top 5 health insurance companies in india for senior citizens

Health insurance plays a crucial role in the lives of Indians with the skyrocketing healthcare costs and the unpredictability of medical emergencies. Health insurance ensures that individuals and families are financially prepared to handle medical emergencies without depleting their savings.

The health insurance market in India is experiencing significant growth, with the country being recognised as the fastest-growing health insurance market globally.

The sector is expected to expand at an average rate of 9% per annum, showcasing a substantial increase in demand and offerings. Health insurance has emerged as a major growth driver, reporting a remarkable 26.3% growth in FY22 and holding a significant market share within the non-life insurance segment. 

In this blog, we help readers choose the best health insurance company in India in 2024, by highlighting the top 10 providers in India, with key metrics for each.  

Here are the top 5 health insurance companies in India that offer specialized plans for senior citizens, providing comprehensive coverage for medical expenses, hospitalization, and critical illnesses:

1. Star Health and Allied Insurance

• Popular Plan: Senior Citizens Red Carpet Health Insurance Policy
• Key Features:
  • Available for individuals aged 60 to 75 years without a pre-medical screening.
  • Coverage for pre-existing diseases after 12 months of policy issuance.
  • Wide network of hospitals and cashless treatments.
  • Offers lifelong renewability and coverage up to ₹25 lakhs.
• Why it’s great: Star Health’s Red Carpet plan is specifically designed for senior citizens, ensuring comprehensive coverage without a medical examination, making it highly accessible.

2. New India Assurance

• Popular Plan: New India Senior Citizen Mediclaim Policy
• Key Features:
  • Coverage for individuals aged between 60 and 80 years, with renewability up to 90 years.
  • Includes pre-existing disease coverage after 18 months.
  • Offers coverage for hospitalization, day-care treatments, and critical illnesses.
  • Optional add-ons for cataracts and pre-hospitalization expenses.
• Why it’s great: New India Assurance’s policy has a strong focus on senior citizens, with the flexibility of renewability up to 90 years, offering excellent support for ongoing healthcare needs.

3. Religare Health Insurance (Now Care Health Insurance)

• Popular Plan: Care for Senior Citizens
• Key Features:
  • Available for people above 60 years of age, with no upper limit on entry age.
  • Coverage for pre-existing diseases after 24 months.
  • Includes annual health check-ups and domiciliary hospitalization.
  • Features a “no claim bonus” for claim-free years.
• Why it’s great: Care Health Insurance’s plan provides high coverage limits and bonuses for staying healthy, rewarding customers with enhanced benefits over time.

4. Bajaj Allianz General Insurance

• Popular Plan: Bajaj Allianz Silver Health Plan
• Key Features:
  • Designed for senior citizens aged 46 to 70 years.
  • Offers a 5% discount on renewal for claim-free years.
  • Covers pre-existing conditions after 1 year.
  • Includes ambulance charges and cashless facility across network hospitals.
• Why it’s great: Bajaj Allianz’s Silver Health Plan is recognized for offering comprehensive coverage and low waiting periods for pre-existing conditions, making it highly attractive to senior citizens.

5. National Insurance Company

• Popular Plan: Varistha Mediclaim Policy for Senior Citizens
• Key Features:
  • Available for individuals aged 60 to 80, with renewability options.
  • Coverage for pre-existing conditions related to diabetes and hypertension after one year, with extra premium.
  • Covers domiciliary hospitalization and critical illnesses.
  • Includes cashless treatments and pre-existing disease coverage.
• Why it’s great: National Insurance’s plan is ideal for seniors with existing health concerns, offering coverage for diabetes and hypertension at an additional cost.

Conclusion

When choosing a health insurance plan for senior citizens, it is crucial to consider factors such as coverage for pre-existing diseases, network hospitals, cashless treatment options, and the age limit for entry and renewability. The above companies provide some of the best health insurance plans tailored to the specific needs of senior citizens, ensuring they get the care and support they need as they age.