Taking health insurance is considered the first step in financial planning, because it covers many risks that can ruin the entire financial health of any person. Nowadays, taking insurance has become very easy and you can buy the policy online or offline as per your budget. However, the problem arises when a person tries to take a policy for his parents or a senior citizen for himself. Many people complain that the policy options for senior citizens are very less or the premium and time taken for it are high.
What is the expert’s opinion?
Praveen Chaudhary, head of Policy Bazaar, said in a conversation with CNBC TV 18 that it is not that there are no policy options for senior citizens. There are many companies which are offering policies to senior citizens or you can port your policy here.
However, he said that companies emphasize on such policies which do not require much calculation while issuing them and generally at a young age the policy gets offered quickly and at a low premium. But apart from this, companies also offer products for senior citizens. According to him, companies take some time to complete the process of such a policy because some additional documents related to health are asked and that is why it takes some time.
He clearly said that if a senior citizen does not have any serious illness and is taking normal medicines as per his age, then his policy can be easily ported or he can get a new policy. According to Chaudhary, many companies are offering policies especially for senior citizens. But it is possible that considering the health of senior citizens, their premiums may be slightly higher. But these are also not very high compared to the general policy.
Keep these things in mind
He clearly said that if you are taking a policy as a senior citizen or for them, then do not hide anything regarding health, keep all the things in front. With this, there will be no difficulty in taking the policy and the claim will also be settled faster. At the same time, try not to wait too long to take the policy and take health insurance on time. This may provide some relief in premium.
According to him, Neeva Bupa, Aditya Birla, HDFC Ergo, Star Health are offering special policies for senior citizens.
