Buying a Mediclaim Policy for our old parents or parents in law is a tricky affair in India.
There are limited insurance coverage options available in the market for the aged population in India and unlimited restrictions on coverage. Some companies have a quality coverage, but stringent pre proposal medical checks - some provide a policy without health checks but with large restrictions right-left-centre.
Medical Costs are soaring high [Cost of a normal Angioplasty costs Rs. 2 Lakhs], and everyone wants to provide their daddy and mummy the best healthcare they can get.
So how does one choose a coverage for our parents, as most of us haven't saved large money to take care of any such emergencies? Read on.
THE OPTIONS:
Lets zero on what options do we have in the market first:So first lets shortlist which plans actually fit. For e.g. you are father is 62, Apollo DKV is not an option you can go for.
| Company and Product |
Minimum Age at Entry permitted |
Maximum Age at Entry permitted |
| Bajaj Silver Health |
46 years |
70 years |
| National Varishtha Bima Yojana |
60 years |
70 years |
| Star Medi Classic |
5 years |
75 years |
| Star Red Carpet |
60 years |
69 years |
Now lets explain the main features of each product in comparison to the other [Cells Marked Red are negatives and Blue are positives]
|
|
Bajaj SilverAge 55 yrs. onwards |
National VarishthaAge 60 yrs. and above |
Star Red CarpetAge 60 to 69 yrs. |
Star Medi ClassicAge 2 to 80 yrs. |
| Special Feature |
No Major Sub-Limits in this policy |
BP and Diabetes Patients can be covered from inception with a loading of 10%. |
No Medical Test Instant IssuanceFor Age 60-69 |
Lowest CostWide SI Options |
| |
|
|
|
|
| Maximum Entry Age |
70 Years |
70 Years |
69 Years |
75 Years |
| Maximum Exit Age |
75 Years |
90 Years |
Life Long |
80 Years |
| Pre-existing Covered after |
1st Year for 50% of Sum Assured |
1st Claim Free Year |
2nd Year with 50% Co-payment |
4 years |
| Co-Payment |
No |
10% on all claims.20% on all claims on pre-existing. |
30% on all Claims50% on Pre-existing from year 2 |
61 to 65 Years – 20%66 to 70 Years – 30%71 to 80 Years – 40% |
| Non Network Hospital Treatment rules |
20% Co-Payment |
Can be carried out |
Can be carried out |
Can be carried out |
| Room Rent Limit per day |
No Room Rent Limit |
1% of Sum Assured |
1% of Sum Assured |
2% of Sum Assured upto Rs. 4000 |
| Cataract Limit |
No Limit |
Rs. 10000 |
Rs. 15000 |
Rs. 12000 |
| Sub-Limits for the highest Sum Insured |
Lifetime Indemnity Limit of 3 times the Coverage |
Benign Prostrate: Rs. 20000 |
Heart : Rs. 150000Bones : Rs. 150000Renal: Rs. 150000Major Surgeries: Rs. 120000 |
61 to 65 Years – · CVD restricted to 50% of SI66 to 70 Years –· CVD and CVA restricted to 50% of SI· Breakage of bones71 to 80 Years –· CVD· CVA· Breakage of bones· Lung Diseases / Infections |
| Special Exclusions |
Joint Replacement Surgery Excluded for 4 Years |
|
|
|
| Family Discount |
5% |
NIL |
NIL |
NIL |
| Medical Tests Required |
General Medical Exam, Fasting Blood Sugar, Urine exam for Albumin / Sugar, ECG & Cardiac Evaluation Report |
Blood/Urine Sugar, Blood Pressure, Echo-cardiography and eye check up including radioscopy. |
NO MEDICAL TESTS |
General Medical Exam, Fasting Blood Sugar, Urine exam for Albumin / Sugar, ECG & Cardiac Report |
| How easy it is to get this policy |
Very stringent Medical Tests Screening. Close to 60% of proposals we have submitted have been rejected |
Policy issuance is not a problem, but the coverage offered is too low. |
No Issues. |
No Issues. Policies are issued with ample restrictions |
| Premium for Age 65Rs. 1 Lakh Cover |
Rs. 8056 |
Rs. 5166 |
Rs. 5000 |
Rs. 3372 |
From the above it is clear that the approach to buy an Insurance should be as follows:
1. If parents are healthy and in 60s then 2 policies Bajaj Silver and National Insurance should be taken. If there is a budget constraint, then buy only Bajaj Silver. Now, If Bajaj Silver Health Proposal is rejected then,
2. If parents having BP, Diabetes etc. or any negative medical history and are in 60s then they should go for Star Health Red Carpet.
3. If parents are having BP, Diabetes etc. or any negative medical history and are in 70s then they should try to go for National Varishtha Bima.
4. If a low cost cover is being seeked for your parents then Star Medi Classic would be the option.
HOW TO BUY
You can buy by clicking on the following link: https://www.insurancemall.in/Forms/frm_G_Search_Page.aspx?qsInsr=L&qsInsrTypId=IT0015
REMEMBER: FAMILY POLICIES LIKE HUSBAND + WIFE ARE AVAILABLE ONLY TILL AGE 60. So if any of your parents are aged above 60, then you will have to go for INDIVIDUAL covers.
In the link above select - Individual and remove 2 different quotes. The best way to buy is any of these policies from anywhere across the globe is now extremely convenient.
Medical Checks:In most of the cases the Medical Check is carried out at the cost of the insured. In case of Bajaj, if the proposal is accepted, they refund the costs incurred.In case of Star, they either bear the costs or refund the costs incurred - if tests are done personally.
Tax Breaks:Yes, Premium paid upto Rs. 20000 for Senior Citizens is now allowed as deductible from your gross income, saving you upto Rs. 6000+The son/daughter can become the proposer and claim this. This is irrespective of whether your parents are dependants or not. So go ahead gift your parents the most suitable Health/Medical Policy and breath easy. You have finally ensured quality healthcare for your parents.
If you have any questions/queries - just drop an email to us at inquiries@insurancemall.in with complete details of
Date of Birth
Health Condition and History
Coverage Required
Whether Medical Check up is convenient?
and we will come back with our quote and easy procedure to buy the policy.
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