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Standalone health insurer Apollo Munich has recently launched a policy dedicated to senior citizens, which has done away with the upper-limit on entry age. However, the policyholder needs to be at least 61-years-old to be eligible for this plan.
Named Optima Senior, the product offers three sum insured options - Rs 2 lakh, Rs 3 lakh and Rs 5 lakh. It does not impose any sub-limits, but contains the co-pay clause, where policyholders are required to share the claim burden with the insurer. This ratio, ranging from 15% to 30%, will come into play when it comes to room-rent, day care procedures and certain conditions.
For instance, if you settle for a hospital room on twin-sharing basis, you will have to foot the bill for 15% of the approved amount. This contribution will go up to 30% if you opt for single or superior room. Similarly, ailments like cataract and hysterectomy will call for sharing 30% of the claim.
Pre-existing diseases will be covered only after three policy years. A two-year waiting period is also applicable in case of cataract, hernia, joint replacement and so on.
The Apollo Munich product does not link hike in renewal premium to claims made in the previous years. It offers a 5% non-cumulative discount on subsequent year's premium for every claim-free year. If you choose a policy term of two years, this discount will go up to 7.5%. However, remember, you can claim tax deduction under section 80D only in the year of paying the premium.
Upside: The product does not contain claim-based loading or restriction on age at entry. Also, it does not impose sub-limits on room-rent, doctor's fee, etc.
Downside: Prior to buying the policy, the insurance-seeker is required to undergo several medical tests. While it certainly lends a lot of comfort at the time of claims, not every applicant can hope to obtain the policy - stringent underwriting norms could mean only healthier individuals stand a good chance.
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Apollo munich, health insurance, optima senior, insurance policy,
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