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Insurance for very old people

Buying the right insurance plan at a later stage of life is a tedious task. With the variety plans available in the market, zero-in on the ideal plan that suits the age-based need is a challenging one. Let’s take a look at health insurance and life insurance plans for senior citizens with some of the best plans available in the market.
Health Insurance
It’s quite difficult to get the health insurance policies at the older age. Chances of falling ill increases with the growing age and results in higher medical costs. Buying a right health plan for your old age parents requires lot of research. Compare premium rates; see if the premium is in your budget for the cover that you are looking for. Concentrate more on lifelong renewability and adequacy of coverage offered by the plan rather than concentrating on capping on different benefits. Keep in mind, at this risky age, every special benefit comes with the limit. Check the clause for coverage of pre-existing illness. Normally, the cover comes with waiting period which varies from insurer to insurer. Give more preference to plan with lesser waiting period. Ensure to check for list of network hospitals to avail cashless facility as claims process will be smoother and hassle-free. It’s difficult to get the ideal and perfect product with all the benefits and no limits. However, with the little more research and comparison you can get the best cover possible as per the medical history of your older parents. Some of the insurers offer plans exclusively designed for senior citizens. Here are few popular plans for the older age group people.
               
PlanEntry Age (Min to Max) In years Renewal Age Sum assured (Min-Max) Co-pay Cause Cover for Pre-existing illness and day care procedures Sublimit for critical illness Pre-medical test Premium (for 65 yr old with 2 lac coverage)
Star Health Red Carpet 60 - 75 lifelong 1 lakh-10 lakhs 50% for pre-existing diseases, 30% for all other claims covered after 1st year Yes Not required 9724
Bajaj Allianz Silver Health Plan 46 - 70 lifelong 50000- 5 lakhs 20% for non-network hospital treatments covered after 1st year, Joint replacement surgery will have 4 year waiting period No Required 11203
National Insurance Varistha Mediclaim 60-80 90 years 1- 2 lakh 20% for pre-existing disease, 10% for all claims and can be reduced by paying more premium covered after 1st year Not required if policyholder was covered in any other health insurance for preceding 3 years Not required 11188
Max Bupa HeartBeat Silver NA lifelong 2- 3 lakh at a reducing % covered after 2nd year no Required 19520
Life Insurance
Well, buying a life insurance in the older age will be expensive. It’s prudent to buy insurance at that age if you have financially dependent children or if you have unpaid debts. It also makes sense if you do not have a steady retirement income and you can be financially stable by insuring. Let’s explore some of the plans!
               
Plan Entry Age (min-max) Policy Term Premium payment term Sum Assured Key Features
IDBI's Federal Termsurance Senior Citizen 50 - 85 Whole life 90 years 2338- 5 lakhs It's a unique plan which comes at very much affordable price with no medicals and guaranteed acceptance. Policy can be continued till death as its unlimited term plan. There is no maturity benefit in this plan.
AEGON Religare iTerm Insurance Plan 18- 65 years 5 - 62 years single/ equal to policy term 25 lakhs - unlimited Coverage till the age of 80 years. Inbuilt terminal illness benefit. Offers several optional riders like critical illness and accidental death to enhance the cover
ICICI Iprotect Smart 18-65 years 5-40 years equal to policy term Subjected to minimum premium Pure online term plan. Premium is relatively higher. But policy comes with many unique features like inbuilt accidental benefit and critical illness rider.
Conclusion
On a closing note, it’s never too late to get insured. Though there are various plans available in the market for different age groups, getting comprehensive plan would be difficult for older age people. Rate of insurance also various from insurer to insurer depending on health and other age related risk. Hence, make a careful and smart buying decision by choosing the best possible plan that comes in your budget for the worry-free life ahead.
IDEAL INSURANCE BROKERS PVT LTD
23, Townshend Road
Kolkata - 700025.
Principal Officer: Rahul Agarwal
+91 9830882728
rahul@idealinsurance.in
Category Of Broker: Direct Broker
Date Of License: 24/08/2005
CIN: U 65929 WB2005PTC 101118
IRDA LICENSE NO : 310 (VALID UPTO 24TH AUG, 2017)
121Policy.com is an online ventre of Ideal Insurance Brokers Pvt. Ltd, one of the leading insurance brokers of India. We are a eleven year young Insurance Broking company dealing in health insurance, motor insurance, fire insurance, travel insurance, Life Insurance and a whole lot of other insurance products. We work with the leading insurance companies like ICICI Lombard, Bajaj Allianz, Tata AIG, Religare, Bharti AXA, Apollo Munich Health Insurance to name a few. We understand the role of Health Insurance in any developing country. We deal in health insurance for people of all ages. We provide insurance for elderly also. Ideal Insurance is best known for the hassle free policy purchase and friendly assistance in claim processing. We help our customers with the best Claim settlement process in time of Insurance claim and ensure a hassle free experience. We have some leading corporates in India who trust us for their asset insurance.
© COPYRIGHT 2017 IDEAL INSURANCE BROKERS PVT. LTD. ALL RIGHTS RESERVED.
INSURANCE IS THE SUBJECT OF SOLICITATION.
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