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Insurers to launch health insurance plans for senior citizens

Health insurance is all the more important for senior citizens for the simple reason that as the person ages his proximity to diseases and other critical illness increases

August 30, 2012 4:51 IST | India Infoline News Service
With the growing number of nuclear families in India, a huge number of elderly people are left without proper medical support. The Indian health insurance market for senior citizens has grown and there are many companies that offer policies. Some non-life insurers—which offer insurance policies for elderly people—include Bajaj Allianz General, National Insurance, Oriental Insurance, Star Health, New India Assurance and United India.

Health insurance is all the more important for senior citizens for the simple reason that as the person ages his proximity to diseases and other critical illness increases. With lack of monetary resources on offer, (in case a retired individual or is surviving on pension) a medical emergency can result in severe financial crisis unless covered under a comprehensive medical insurance policy. 

According to media reports, many other non-life insurers are considering to launch health insurance plans to tap this segment. ICICI Lombard General is planning to launch specialised senior citizen health insurance plan soon. No other details about the product have been provided by the company.

Bajaj Allianz General Insurance is also examining this segment, the reports added. However, it is important that right products at appropriate prices need to be introduced for senior citizens.

According to insurers, these insurance policies will be for senior citizens (above 60-65 years) who are planning to buy a new health insurance plan. The maximum entry age for an individual to buy a health insurance plan is usually limited to 60 or 65 years, while in case of senior citizen plans, one can buy a cover even if he is over 65 years.

Insurers consider the senior citizen segment as a risky business because the number of claims is mostly high. The premiums of available health plans for senior citizens are high. Some insurers may also increase the premium on policy renewal if there has been any claim during the year.


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