Life insurance: Life insurance will provide insurance cover for the parents till the end of their life or till the maturity of the policy.
Health insurance: Health insurance will provide for the cost of medical treatment and hospitalisation of your parents if they suffer from serious illnesses such as heart attack, cancer, paralysis, etc. or meet up with an accident and suffer physical injury
Senior Citizens Policy: This policy is one of the best designed insurance policies for senior citizens. This policy covers pre-existing illnesses with shorter waiting period of one to two years. However, co-payment clause is one of the disadvantage of this policy. Under this clause, insurer may agree to pay only 50% of the bill amount, so the remaining 50% amount will have to be paid by you.