-
-
-
Services
-
-
-
More
-
POSTED BY ON February 27, 2011 7:53 am COMMENTS (2)
I wish to take a health insurance for my parents, who are 63 and 56, while covering myself(30), my spouse(29) and my daughter(1). Since my father is now a senior citizen, only Max Bupa is giving me a floater of 15lakhs for my parents, for a life long period. Others like Apollo and Star Health are not giving more than 5lakhs. However, Max is charging moon for it. The initial premium is 51k, which will obviously keep on increasing every year. As an example, premium for the same policy after 10 years will be almost 1lakh for same cover of 15lakhs. I’m very much confused. Is it worth taking it then? Can the gentlemen here enlighten me?
2021 © Jagoinvestor.com All Right Reserved
Hi,
I am assuming that you are looking for a floater plan that covers your parents, yourself, your spouse and kid too. In that case, it is not surprising that you are getting such high premium amounts, ‘coz it is calculated on the basis of the highest age of the group, in your case, 63. What I would suggest is this: Look for two plans, one separate for your parents, and one for yourself, spouse and kid. It might work out cheaper in that case. On randomly checking the ICICI Lombard plan for parents, the premium works out to around Rs.29k for both your parents for a coverage of 20 lakhs,
I am not sure about the tax benefits for you in this scenario.
Dear Sumeet, pls visit here to find some alternatives.
http://healthinsuranceshoppe.wordpress.com/2011/04/17/90/
Try to avoid Max bupa as in case of parents turning 65 yrs, there will be compulsory 20% co-pay.
Best recommendation is Royal Sundaram health shield policy which allow parents to enter till age 65