Insurance policies for Senior citizens

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Insurance is considered to be a kind of long term savings for the senior citizens of our country so that this money can provide them with financial stability in time of need. A senior citizen most probably at the age of 60 and above suffers or is most likely to suffer with certain ailments which probably come with age hence he needs to keep some sort of a savings which can come of help in time of need. Or even if there are no health issues once a person retires he needs some kind of income to support him through the rest of his life.

Insurance Policy Plans for Senior Citizens

Senior Citizens Red Carpet: Star Health & Allied Insurance Company Limited is a joint venture between Oman insurance company and a number of insurance veterans from India. Senior Citizens Red Carpet is a health insurance specially designed for senior citizens who belong to the age group of 60-69 years. The coverage of the policy extends from ICU expenses, Nursing expenses, Fees for Doctor / Surgeon / Consultant / Cost of Blood, Oxygen, Pacemaker, Cost of Drugs and Diagnostic tests, Treatments for Cardiovascular Diseases / Cerebrovascular Accident / Cancer and Breakage of Bones, Cataract, Renal Complications to Ambulance Charges. This policy is renewable till the person lives however the pre hospitalization charges are not included in the Senior Citizens Red Carpet policy.

VARISTHA Mediclaim for Senior Citizens: The policy has been introduced by the National Insurance Company specially meant to cater to the senior section of our society, the age limit for entry being 60 - 80 years. VARISTHA Mediclaim for Senior Citizens policy covers Hospitalization and Domiciliary Hospitalization expenses under Section I as well as expenses for treatment of Critical illnesses. The diseases covered under critical illness's are Coronary Artery Surgery Cancer Stroke Multiple Sclerosis Organ transplants, paralysis and blindness. The key features of this policy are that the sum assured under Hospitalization and Domiciliary Hospitalization is ` 1,00,000 and under Critical Illness is ` 2,00,000. Ambulance charges would be reimbursed to a maximum of ` 1,000 and the company would not provide any excess amount other than the assured sum as mentioned in the schedule. However there are a separate set of premiums needed to be paid by the different age groups of senior citizens for Mediclaim they fall under 60 - 65 ` 4180, 66 - 70 ` 5196, 71 - 75 ` 5568, 76 - 80 ` 6890 and for Critical Illness they would ` 2007, 2130, 2200 and 2288 respectively under the same age groups.

Mediclaim for senior citizens: Mediclaim for senior citizens is a product of The New India Insurance Co. Ltd. The important salient features of this policy are as follows; to enter this policy a person should be between the age of 60 - 80, a 5% bonus is allowed in case of renewal of the policy, 10% family discount is allowed if both husband and wife are covered under this policy. The key benefits of this policy are the pre and post hospitalization expenses up to 30 and 60 days are covered under this policy and hospitalization expenses incurred for the treatment of illnesses and injuries obviously not exceeding the amount mentioned in the schedule are also covered by the Mediclaim for senior citizens policy . The premiums are paid under specified age groups which are as follows: for the sum of ` 1,00,000 it would be 60 - 65 years ` 3850, 66 - 70 ` 4250, 71 - 75 ` 4700, 76 - 80 ` 5150 and for the sum of ` 2,00,000 it would be 60 - 65 ` 5720 , 66 - 70 ` 6310, 71 - 75 ` 6980, 76 - 80 ` 7650 respectively.

Senior c Senior Citizen Specified Diseases Insurance : Senior Citizen Specified Diseases is a product of the Oriental Insurance Co Ltd specially designed for the citizens aged 60 years and above covering only certain specific diseases. The policy is assured for the sum of ` 1,00,000 to ` 5,00,000 respectively . The policy holder has to make a co payment of 20% on admissible claim amount. Incase of an accident there is 100% coverage and in the case of diseases like cancer and cardio vascular diseases the coverage is 50% of the sum assured.

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