Best Health Insurance for Parents in India: Buy your Mediclaim Policy

Written By Tom kunis

Working 24*7 at PolicyGyan

Health insurance is a crucial aspect of financial planning in India for families. according to the Longitudinal Aging Study, more than 75 million people above the age of 60 suffer from some chronic disease.

Due to a lack of awareness, accessibility, and affordability in this age group penetration of insurance is low. but if you’re a well-educated person you can not take such a huge risk.

With the rising cost of medical care, it’s even more critical than ever to have medical insurance. in fact, 70% of Indian households face financial strain due to medical expenses. to ensure parents are equipped with the best protection for themselves and their families, it is important to choose the right kind of insurance plan.

Sr.No.Health Insurance Providers.Claim Settlement Ratio.Hospital NetworkCheck Quote
1ICICI prudential Health Insurance. 97.90%5,025+View Plan.
2HDFC ergo Health Insurance.97%10,000 +View Plan.
3Care Health Insurance. 95.2%7800+View Plan.
4Nova Bupa Health Insurance.  89.46%4,500+View Plan.
5Manipal Signa Health Insurance.  85.72% 6,500+View Plan.

But, before discussing anything it’s important to understand what is actually health insurance for parents is:

What does health insurance stand for Parents?

old age Care - Health Insurance for Parents
Parents at Hospital

Parents’ health insurance is just like other health insurance policy that covers health expenses for our parents according to the sum insured, specifically for the old aged group (50 and above). In India, there are insurance policies that are designed to cover the medical expenses of senior citizens.

Parent health insurance offers comprehensive coverage of medical emergencies that frequently rise in senior citizens. Parents’ health insurance is a combination of lucrative services such as annual health check-ups, Hospitalization costs, cashless treatment, Doctor visits, and many others.

Things to be considered before Health Insurance For Parents:

Each and every insurance companies have its own rules and regulations, they consider lots of things before offering a Quotation like age and pre-medical history. Similarly, as a buyer of health insurance for your parents you should consider:

Age of the parents:

The age of the parents plays a vital role while deciding the premium of the policy. When Your parents don’t have any chronic disease, then the premium for the sum insured of 5 Lakh will be in the range of 20K to 30K (in INR) while he or she has a chronic disease, then the sum insured will be at least 2X or 3X.

Pre-existing medical conditions: –

Pre-existing medical conditions are determining the coverage and premium for the policy. if you have any pre-existing medical conditions it’s important to disclose them to your insurance provider. Pre-existing medical issues may be subject to increased premiums or exclusion from coverage by some insurance providers as a waiting period.

Renewability: –

Some insurance plans have a limitation on the maximum number of renewals and some of them are not renewable at all.

It is crucial to determine whether the insurance may be renewed an unlimited number of times or whether there is a cap on renewals. This will guarantee your parents’ ongoing protection as they age.

health insurance -1st CTA

Sum insured: –

Insurance companies in India will only cover up to the sum insured amount in medical costs at a time of a claim. It’s important to carefully analyze the insured amount and select a good enough insured to cover your parents’ medical costs. At this point in time, A coverage of 5Lakhs is great for your parents.

Premium: –

Premium is an amount that policyholders pay to insurance companies in exchange for protection or coverage provided by the company. it’s important to select the policy that is in your budget. Before buying a policy you need to compare the premium, coverage, and benefits provided by different insurance companies.

Network of hospitals:-

Network of hospitals is the hospitals that are covered by your insurance provider and you can claim your insurance in these chains of hospitals. These network hospitals offer Cashless payments.

While purchasing a policy you can check the list of hospitals to select the policy which includes hospitals near or around your parent’s residence. Such pre-planning will help you to claim your policy on time and in emergencies as well.

Co-payment and deductibles:-

Co-payment or deductible provisions are included in certain insurance policies, which implies the policyholder is responsible for a percentage of the medical costs. Before buying insurance, it’s crucial to comprehend these provisions and take into account how they will affect coverage and cost.

Claim settlement process: –

Claim settlement is a process in which policyholders apply for medical expenses incurred. before buying an insurance policy it’s important to check the process of claim settlement for that particular policy provider, the requirement of documents, and how much time it will take to claim your policy.

In India, selecting the best health insurance plan for your parents takes careful consideration of a number of variables.

Each factor should be carefully considered to make sure that your parents have the best coverage for their requirements, including age and pre-existing medical conditions, sum insured, premium, network hospitals, co-payment and deductibles, claim settlement process, renewability, coverage, and customer service.

You may give your parents the peace of mind that comes from knowing that they are covered in case of a medical emergency by taking into account these crucial elements.

Best Plans to Consider For old-Age People or For Parents:

Sr.No.Health Insurance Providers.Claim Settlement Ratio.Hospital NetworkCheck Quote
1ICICI prudential Health Insurance. 97.90%5,025+View Plan.
2HDFC ergo Health Insurance.97%10,000 +View Plan.
3Care Health Insurance. 95.2%7800+View Plan.
4Nova Bupa Health Insurance.  89.46%4,500+View Plan.
5Manipal Signa Health Insurance.  85.72% 6,500+View Plan.

Let us discuss these plans in a detailed manner:

ICICI prudential Health Insurance:

ICICI prudential Health Insurance
ICICI prudential Health Insurance

It is one of the leading health insurance providers in the market and is backed by the ICICI bank. Till now, it has captured more than 10% of the market. It use to offer more than 50 plans to its users.

HDFC ergo Health Insurance:

HDFC ergo Health Insurance.
HDFC ergo Health Insurance

HDFC ergo Health Insurance is a leader in the health insurance market. Nowadays, it captured more than 10% of the health market. It use to offer more than 50 plans to its users. some of the best parts of this company are “They are available everywhere”, “Claim is more than 97% which is superb”, and many more.

Care Health Insurance

Care Health Insurance
Care Health Insurance

When we talk about health insurance, Care is the synonym. It has captured more than 25% of the health market in India. It also has the same drawbacks. These are low Claim settlement ratios in comparison to HDFC ERGO, ICICI Lombard and many others.

Nova Bupa Health Insurance

Nova Bupa Health Insurance
Nova Bupa Health Insurance

Nova Bupa is a great health insurance company that offers health insurance that has a market share of more than 10%. They have had a claim settlement ratio of more than 93% in the past.

Manipal Signa Health Insurance

Manipal Signa Health Insurance
Manipal Signa Health Insurance

Manipal Cigna is a hybrid company of Japanese hybrid company Cigna and Indian company Cigna. Since its launch, it is becoming one of the fasting growing company health insurance companies in India. It has a claim settlement ratio of 93%.

What is covered in the parent’s health insurance plan?

What is covered or what is not covered in health insurance varies from plan to plan and company to company. but here we try to give you a brief overview of what is covered or what is not covered in insurance policies.

Here is just an overview make sure to check carefully your insurance plan before buying it.

In-patient Hospitalization: –

In-patient Hospitalization covers the cost of hospitalization of patients, specifically when the patient is admitted for an overnight stay. in-patient hospitalization can include treatment for an injury, accident, or serious illness.

Domiciliary expenses: –

Domiciliary expenses is an expense incurred when policyholders get treatment at home, instead of hospitalization. This can include home health care or rehabilitation services.

Critical Illness Rider Option: –

A critical illness rider is an add-on choice that offers the policyholder a lump sum payout in the event they are received serious illness treatments, such as cancer or heart disease.

Free Medical Check-ups: –

Some insurance companies offer free medical check-ups once a year for policyholders, allowing them to stay on top of their health and catch any potential issues early.

Cashless Hospitalization: –

Cashless hospitalization allows policyholders to not worry about paying the hospital bills upfront. in such cases the insurance company will directly settle the bill with the hospital, making health care services super convenient for policyholders.

Pre-existing diseases: –

Pre-existing conditions are frequently subject to waiting periods before being covered by insurance policies, however, when the waiting time has passed, the policyholder will be paid for any medical costs associated with their pre-existing condition.

Other than the above-mentioned health cost coverage there are even more expenses that your insurance policy will pay, they are as Hospital Room Rent and Ambulance Expenses and Daycare procedures as well.

We hope now you totally understand what will get covered under your parent’s health insurance policy. Other than that it is also essential to understand what will not get covered under your parent’s health insurance policy before buying it.

Importance of Parents’ health insurance plans in India:

As a child, parents’ health and well-being become more important for us and our families. according to World Health Organization, the percentage of the elderly population in India is expected to grow up to 340 million by 2050, making health insurance more important than ever before.

If we look at the last 10 years medical services are getting costly from time to time and it’s not going to stop anytime soon, so we need to understand the importance of parents’ health insurance.

Financial security: –

A parents’ health insurance policy gives families financial stability and security from the expensive medical treatment in India that is always growing.

The Ministry of Health and Family Welfare reports that in the last five years, hospitalization costs have risen by about 10% yearly. By covering these costs, a parent’s health insurance coverage eases the financial strain on families.

Access to quality healthcare: –

Good health insurance plans give easy access to high-quality medical care, including hospitalization, treatments, and diagnostic procedures.

According to World Health Organization, people with health insurance are more likely to seek medical care and get the appropriate treatment and more importantly at the right time treatment.

Better health outcomes result from this, and it may also stop potentially fatal conditions from getting untreated.

Peace of mind: –

Having parents’ health insurance along with financial stability and security also gives peace of mind for parents and children at the same time.

With the right kind of insurance plans parents and children do not have to worry about unexpected medical expenses or in simple words medical burdens.

Reduced financial burden: –

middle-class families like you and mine are unable to cover the whole cost of medical expenditures without health insurance. Financial ruin may result from this, especially when long-term sickness or hospitalization is involved.

A parent’s health insurance coverage lessens the financial load, giving families the much-needed respite they need during a trying time.

Better health outcomes: –

Health insurance plans can result in improved parent health outcomes if parents have access to high-quality healthcare.

The World Health Organization claims that early sickness diagnosis and treatment can greatly enhance health outcomes and avert possible mortality.

In India, a family’s health insurance coverage for the parents is crucial. Having a strategy in place to pay for medical bills is essential due to the ageing population and the growing cost of healthcare.

A parents’ health insurance policy may assist to guarantee the health and welfare of our loved ones by providing financial stability, access to high-quality treatment, peace of mind, less financial strain, and better health results.

What is not covered in the parent health insurance?

Expenses arising from HIV/AIDS/STDs and related diseases: –

It is highly challenging for health insurance companies to give health insurance coverage for sexually transmitted illnesses like HIV/AIDS due to the high expense of treating such ailments.

Self-inflicted injury: –

Because self-inflicted injuries are frequently the result of deliberate activities or the result of self-aware injuries, health insurance companies may not pay such medical costs.

Pregnancy, and dental treatment: –

External assistance like wheelchairs and prostheses may not be medically required, but health insurance carriers may exclude them in order to save money on things like pregnancy and dental work that can be costly.

Non-allopathic treatments: –

Health insurance companies could refuse to pay for alternative diagnostic care like acupuncture, homoeopathy, and chiropractic therapy because there is insufficient scientific evidence to support their usefulness and safety.

Congenital diseases: –

Because they can be expensive to treat and they are present from birth, congenital disorders are sometimes excluded from coverage by health insurance companies for this reason.

Cosmetic surgery and weight control treatments: –

Cosmetic operations and weight loss programs are not medically required and are thus not often covered by health insurance companies.

Suicide: –

Suicide attempts are often a result of mental health issues, which are often excluded from coverage, so health insurance providers may exclude medical expenses incurred due to suicide attempts.

Other than above mentioned there medical health insurance is also not responsible to pay for reasons like Participation in military operations, Participation in extreme sports, and illness or health issues occurring due to alcohol consumption.

Documents required to buy health insurance in India for parents: –

While buying health insurance in India you have to submit a number of documents including your birth certificate and address as well. here we try to give you a full list of documents please go through it before buying an insurance policy.

  • KYC – Proof of ID and Address.
  • Medical Check-up/Report if required
  • Proof of Income.
  • Age certificate.
  • 2 Passport-size photographs.
  • Application Form.

List of Documents required to claim your insurance policy: –

  • Insurance claim form.
  • Valid ID proof.
  • Attending a physician’s statement.
  • NEFT mandate form.
  • Doctor’s prescription documents.
  • First Information Report(FIR), if required, depends on the case.
  • Policy details include policy number, name of the insured,  address, and disease for which treatment is on.


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