Special policies for senior citizens | Points to be observed while selecting/taking senior citizen policies | Tax concession details

July 11th, 2010| News.

Special policies for senior citizens | Points to be observed while selecting/taking senior citizen policies | Tax concession details

In the present generation, the health policies are compulsory for everyone as the treatment charges are more and a normal person is not able to meet them. After 60 years everyone is suffering from one or the other disease and the companies are not showing interest towards providing policies for the senior citizens. The IRDA had declared that the companies should provide health policy up to 65 years. And now only few companies are coming are coming forward to provide the health policies for the people of ages 60-80 years and they are also providing insurance for the health problems which are already there.

Special policies for senior citizens:

Few health insurance companies are coming forward to provide policies for the senior citizens. Few insurance companies are providing the policies for whole family under the family plotter plan and they are providing the insurance for the parents or other relations who depend on others. There are separate policies for the senior citizens. In normal family plotter policies, there won’t be insurance for the parents. Apollo Munich, star health, Bajaj alliance, oriental, national insurance and ICICI companies are providing the policies for senior citizens.

Points to be observed while taking senior citizen policies:

  • There will be many conditions before taking a health insurance policy and we should know them clearly before taking these policies. We should also know the details of the diseases it covers and the details of the diseases which it does not cover.
  • At the time of taking the policy, we should claim the policy for it without hiding the problem. If the problem is known, they will claim more insurance for the policy or they will see to that it is claimed after 2 or 3 years.
  • We should decide the amount for the policy before claiming it. We should also select the policy in such a way that the parents and family members are covered.
  • If we take the policy after 60 years, the premium may be more. So we should take the policy from the small age only. If we take the policy at small age, we may get the concession in the premium at 60 years and the policy can be renewed every year.

Tax concession:

There won’t be tax on the premiums which we pay for the policy and these reductions are the extra reductions other than the concession under section 80C. We can also get a concession of Rs.15000 on the premiums paid for the wife, husband or children. If we are paying the policy for our parents, we get the concession up to Rs.20000 extra when they are above 65 years. So we can get a concession of maximum Rs.35000 on the health insurance policies.

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