How to choose the best insurance policy for senior citizens in India?

Read on to know the benefits and coverage of senior citizen insurance policies in India.
How to choose the best insurance policy for senior citizens in India?
3 mins

As one grows old, health issues become a significant concern in their life. In India, health issues are prevalent among senior citizens. With the increasing healthcare costs, medical treatment expenses can be a significant financial burden on seniors. This is where the importance of having the best health insurance for senior citizens comes in. A health insurance plan is an effective solution to manage medical treatment expenses.

In this article, we will discuss how to choose the best health insurance policy for senior citizens in India. We will also highlight the benefits of having a health insurance policy and the factors to keep in mind when buying a policy.

Benefits of health insurance for senior citizens

A good health insurance policy for senior citizens can provide several benefits. One of the most significant benefits of having a health insurance policy is that it offers financial cover for medical treatment expenses.

With age, the likelihood of developing health problems increases, and the cost of seeking medical help can be prohibitive. A health insurance policy helps provide financial relief and eases the financial burden that comes with medical treatment expenses.

Health insurance policies also offer a range of benefits to senior citizens, which include:

  • Comprehensive coverage: A good health insurance policy for senior citizens should provide comprehensive coverage that includes hospitalisation expenses, diagnostic tests, ambulance charges, and pre-and post-hospitalisation expenses.
  • Cashless treatment: Many health insurance policies offer cashless treatment, which means that senior citizens can receive medical treatment without worrying about paying out of their pockets.
  • Tax benefits: Health insurance policies provide tax benefits to senior citizens. They are eligible for tax deductions under Section 80D of the Income Tax Act.

Factors to keep in mind while buying a senior citizen health insurance Policy

When buying a health insurance policy for senior citizens in India, there are several factors that one must consider:

  • Coverage: A good health insurance policy for senior citizens should provide comprehensive coverage, including in-patient treatment, pre, and post-hospitalisation expenses, ambulance charges, and diagnostic tests.
  • Age limit: Make sure that the health insurance policy has a higher age limit. This is important because it ensures that senior citizens remain covered even when they are older.
  • Easy claim settlement process: Claiming benefits of a policy is the actual test for an insurance provider. Before buying a senior citizen health insurance policy, ensure that the insurance providers offer an easy claim settlement process.
  • Waiting period: Check the waiting period for pre-existing diseases. It is an essential factor when it comes to choosing the best health insurance policy for senior citizens.
  • Co-payment: Some health insurance policies require the policyholder to pay a portion of the medical treatment cost out of their pocket. Ensure that the co-payment amount is affordable and does not cause additional financial strain.

Coverage under senior citizen health insurance policies

Given below are the benefits covered under a health insurance policy for senior citizens:

  • Hospital expenses: Get coverage for doctor’s fees, medicines, and room rent charges.
  • Daycare treatment: Get coverage for ailments that require hospitalisation for less than 24 hours.
  • AYUSH treatment: Many senior citizen policies offer coverage for ayurveda, yoga, unani, siddha, and homoeopathy (AYUSH) treatment.
  • Donor expenses: In case of organ donation, get coverage for the treatment cost of an organ donor.
  • Other medical expenses: Coverage for medical appliances, blood transfusion, operation theatre, pacemaker, and stents.

Senior citizen health insurance plans through Bajaj Finance

You can look for senior citizen health insurance plans offered through Bajaj Finance Insurance Mall. You can follow the steps given below:

Step 1: Choose from the list of health insurance plans available.

Step 2: Click on ‘Get Quote’ and fill in the basic information.

Step 3: Select the policy term and premium amount.

Step 4: Answer a few questions about your health and lifestyle.

Step 5: Verify the details and click on ‘Proceed’.

Step 6: Make the payment using UPI, credit/debit cards, or net banking.

After successful payment, you will receive an intimate about your policy on your registered mobile number and email Id.

Health issues are common among senior citizens, and the increasing cost of healthcare makes medical treatment expenses more difficult to bear. A senior citizen health insurance policy is therefore essential for financial security and peace of mind during medical emergencies.

Frequently asked questions

What is the best health insurance plan for senior citizens?

There is no one-size-fits-all answer to this question since the best insurance plan for senior citizens depends on several factors. Factors like the age of the senior citizen, their medical history, and pre-existing conditions play a significant role in choosing the best insurance plan. Senior citizens should look for plans that offer medical coverage for pre-existing conditions, critical illness, and hospitalisation expenses.

What is the limit for medical insurance for senior citizens?

The limit for medical insurance for senior citizens varies depending on the insurance provider and the policy selected. In India, several insurance providers offer health insurance plans for senior citizens with a maximum coverage limit of up to Rs. 10 lakh. A few insurance providers also offer coverage with a limit of up to Rs. 50 lakh, depending on the specific policy chosen.

Can a 70-year-old get health insurance?

Yes, a 70-year-old can get health insurance coverage. Several insurance providers in India offer health insurance plans specifically designed for senior citizens. However, the premium for such policies may be higher for older people given their higher risk of developing health issues. Some insurance providers may also require senior citizens to undergo medical examinations before granting them a policy.


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