Saturday, March 14, 2009


One of the major worry for every person approaching old age is his deteriorating health condition. To make matters worse his conventional medical policy (ex Mediclaim etc) gets over once he/she crosses age of 60 years. So the time when he needs it most , the cover is gone leaving him with no choice but to provide for himself. Right? Wrong Because there are quite a few insurance companies primarily in the public sector in India which offer medical cover to senior citizens between the age of 60-80 years and in some cases even up to 90 years as is the case with National insurance Company.
These policies are provided to everyone in the age bracket. So why is that very few people seem to know about? Why is that if companies are offering such product , they don't advertise about it considering the huge demand for it? Well folks the reason is bottomline of these companies. Its no secret that most of the general insurance companies offering medical/health policies make losses on these policies on a standalone basis due to high ratio of claims arising on them. This becomes even worse for health/medical plans meant exclusively for senior citizens. So they dont go overboard advertising about it.
Next question would be , why do they offer a policy which is a loss making proposition for them? The reason is government regulations. These policies as of now are offered by following companies:
1. New India Assurance
2. Oriental Assurance
3. United India Assurance
4. National Insurance Company.
5. Star Health and Allied insurance.

So if you have any person who is past 60 and is struggling to get mediclaim /medical/health policy for himself, now you know where to look for one.

Please check out this news article on DNA site

Stay wise n Stay wealthy.

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