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An Overview of Parents Health Insurance in India

16 Feb 2022 0 COMMENT

Introduction

Your parents have been your support system since birth. They care for you, provide you with a quality education and a comfortable environment. But, as your parents grow old, they tend to become more prone to infections and medical emergencies. They need attention and good medical support. That’s when it becomes essential for you to buy parents’ health insurance plans.

What is health insurance for parents?

A parents’ health insurance policy provides financial coverage to individuals who are parents. It is customized and offers a comprehensive range against medical problems that result from old age and can demand large medical bills.

The sum insured amount of such an insurance policy is high. Moreover, it comes with lucrative benefits like cashless treatment, annual health check-ups, tax exemptions, etc., to meet medical expenses effectively.

Types of health insurance for parents

Before you decide on a health insurance policy for your parents, you must understand the different types of covers you can get your hands on. These insurance policies can cover the treatment expenses for your family, including your parents.

1.  Individual health insurance

As the name suggests, this type of insurance policy provides coverage for the individual insured. It can include your immediate family members, such as your parents.

An individual health insurance plan allows you to enjoy only a constant sum assured. There is no floating sum. As a result, it is a more beneficial policy to have if it includes your parents.

Additional Read: What is Insurance all about?

2.  Family floater health insurance

In this type of insurance policy, the sum assured extends to every member under the policy. The family floater cover is probably not a good idea for your parents. The reason is that when you raise several claims under this cover in a year, you have to manage with the thinned-out sum assured for the insured person making subsequent claims.

Moreover, many other parents’ health insurance plans in India provide better coverage against various illnesses for those above 50 years. Thus, these plans are a better option to pay for the treatment of your parents.

3.  Senior citizen health insurance

It is the right health insurance for parents above 60 years of age. It is designed to tackle all medical requirements of senior citizens, regardless of the disease developed. It is suitable for people falling under this category as it provides significant claim disbursement.

Additionally, it comes with home hospitalization benefits. This type of insurance policy is the perfect choice to pay for the treatment costs for people over 60 years of age.

Additional Read: What is Life Insurance? What are its Coverages?

Summing up

Buying health insurance for parents early gives out better benefits. If the individual purchases a health insurance policy at an older age, the products have restrictions in cover. Most insurers have a mandatory co-payment clause if the age of the individual at the time of entry is older.

An individual buying a health insurance policy before turning 60 will not have to take the burden of a co-payment clause for a lifetime. However, an individual buying the policy at 65 years of age will have to manage co-payment restrictions.

Disclaimer :

ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec acts as a Composite Corporate agent having registration number –CA0113. Please note, Insurance related services are not Exchange traded products and I-Sec is acting as a corporate agent to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of the cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale.