What does it do?
A special policy meant to serve health insurance needs of elderly persons who are usually not allowed to enter general health insurance policies at that age. It covers expenses related to inpatient care including diagnostic procedures, medical consumables, boarding expenses and nursing care. Pre and post hospitalisation are covered with a ceiling on the benefits. Certain treatments that do not require a 24-hour stay in hospital such as radiotherapy and chemotherapy are covered under day care procedures. Besides these, health check up at the end of four continuous claim-free years and emergency ambulance are provided. The total coverage during lifetime of the policy however is capped up to three times the initial sum insured bought which means it will not cover any expenses beyond that limit anytime during lifetime of the policyholder.
Pros
Family discount of 5 per cent is available.
A bonus of 5 per cent on each claim-free year is available.
Premium paid towards this policy is eligible for tax benefit under section 80D of Income Tax Act.
Cons
Co-payment clause of 20 per cent in case treatment taken in non-network hospital is applicable.
There is a ceiling on pre and post hospitalisation benefits.
It does not allow policy renewal for lifetime.
