5 Best Health Insurance for Senior Citizens in India with the Lowest Premiums in 2023


7 min read

When buying a health insurance plan for your parents, premium is often a concern. Owing to their increasing age and weak immunity, premium rates are generally higher for most policies. This is why we list here the top 5 senior citizen health insurance with the lowest premiums on offer, which you can buy in 2023.

Buying a health insurance policy for your family is no longer an option but an absolute necessity. And the recent pandemic times have made this need even more urgent. It’s a good idea to secure the health of your loved ones so that you can be financially prepared during uncertain times. Floater insurance policies provide the option of cost coverage for medical care of the entire family – spouse, kids, and dependent parents. You can easily buy health insurance for senior citizens as part of these plans.

With age on the rise, our parents are highly likely to be showing signs of one health condition or the other. Some of these conditions can be simply lifestyle-based while some can be really critical. They therefore require costly treatments as well which can inevitably put a lot of unexpected financial stress on the family. This is where health insurance plans for senior citizens come as a huge relief.

Also Read: Cheapest Health Insurance Plans in India 2023

It’s always a good idea to buy a separate health insurance policy for your parents to adequately get their individual healthcare needs and subsequent costs covered. Agreed, most of these policies come at exorbitant premium rates as well, considering their age and weakened immunity, both of which make them highly vulnerable to contracting diseases.

But the good news is that there is the option of availing senior citizen health insurance in India at reasonably affordable premiums. Let’s look at some of these policies in this blog.

Health Insurance Plans for the Elderly at the Lowest Premium from Top Health Insurance Companies

As a general thumb rule, it is always a good idea not to base your decision of buying senior citizen health insurance on the premium rate alone. This is because sometimes high-premium insurance policies may actually be better since they may offer more cost coverage to the policyholder. Besides, there may be some other benefits involved as well. So always check with your insurer the complete features of any insurance plan before making an informed decision.

That said, it cannot be denied that premium payment is a crucial part of buying any insurance plan, particularly since it needs to be made regularly. Hence, you would need to ensure that the rate of premium on the plan can be easily fitted in your family budget. And in the case of health insurance for senior citizens, this concern deserves even more importance since they’re likely to fall sick more often.

Read More: Best Health Insurance Plans for Senior Citizens in India

5 Best Health Insurance Policies that You Can Consider Buying in 2023 for Senior Citizens

1. National Insurance Varistha Mediclaim

When it comes to buying a senior citizen health insurance, this one is considered to be the one of the most easily affordable ones. The premium is reasonably priced and the cost coverage provided is also sufficient for the elderly. For instance, the plan covers most healthcare costs such as nursing fee, consultation fee of the surgeon, cost of medicines, ICU expenses, cost of using the pacemaker, and the like.

Besides this, the policy also covers domiciliary costs for the elderly, if required. In addition, in case of organ transplants, the expenses incurred by the organ donor are also covered by the insurer. If the policyholder has a pre-existing disease, the insurance company offers coverage at an additional 10% premium rate.

The minimum permissible entry age for the plan is 60 years and the maximum entry age is 80 years.

Know More: National Health Insurance Company

2. Star Health Red Carpet

Star Health insurance for senior citizens is one of the most popular and affordable insurance policies for the elderly in India. In fact, this plan was one of the first launched in the country specifically for senior citizens. The entry limit for the plan is between 65 and 75 years of age. Coverage is provided for a number of health care expenses, including pre- and post-hospitalization costs, in-patient treatment expenses, ambulance service, domiciliary treatment, and many more.

Cashless hospitalization facility is provided at the insurer’s network of hospitals. In addition, policyholders are offered the advantage of coverage for pre-existing ailments from the very first year of the policy. The company also has a credible repute of hassle-free claim settlement.

Know More: Star Health Insurance Company

3. Bajaj Allianz Silver Health

This is one of the great options to choose from for both you and your spouse, allowing you both to age gracefully in your retirement years. The major advantage of this policy is that it provides cost coverage for both the spouse and you, reducing considerable financial stress in your golden years of life.

Besides, the Silver Health plan by Bajaj Allianz is a comprehensive healthcare policy offering considerable flexibility with regard to the sum assured. The entry limit also starts earlier, compared to other health insurance plans for the elderly, at the age of 46 years. The maximum entry limit is 70 years.

This plan does provide coverage for pre-existing health conditions for the elderly; however, only from the second year. Besides, there is a 5% family discount on offer, meaning that the policy can be purchased for both you and your spouse. In addition, since it is a spouse plan, there is the benefit of waiver of copayment as well, in the case of death of the primary policyholder. However, this benefit can be availed upon payment of a slightly higher premium.

Know Read: Bajaj Allianz Health Insurance Company

4. Oriental Insurance Hope

This health insurance for senior citizens above 60 years is designed specifically to cater to the healthcare needs of the elderly. The coverage is higher when compared to similar plans, including specific critical illnesses as well. The health insurance claim settlement ratio of the company is quite credible in the market, which makes it among the popular choices at the time of purchase.

Along with covering healthcare costs such as domiciliary treatment expense, cost of availing ambulance service, and hospitalization care, a couple of other costs are also covered as part of the plan. These include the cost of taking diagnostic tests, using the OT, and expenses incurred on surgical instruments, oxygen, blood bank, and anesthesia.

The plan also provides for costs involved in purchasing medicines as part of the treatment and other prosthetic devices such as pacemaker and artificial limbs. In case the policyholder volunteers for co-payment, the insurance company allows the benefit of discount on the premium payable.

Also Read: Top Health Insurance Companies in India

5. New India Assurance Health Insurance

One of the key benefits of availing this plan is that the patient is covered not just for pre and post hospitalization costs but also against alternate lines of treatment. These include homeopathy, Ayurveda, Unani, and the like. Besides this, coverage for lifestyle conditions such as hypertension and diabetes is also provided upon payment of an extra 10% premium.

Note that the coverage provided for alternate treatment options may be limited under the plan. It may be a good idea to check with your insurer individually before going for the treatment. The policy also offers a total sum assured of up to Rs. 1.5 lac, which can be chosen by the policyholder as per their preference of coverage.

Know More: New India Assurance Health Insurance

Popular Health Insurance Companies 2023

Summing Up

With skyrocketing healthcare prices every year, it only makes sense to look for the most affordable health insurance. And when it comes to buying one for the elderly, the plans with the lowest premiums on offer are obviously more favorable to ensure a hassle-free hospital experience in times of emergency. Look for the best health insurance for senior citizens near you and secure the future of your parents.

Also Read: Best Health Insurance Company in India as Per Claim Settlement November 2023

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Sep 16, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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