Health Insurance for Parents -where to get comprehensive cover

health insurance for parents

Health Insurance for parents is equally important as it is to you. It carries more weightage due to the high probability of falling ill in that age. For finances sake, it is wise to transfer the risk of medical expenses to insurance company, due to the reasons like

  •          Increasing Medical expenses
  •          Low surplus left after saving for other important goals, thus not much for unforeseen medical expenses
  •          Increasing Life expectancy and deteriorating health

A person’s medical needs increase with age. With health related expenses increasing exponentially, any treatment could easily wipe out your parent’s savings kitty. Even if your parents are financially independent it is advisable to buy them a health insurance plan, which ensures that medical expenses should not impact their savings kitty much. It ensures that your parent’s health care is secured and they can enjoy their savings too. Don’t wait for any emergency as it may cost you huge

Though most of you are actually sensitized towards buying health insurance plans for parents but even then you find it difficult to buy any mediclaim with the reason of not finding a Suitable or BEST policy.

Many of corporate employees feel that they have added the name of their parents in the employer-provided coverage so there’s no need to buy a separate Health Insurance policy for Parents. But this is not wise to depend on the employer’s policy only. Reasons are same as for them not to depend on employer policy (Read: Ensure you are ensured).

This post is all about the various health insurance policies available in the market which you can buy for your parents. With coming up of standalone insurers, this health insurance segment is flooded with many innovative products. Which are quite similar with each other but some features may or may not suit your requirements.

Health insurance for Parents / Senior citizens – Some products.

If your parents have crossed 60 years of age then the options are bit limited with some restrictive features. However these days there are many heath insurance companies where there is no restrictio on the entry age, so anyone can buy anytime. Following companies has got special plans for Senior citizens

1.       Star Health Insurance – Star Senior citizen Red carpet plan.

2.       Bajaj Allianz General Insurance – SILVER Plan

3.       Apollo Munich Health Insurance –  Optima Senior

4.       National Insurance – Varishtha health Insurance.

5.       United India Insurance – Senior citizen plan

Health Insurance for parents  – Comparison 

(Updated on 14.03.2017)

health insurance for parents comparison

Check out detailed review of Bajaj Allianz Silver Policy here

As you can see that with the various options available for health Insurance policy for parents, you are bound to get confused. Below I have shared few pointers which will help you in selecting the suitable one.

1.       Always go with the policy with Maximum Renewal age. Though this is no longer applicable as all policies now days come with Lifetime renewal limit. 

2.       Work on your expenditure and buy the maximum possible coverage. Believe me; you just have to reduce your expenses by Rs 1500-2000 per month. (Read: How much health Insurance cover is enough)

3.       Check out for the First Year, Second year, special and permanent exclusions if any in the plan.

4.       If there’s any Pre-existing Illness, and you are more worried on that front then you should go with the plan with the least waiting period on Pre-existing illness, like select between Star/National/United.

5.       If Parents are fit and fine, with no pre-existing illness then select Policy with least compromises like as on room rent.This is because the total hospitalization expenses depends on the room rent only.(Read : Managing Hospitalisation cost)

6.       If Parents are diabetic then one should go with nationalised insurances like National/United, to get easy coverage. As they cover these cases with some extra premium/loading.

7. If the company doesn’t want to get the Pre-Insurance medical check up done, then make sure you read the declaration of medical condition form in detail before signing it.

Health insurance for Parents – Some other options

The options are limited in case your parents have crossed 60 years of age. But if you are acting proactively then it is wise to get them entry in this health insurance space before 60 years to take full benefit of health insurance plans that too without any co-payment, sub limits and with lifetime renewal.

There are plans with almost every health insurer now, like Religare health insurance, Apollo Munich Health insurance and Star health (Comprehensive).where if one takes entry before 60 years  i.e even at 59 years , he/she can enjoy  all the benefits even after crossing 60 years with continuos renewal.(Read : comparison and Review). Even though these plans doesn’t have any entry age restrictions but still it has co-payment clause if anyone takes entry after 61 years of age, so make sure you go through the policy wordings in detail.

You have other options from health insurance policies offered by nationalized banks to its account holders. There are some fantastic policies like as provided by Canara bank in tie-up with Apollo Munich health insurance; PNB Oriental Royal mediclaim policy and even the one offered by Bank of India with national Health Insurance.


If you are still waiting for a good a policy for health insurance for parents then this is the time to act. Your wait may cost you with some limits on the coverage. To get a comprehensive coverage get your parents Insured them right now. There are many health insurance plans which gives the continued, comprehensive coverage for lifetime if taken at appropriate stage and at right age.

Health insurance for parents is a wide topic and many times results into lot many confusion. New products keep coming which increases the confusion. So let me answer your queries in the comments section below. I believe more discussion may be of great help to you and me too with learning from your experiences.



  1. Hello Sir, thanks for info. This plan suits me more max n appolo as its offering long tenure. However my only concern is I am having my existing term plans from hdfc only.its covering 60% hlv.will there be any problem in claiming 3 term cover from same company.Or shall I surrender policies I have taken in 2011 and 2014 and just keep 1.

    • No aditi, there won’t be any problem in claiming 3 term plans from the same company, provided you make disclosure of your existing insurance policies,every time you purchase a new one. But i think it is better to buy it from different company, and better to restrict number of policies to maximum of 2 or 3 if you can justify the 3rd purchase.

  2. Also last thing I have in my investment list is a health plan for myself. Im confused between star and appolo. In health plan my premium will be constant throughout or that will change with increase in age.

    • Your premium will change with age. Companies have predefined age slabs on the basis of which your premium will be changed. Understand the policy’s terms and go ahead with what suits you best.

  3. need guidance as my parents are of age 67 and 65 respectively an i plan to have health insurance for them. Could you please suggest the best insurance.. my father has diabetes but he is in good health. My mother also is in good health without any ailments…

    • Dipesh, you should first try for general health policies. Most companies now days provides cover to senior citizens, with some conditions like copayment clause. Try with Religare or Max bupa in pvt sector and with National or new India in public sector. Since your father is diabetic so it may be difficult to get him good and economical cover, but still make a try. Your mother is healthy and can get cover easily.
      For your father if no company accepts his case, then try with Apollo Munich or Star health…these companies have specific policy for diabetics, which should suit your requirement.

  4. Hello Sir,

    Please advise about Capital Protected plans by AMC’s. the returns are phenomenal of icici funds.. and also plz advise shall i surrender term plan policies taken 1 and 4 yrs back for 10 and 60 lakhs where i am paying almost 10000, and purchase a new one online for 1 cr in less than 5k?

    • Hi Aditi.
      You are asking wrong question in wrong post. But anyhow, its good that you’ve asked. I have written a detailed post on capita protection funds, you may go through that There’s nothing special about icici funds, moreover its always better to go with vanilla diversified funds so you can re balance your asset allocation at regular intervals.

      And shifting your term plan is a good idea if there’s this much of difference. But buy the new one first and then discontinue the existing ones. By the way which plans you are talking of?

  5. Hello sir,
    I want to take a health policy for my wife,mother and me,the age of each are 27 years,59 years and 28 years.
    All are medically fit.kindly suggest me some good plans to take for my family with a good sum assured as medical expenses are quite high these days.

    • Better to get your mother a separate policy, otherwise your complete policy’s premium will be calculated on her age. This is also advisable due to high probablity of illness in this age, so its better that she should have an independent cover.

      You guys are young, so can go with any company. Just understand the terms and conditions. Check with Apollo, Religare, ICICI and Max bupa. Even for your mother Apollo/Religare should work.

  6. Sir, the premium to pay one time annually or Monthly ???
    2. After how many days/months after paid premium does the Health insurance plan we claim ??
    please reply sir my father is 64 years old and suffered from several diseases like Catract, Asthma,Haernia, Liver Chirosis, Gastrics…plz help sir….

    • Health insurance Premium generally goes annually.
      There are different waiting periods which you need to be aware of, post that you could be able to make claim from the policy. For accident cases you may claim anytime.
      Since your father is suffering from several diseases, so you need to make the disclosures in the proposal form and let the insurer decide whether they like to give you policy or not. and on what conditions.

  7. Dear Sir – Thank you for your analysis on health insurance plans of banks in association with the nationalized insurance companies like united india, national and oriental especially for senior citizens ! The premiums of these insurance companies are close to 1/3 of retail insurance of private companies, thus making them quite attractive. In this context, appreciate if u can answer the following :
    1. Since bank’s have no role in handling the claims, based on your feed back, which of the nationalized banks provide better service in order of merit ?
    2. Will these policies have portablity ?
    3. Which of these policies are likely to last for longer durations ?
    4. What makes these policies premiums lower ?
    5. How r these policies compared to policies directly with nationalized insurance companies?
    Thanks and kind regards

    • Please find my answers in line
      1. Since bank’s have no role in handling the claims, based on your feedback, which of the nationalized banks provide better service in order of merit?
      Don’t think there is any. It is wise to be prepared that Insured and the family would be required to do all the work.

      2. Will these policies have portablity ?
      To the same Insurer only.

      3. Which of these policies are likely to last for longer durations?
      Can’t say. It is there prerogative and business sense, on when they want to stop the tie up.

      4. What makes these policies premiums lower?
      Economies of Scale. Banks can provide Big market to the Insurance houses.

      5. How r these policies compared to policies directly with nationalized insurance companies?
      Feature-wise i don not see much of difference in many policies. The major drawback is the service and breaking up of tie up anytime.

    • We do not deal in health insurance products. But we can provide you with a trusted source who can help you select the right product. If you want we can share his contact details, but he may charge fees for the same.

    • We do not deal in health insurance products. But we can provide you with a trusted source who can help you select the right product. If you want we can share his contact details, but he may charge fees for the same.


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