Exclusive Health Insurance Policies for Senior Citizens

Insurance can be considered as a form of long-term savings for senior citizens especially those who are averse to risk-taking. This money provides financial stability and also helps such individuals in times of need.

Healthcare insurance enables senior citizens to pay for medical check-ups, emergency medical expenses and long-term medical treatment. In India, health insurance policy cover is provided through several private insurance companies and four public sector general insurance companies. These are:

National Insurance Company
Oriental Insurance Company
New India Assurance Company
United India Insurance Company

The National Insurance Company offers Varistha Mediclaim Policy exclusively designed for senior citizens. This policy covers hospitalization and domiciliary hospitalization expenses incurred under Section I as well as expenses incurred for treatment of critical illnesses, if opted for, under Section II. Diseases covered under critical illnesses are coronary artery disease, cancer, multiple sclerosis, major organ transplants renal failure and stroke. Ailments such as paralysis and blindness are covered at extra premium.

Senior Citizen is under 65 years of age can avail health insurance cover for themselves and their dependants. It is advisable that such individuals must not lose time in purchasing a customized health insurance cover based on their requirements

The regulatory body for Insurance industry across India called as Insurance Regulatory and Development Authority (IRDA) has issued guidelines and instructed general insurance companies to keep at least 65 years as the upper age limit for availing a health insurance policy.

Bajaj Allianz and Star Health and Allied Insurance are two such private players offering Health Insurance policies to the seniors.

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