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Senior Citizens Insurance Policy



Unfortunately, senior citizens are not entertained up to what they expect from insurance agents . There are a lot of complex in choosing or buying a new insurance policy or changing a current one so doing so should not be something a senior citizen should take lightly. So, be sure is an insurance agent wants to show you their latest insurance marketing seminar? Before you look into purchasing a new or replacement insurance policy,

There are some general guidelines you should know before you meet:

Get All Insurance offers in Writing
Feel free in choosing policy rather than in Pressure
Before Signing a policy Understand policy offer Later
Ask for Full Disclosures

Health care costs are getting higher and higher day by day. As the age of a person increases the health care costs increase manifold and become a burden on himself. Senior citizens have to pay out of their hard earned savings to meet medical expenses. There are so many Health Plan for senior citizens to protect them and their spouse in case of expensive medical care. The Insured will get cashless benefit or medical reimbursement for expenses due to illness or accidents.

Retirement is a very crucial phase in one's life. It can be enjoyable for some while unsettling for the others. plan for your retirement with Retirement Plans in Life insurance. Normally people tend to postpone taking decisions for retirement planning either because it appears too far or there are too many other financial decisions to make. You certainly don't want to face a situation where you realize that you have not saved for your retirement. To avoid any such unpleasant situations, it is better you start early and grow steadily.

Oriental Insurance Company: Oriental Insurance Company provides a Comprehensive Health Insurance Scheme , a Group Insurance Policy and an Individual Mediclaim Policy These policies pay for hospitalisation or domiciliary hospitalisation of the insured in case of a sudden illness, an accident or surgery. These conditions should have arisen during the policy period.

New India Assurance Company: The Mediclaim Policy available through New India Assurance Company available through New India Assurance Company allows any Indian between 5-80 years to be insured as on March 31, 2007. This policy provides for cashless hospitalization in India for the treatment of any illness, disease or accidental injury suffered during the policy period. The payment of claims is made through third party administrators who have been empanelled by the company.

United India Insurance Company: United India Insurance Company offers a Mediclaim Policy that covers anyone between the ages of 5-75 years. The policy pays for actual hospitalization expenses of various types subject to a maximum of Rs. 15,000 - Rs. 5,00,000, as on March 31, 2007. This limit depends upon the sum chosen by the insured at the inception of the policy.

LIC offers Pension Plans - Jeevan Akshay VI: LIC offers Pension Plans - Jeevan Akshay VI It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Options are available for mode of payment of annuities. LIC came out with a special Nav Prabhat scheme in 2001 for senior citizens: LIC came out with a special Nav Prabhat scheme in 2001 for senior citizens. It provides for risk cover at a comparatively low cost and relief for disability arising due to accident or illness. It also has an option for life pension after maturity of the policy

Senior Citizens Red Carpet: Star Health & Allied Insurance Company Limited is a joint venture between Oman insurance company and a number of insurance veterans from India. Senior Citizens Red Carpet is a health insurance specially designed for senior citizens who belong to the age group of 60-69 years. The coverage of the policy extends from ICU expenses, Nursing expenses, Fees for Doctor / Surgeon / Consultant / Cost of Blood, Oxygen, Pacemaker, Cost of Drugs and Diagnostic tests, Treatments for Cardiovascular Diseases / Cerebrovascular Accident / Cancer and Breakage of Bones, Cataract, Renal Complications to Ambulance Charges. This policy is renewable till the person lives however the pre hospitalization charges are not included in the Senior Citizens Red Carpet policy.

VARISTHA Mediclaim for Senior Citizens: The policy has been introduced by the National Insurance Company specially meant to cater to the senior section of our society, the age limit for entry being 60 - 80 years. VARISTHA Mediclaim for Senior Citizens policy covers Hospitalization and Domiciliary Hospitalization expenses under Section I as well as expenses for treatment of Critical illnesses. The diseases covered under critical illness's are Coronary Artery Surgery Cancer Stroke Multiple Sclerosis Organ transplants, paralysis and blindness. The key features of this policy are that the sum assured under Hospitalization and Domiciliary Hospitalization is ` 1,00,000 and under Critical Illness is ` 2,00,000. Ambulance charges would be reimbursed to a maximum of ` 1,000 and the company would not provide any excess amount other than the assured sum as mentioned in the schedule. However there are a separate set of premiums needed to be paid by the different age groups of senior citizens for Mediclaim they fall under 60 - 65 ` 4180, 66 - 70 ` 5196, 71 - 75 ` 5568, 76 - 80 ` 6890 and for Critical Illness they would ` 2007, 2130, 2200 and 2288 respectively under the same age groups.

Mediclaim for senior citizens: Mediclaim for senior citizens is a product of The New India Insurance Co. Ltd. The important salient features of this policy are as follows; to enter this policy a person should be between the age of 60 - 80, a 5% bonus is allowed in case of renewal of the policy, 10% family discount is allowed if both husband and wife are covered under this policy. The key benefits of this policy are the pre and post hospitalization expenses up to 30 and 60 days are covered under this policy and hospitalization expenses incurred for the treatment of illnesses and injuries obviously not exceeding the amount mentioned in the schedule are also covered by the Mediclaim for senior citizens policy . The premiums are paid under specified age groups which are as follows: for the sum of ` 1,00,000 it would be 60 - 65 years ` 3850, 66 - 70 ` 4250, 71 - 75 ` 4700, 76 - 80 ` 5150 and for the sum of ` 2,00,000 it would be 60 - 65 ` 5720 , 66 - 70 ` 6310, 71 - 75 ` 6980, 76 - 80 ` 7650 respectively.

Senior Citizen Specified Diseases Insurance: Senior Citizen Specified Diseases is a product of the Oriental Insurance Co Ltd specially designed for the citizens aged 60 years and above covering only certain specific diseases. The policy is assured for the sum of ` 1,00,000 to ` 5,00,000 respectively . The policy holder has to make a co payment of 20% on admissible claim amount. Incase of an accident there is 100% coverage and in the case of diseases like cancer and cardio vascular diseases the coverage is 50% of the sum assured.