation).

Eligibility:

Entry Age

61 years, no maximum entry age

Sum Insured

Rs.2 Lakhs, Rs.3 Lakhs or Rs. 5 Lakhs

Policy Tenure

1 or 2 years

**Last Updated on 17-12-2020

5. National Insurance Varistha Mediclaim for Senior Citizens

Varistha Mediclaim caters to the needs of senior citizens and covers both hospitalisation and domiciliary hospitalisation expenses. The plan also offers an optional cover to look after critical illnesses.

Key Features:

  • The policy offers a cumulative bonus equal to 5% of the sum insured.
  • If the policyholder is covered under any health insurance policy (uninterruptedly for the preceding three years), then no medical checkup is required.
  • A policyholder can avail of tax benefits under Section 80D of the Income Tax Act, 1961.

Eligibility:

Entry Age

60 to 80 years

Sum Insured

Rs.1 Lakh or 2 Lakhs

Policy Tenure

1 year

**Last Updated on 17-12-2020

How to Buy Senior Citizen Health Insurance?

With so many insurance buying options available in the market, the risk of fraud also increases. For a safe, quick, and time-saving process, consider buying directly from the company or PolicyX.com. Below are the steps for the same.

Through the company's website (standard steps)

  • Visit the official website of the company.
  • Choose your desired senior citizen health plan and fill-in all the necessary details.
  • Check the premium details and make the payment.
  • Once done, the soft copy of the policy will be sent to your registered email address.

Through PolicyX.com

  • Go to the top of this page and fill in the details in the 'Get Quotes from Top Insurers' form.
  • Take a look at the available quotes, select a senior citizen health plan, and pay the premium.
  • After the payment, the policy will be shared on your registered email address.

How to file a claim for Senior Citizen Health Insurance?

Senior Citizen Health Insurance allows the policyholder to raise a claim either to avail cashless treatment at a network hospital or get reimbursement of expenses incurred on the treatment.

Let's discuss both the procedures. These steps may vary from one company to another.

For Cashless Claims:

  1. To avail of the cashless treatment, you need to get admitted to a network hospital associated with the health insurance company.
  2. Intimate the company about your hospitalization as soon as possible.
  3. Submit the authorization form along with the photo identity and health card copies at the hospital desk.
  4. The hospital will send these documents to the insurance company for approval.
  5. Once it's approved, you can take the treatment and its expenses will be looked after by the insurance company.

For Reimbursement Claims:

Generally, people who get treated in non-network hospitals file for reimbursement. Here is the process-

  1. Avail treatment, settle all the bills and file a claim for reimbursement.
  2. Do collect and submit all the chemist bills, hospital reports, doctors' prescriptions, pathological reports, etc. to the insurance company.
  3. The insurer will verify all the information and process the claim.
  4. If approved, you will receive the reimbursement amount in your registered bank account.

FAQ's

Senior citizen health insurance is costlier than other health insurance plans. This is because older people are more prone to diseases, which may lead to more medical complications.

Most of the senior citizen health insurance plans cover pre-existing conditions. To avail of the benefit, the insured needs to complete a specific waiting period, which may differ from plan to plan.

Following documents are required:

  • Age proof
  • Identity proof
  • Address proof
  • Income proof
  • Duly filled proposal form
  • Others requested by the company

Last updated on 17-12-2020