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As per recent reports, nearly 7.5% of India’s population is presently aged 60 years and above. Less than 1% of these would be covered under any kind of health insurance plan. Being estimated that India will soon become home to the second largest number of senior citizens in the world, these numbers show a worrying picture, despite most General insurers offering specific plans for the elderly.
Bajaj Allianz General Insurance offers an exclusive health insurance plan for senior citizens called Silver Health. This plan caters exclusively to elderly in the age group of 46 years to 70 years and offers cashless benefit or reimbursement for hospitalization expenses due to illness or accident.
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance says, “As one ages, the need for medical care becomes inevitable. With the cost of healthcare increasing manifold, medical expenses become a burden on the elders; at times leaving them no other option but to pay out of their savings or depend upon their children’s earnings to fund their healthcare. This is the thought that led us to introduce age segmentation for the elders. Despite being one of the first players in the industry to offer such a plan, we have seen a tepid response. This can be attributed to the lack of awareness and attention given to health insurance for senior citizens, while ironically, this is the time when it is needed the most. We are in the process of revamping some of the features of this plan to make it more attractive for senior citizens.”
Added Singhel, “Having said that health insurance is crucial for senior citizens, it is equally important to start with a health insurance plan at a younger age. This would not only ensure you make best use of lower premiums, but a continuity of coverage is also beneficial.”
Bajaj Allianz General Insurance has settled 1,388 claims in FY 2011-12 worth Rs. 4.84 crores towards senior citizens through its Silver Health plan, in comparison to 1,168 claims in 2010-11 worth Rs. 3.58 crores.
India Infoline Research Team / 14:59, May 20, 2015
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