I would like to avail health insurance policies for my parents. My father's age is 65 and my mother's age is 55. Please suggest which policy would be the best for them. I had a word with Star Health. They advised me to buy the policies online as it doesn't require any pre-medical tests. But, if we choose the policy online, will there be a problem at the time of settling claims? Kindly advice.
- Rishi Chilarapu
You are already late in purchasing health insurance for your parents. At this age few points which require due consideration before going for a particular policy are as follows:
- Look for lifelong coverage.
- Do not refrain from getting pre-policy medical check-up done as then the insurer will not have much justification for rejecting any claims. In other cases where the insurer does not conduct pre-policy medical check up, the onus will be on you to get the claim honored.
- Avoid policies with sub-limits. However, it might sometimes become impossible for senior citizen to escape co-payment clause where policyholder will be required to bear some stated percentage of medical expenses in case of availing medical services.
- You cannot escape exclusions at this age. There is no perfect policy for senior citizens but you need to find the policy best suited to you.
ICICI Lombard Complete Health Insurance and Apollo Munich Optima Restore are good plans for your parents at this age. These plans score on policy features, pricing and claims settlement at this age. Both policies offer lifelong renewals and are available online. There is no issue in buying policy online and it will make no difference at the time of your claim.
a href="https://www.valueresearchonline.com/insurance/PolicyDetails.asp?id=199" >ICICI Lombard Complete Health Insurance is an online health insurance policy that endows its policyholders with a customized protection by making available different add-ons that can be attached to the plan as per policyholder's choice.
Apollo Munich Optima Restore is an Auto Sum Restoration Plan which aims at providing uninterrupted and ample insurance coverage. It is unique in two ways. One, it restores the sum insured if the cover gets depleted during a policy year. Another is that it doubles the basic sum insured if no claims were made during two consecutive policy years.
You may find more details of these policies on our website under 'Insurance' head or visit insurer's websites for more details. Following are the premiums on a 10 lakh cover under both policies at your parent's age.
These premiums are for a healthy male. The insurer might increase the premiums depending on health and lifestyle of your parents.