Senior Citizen Policy- your gift to your Parents
No matter how old you become, whether you are a parent yourself
, you still have your mother exclaiming - you are getting thin; you should take care of your health, not skip meals! Phew, you are always at the receiving end of their concerns and worries.
Parents! They spend their entire life looking after us, providing everything to the best of their abilities. Now, you would like to take some of the responsibilities and maybe take a single baby step in return.
Start by getting them a Health Insurance Policy.
Why? As we age there are greater chances of suffering from illnesses. The body is feeble and is infected with diseases faster.
The income after retirement proves insufficient to even cover some of the common diseases today.
Even with you working and earning there will difficulties getting cash together when an emergency arises.
Even if they are covered in your company insurance, buying a separate policy is a good idea as they get a continued coverage irrespective of the policy changes in your company or change in your job.
The Health Insurance that you buy for them won't be hard on your pockets you would get a tax break undersection 80D for up to Rs. 20,000.
With the health Insurance in place, they would feel more secure and assured that you wouldn't be over burdened with expenses.
Now, How:
Contact your
Insurance agent or your broker; ask them for a senior citizen policy. Compare different policies and select the one that is best for them in terms for age band and Pre-Existing coverage.
Most Insurance companies require a medical test for Senior citizens. The diseases that are detected in this stage will be excluded in the policy.
What to look out for:
Exclusions: Check for Important Exclusions if any in the policy wordings - Call for Policy Wordings of your shortlisted product.
Appropriate Cover amount: Make sure that you consider the rising medical expenses when you select the cover. A cover of at least 1.5 lakh is a must.
Service: Look whether the Insurance Company has a good record of claims settlement since they will need immediate attention.
Capping: There are some companies which have a 2% capping, i.e. limit on expenses, on the room rent. Room Rent above this would have to be paid by you.
Renewable Age: Check Maximum Renewal Ceasing Age, most Companies stop renewals from 70 to 75. To Know more about
Senior Citizen Policy- your gift to your Parents Senior Citizen Policy- your gift to your Parents
By: Niyatijs
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