Senior Life insurance – A Time of Decision
Life insurance policy for senior citizens varies by firm and might include undergoing a medical test or just addressing health concerns. It can be utilized for anything from settling huge liabilities such as a mortgage to covering modest personal costs. Although you will indeed pay higher premiums for life insurance as you become older, this does not imply you are without choices. In truth, several affordable life insurances for senior citizens are available for people who wish to leave financial benefits for their children or who want to guarantee the needs during their golden years are covered.
Why do you need Life Insurance as a senior?
The primary reason for buying life insurance for senior citizens is that these plans can act as a substitute for their salary, allowing them to sustain themselves and their families. Since the influx of cash abruptly ceases after retirement, when a senior family member dies, the wife and kids may struggle greatly owing to a lack of funds. To minimize such monetary stress, insurance policies are critical since they serve as a saving route as well as a source of income at the conclusion of the policy period. Furthermore, the proceeds from these plans can be utilized to settle current debts, such as existing loans, health expenditures, and so on.
Which is the Best Life Insurance Policy for Senior Citizens?
When shopping for a senior citizen insurance policy, it’s critical to address the following concerns:
- How much insurance coverage do I require?
- What type of insurance is appropriate for my family?
- How much money should I spend on insurance?
- Is it possible for me to get authorized for the coverage I want?
You may begin addressing these concerns by taking a look at your financial status. If someone in your life is financially dependent on you, you must consider purchasing insurance to safeguard them from unexpected bills. Even if you feel your dependents are well-cared for, life insurance plans may be worthwhile to consider since your beneficiaries may need to cover inheritance taxes, medical expenses, and other major bills.
The amount of coverage you require is determined by a number of personal circumstances, including your current marital state, family size, liabilities, investments, and your personal wishes. You may also choose to leave a monetary legacy to your spouse, kids, or a charitable organization. Your demands will change over time, so examine your insurance on a regular basis to ensure that it satisfies your financial requirements. We recommend getting coverage equivalent to 8-10 times your yearly income as a general rule.
Government-aided Senior Citizen Health Insurance Schemes
If you want to enjoy your retirement without needing to stress about your healthcare or rely on your kids or wider family members, you might consider a senior citizen health insurance scheme, of which there are several possibilities. Here are the two most common programs:
1. Pradhan Mantri Jan Arogya Yojana (PMJAY)
PMJAY is among the major government-aided senior citizen health insurance schemes. Some major aspects are as follows:
- Healthcare coverage of 5,00,000 INR per household per year for those falling below the poverty level
- Covers all of the households in the SECC dataset.
- Secondary and tertiary healthcare are included.
- All pre-existing illnesses are covered.
- cashless and paperless treatment
- Arogya Mitra provided planning and cooperation.
- Benefits are accessible across India.
- Daycare expenditures are included in the insurance plan.
- Facilities for follow-up therapy to assure the patient’s total recovery
2. MediSenior Senior Citizen Health Insurance
Though it is not government-aided medical insurance, Tata AIG’s MediSenior program has been exclusively tailored for your family’s older folks. This program, which has a coverage limit of Rs 2-5 lakh, guarantees that patients will have provided the best medical attention available. Some major aspects are as follows:
- Over 5000 hospitals are covered.
- Paying two years’ premiums in advance results in a 7.5% discount, including a 5% discount provided the plan is covering two or more family members.
- Provides in-patient care such as ICU, room expenses, medications, nursing charges, consumables, and so on.
- Costs for kidneys as well as other organ transplants are covered.
- Domiciliary expenditures are covered.
- Expenses for pre-hospitalization and post-hospitalization are covered.
- 140 distinct childcare procedures are covered.
- Ambulance fees of up to 2,000 INR
- Policy renewal for life with the option to raise the sum is guaranteed.
Why should you buy a Health Policy for Senior Citizens?
Bodies become more delicate as people age, making them more prone to different illnesses. Numerous medical investigations have shown that an elderly person’s health is just as vulnerable as that of a kid. You must exercise utmost caution when it comes to your old parents’ well-being and takes all essential procedures to keep them in good health. Even though your parents appear to be in excellent health right today, their situation might change suddenly, and you must purchase a health insurance policy for senior citizens.
When your parents are healthy and working, your life insurance may be sufficient for your entire family; but, when they retire, the scenario changes drastically. They will become ill more frequently as they age and will require finances for treatment. Regular add-ons, such as critical illness coverage, assist to meet this emergency fund. In addition, having a separate life insurance plan for themselves gives them peace of mind that they won’t have to rely on you in an emergency and that they will be able to leave a legacy for their children.
Life insurance for senior citizens is critical for providing them with a sense of security. With increased life expectancy, India’s old population is growing. Everyone deserves to be taken care of in their golden years. Senior folks often feel alone and worthless because they are unable to serve themselves, either monetarily or physically. Buying a senior citizen insurance policy is among the simplest methods to take better care of them now and help them feel emotionally and financially safe.