Did you miss the boat of taking insurance cover at younger age or are you stuck with low sum insured? Your existing insurer may not allow increase in sum insured after certain age or based on your medical conditions. One of my relatives, who is nearing age 70 has insurance cover of Rs1 lakh and is now searching for another mediclaim policy for additional cover. Many regular mediclaim products do not allow entry in the product for senior citizens. There are specific senior citizen mediclaim products in the market. Many group covers for employees have started cutting back on giving cover for parents and hence there is added relevance to understand senior citizen mediclaim product. 

 

It is not an easy job for the layman to decipher the options. Apollo Munich is a new entrant in this space with a competitive Optima Senior product. Other options are National Insurance’s Varishtha, Bajaj Allianz Silver Health and Star Health Red Carpet. One can also consider Max Bupa Heartbeat and ICICI Lombard Complete, even though they are not senior citizen specific products. 

 

Know more on how you can get insured as a senior citizen and how to avoid pitfalls you are bound to encouter on your way. Join the Moneylife Smart Savers community. Fill up the form on the top right of the page if you haven’t. And don’t forget to share through the social media such as Facebook.