Agony for senior citizens is that ULIPs are being aggressively sold while no mediclaim advisor turn to them.Reason is obvious commission received for for such policies is negligible.One of our senior citizen client was searching for a mediclaim and he asked me for some help about it.There are very limited policies available for senior citizens and I suggested him one of them offered by star health insurance Viz.Senior Citizens Red Carpet Health Insurance:
It is specifically designed for senior citizens and provides health insurance cover for anyone above age of 60 and right upto age of 69 and policy renewals after that.
Policy features:
Key policy features are as follows:
1.Entry age: 60-69 yrs. and guaranteed renewals thereafter.
2.No pre medical test is required.But following a principle of Good faith one need to inform company about pre-existing illness ,as pre-existing illness are not covered for first two years.
3.Treatment at network hospitals with direct cashless settlement.
Policy benefits:
- IPD i.e.In patient hospitalization expenses for a minimum of 24 hrs includes room rent @1% of sum insured.
- If policy holder is needed an ICU trearment then ICU expenses per day @ 2% of sum insured are covered.
- Nursing expenses.
- In case of surgery,surgeons fee, anesthesia fee,specialists fee @25% of sum insured.
- Costs of blood,pacemakers,oxygen are covered.
- Cost of drugs and diagnostic test @50% of sum insured.
- Cost of ambulance under emergency cases max upto Rs.600 per hospitalization.
Policy Premium:
| Sum Insured(Rs) | Premium(Rs.) |
| 1,00,000 | 4908 |
| 2,00,000 | 9326 |
Premium amount is inclusive of service tax.Premium will be obviously higher then other general mediclaim policies.
Post-Hospitalization expenses:
Post hospitalization expenses payable at 7% of IPD expenses max upto Rs.5000/-.
Loading of premium:
Policy term is 1 yrs and in case if you have claim settlement in earlier policy year,there is premium loading and it is as follows:
| Sr. No | Avg claims ratio of last 2 consecutive yrs | Premium loading |
| 1. | >100-125% | 20% |
| 2 | >125-150% | 30% |
| 3. | >150% | 50% |
Exclusions:
Details of policy exclusion please refer to policy document or contact insurance advisor.In general what is not covered in mediclaim,please refer to this post.
Disclaimer:
This is only outline of this policy.Please consult with your insurance advisor for more details.We are not related to Star health Insurance in any way.
