I am 66 years old. It is quite confusing to choose a health insurance policy from the different types of policies mentioned. Are the critical illness, treatment in hospital due to accident etc not covered in a comprehensive insurance scheme? If so, why do we have to pay extra for them?
I would appreciate if you could suggest a couple of schemes/insurance for our health insurance at this age.
- Firdousi Wadia
A basic health insurance policy does cover the treatment of critical illnesses and hospitalization due to accident, as per conditions stated in the policy document. But the cover is usually limited to the sum assured. Therefore insurance companies offer additional riders simply to offer a higher cover to the policyholder in case of a big claim. A basic policy would provide for expenses on treatment of critical illness up to the sum insured. But if the policyholder has bought a rider too, he will receive an extra lump sum in case of critical illness. In case of personal accident policies, you can buy additional cover for supplementary expenses such as modification of home or vehicle and education fund for children. An accident or chronic illness may sometimes require huge expenditure on treatment. Riders and special policies simply aim at easing the impact of huge medical bills on policyholder's pocket should an emergency arise.
Anyone who has a family history of critical illness must go for a separate critical illness policy. Similarly, those holding jobs more prone to accidental injuries or those who have to travel on a frequent basis, must go in for additional accident cover. Insurance policies must be bought on the basis of your needs. Evaluate your risk based on your daily routine and the medical history of your family.
ICICI Lombard Complete Health Insurance and Bajaj Allianz Silver Health are suitable policies at your age. At this age, you cannot expect a perfect policy. Insurers might apply some additional conditions and limits in your policy based on your health record. Premiums for a ₹5 lakh cover at your age for a healthy individual are as below:
| Policy | Premiums (₹) |
| Bajaj Allianz Silver Health | 29039 |
| ICICI Lombard Complete Health Insurance | 33550 |
| Premiums are exclusive of service tax | |
This article was originally published on January 13, 2015.
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