The share of medical health insurance insurance policies purchased by the senior citizen class within the age-group of 60-80 years stood at 15 p.c, between April 2020 and December 2020, in line with a report by PolicyBazaar- an insurance coverage market. Then again, the share for the youthful lot within the age bracket of 18-40 years between the identical interval was discovered to be 45 p.c, the report stated.
On common, the share of well being insurance policies purchased by youngsters for his or her mother and father was solely 12.2 p.c for a similar interval. The well being cowl of Rs 5 lakh was purchased by most with a share of 41 p.c, whereas the second most most well-liked alternative was the Rs 5-10 lakh cowl with a share of 24 p.c, adopted by Rs 10-20 lakh and Rs 20 lakh to 1 crore with 9 p.c and 14 p.c respectively, the report talked about.
This clearly exhibits, the report stated, that the penetration degree and consciousness of medical health insurance for senior residents is extraordinarily low and is a matter of big concern in India.
In keeping with Amit Chhabra, Head – Medical insurance, Policybazaar, having medical health insurance at an aged age is crucial due to the excessive medical prices and excessive morbidity fee.
“Senior residents, sadly, are nonetheless very under-insured in India which places them at grave monetary threat sooner or later. Senior residents have to be adequately lined (not less than Rs 10 lakh per individual sum insured) and ideally should purchase complete plans with no limitations like co-pay or sub-limits. Nevertheless, if a less expensive choice is required, then they might take a look at senior citizen particular plans which include some limitations like co-pay. A very powerful half is that every one retail plans include lifelong renewability, which is able to present lifelong protection to seniors,” Chhabra stated.
There are numerous choices obtainable for a senior citizen, in line with Policybazaar, reminiscent of Care – Care Senior & NCB Tremendous Premium, Star Well being – Senior Citizen Pink Carpet, ABHI – Activ Care Normal, MAX Bupa-Well being Companion, amongst others.
As folks develop outdated, the record of illnesses will increase, and the possibilities of repeated hospitalisation are fairly excessive. To cater to this downside, it’s suggested to purchase a separate well being Insurance coverage coverage for senior citizen mother and father.
Nevertheless, there are some things like pre and post-hospitalization, day-care therapy and PED protection that one ought to take into account earlier than shopping for a coverage.
For senior residents, the premium of the coverage is totally on a higher-end because the premiums improve with age and medical circumstances. So, prospects ought to evaluate the insurance policies earlier than shopping for and whereas evaluating they need to not search for decrease premiums, however quite a coverage that gives most advantages and complete protection, Policybazaar instructed.