Can Senior Citizens Opt For Critical Illness Insurance?

Posted on: Apr 4, 2024 | 3 mins | Written by: HDFC ERGO Team

Can Senior Citizens Opt For Critical Illness Insurance?

Elderly couple discussing insurance options

Can senior citizens have critical illness insurance? Yes. Experts consider it to be an essential investment in old age. Whether it is age or lifestyle-related illnesses, not being financially prepared to navigate through it all can be stressful. Senior citizens are more susceptible to serious illnesses like cancer, heart attacks, and strokes, making critical illness insurance a must. This is also because general health insurance plans might not cover every expense for treatments, like pre or post-hospitalisation charges.

What is critical illness insurance?

Unlike health insurance, this benefit-only policy provides a lump sum coverage against sky-high expenses to treat heart attacks, cancer, and renal or kidney failures, among others. Let’s say a senior citizen is insured for INR 20 Lakhs against a list of illnesses mentioned in the policy. He/she will receive the entire amount, in a lump sum, on detection of those illnesses, even if the treatment charges are lower than the assured amount.

Here’s what the insurance plan may or may not cover:

Inclusions	Exclusions
Cancer (up to a specified stage)	Self-inflicted injury leading to acute illnesses
Heart attack (first only)	Conditions caused by an excess of intoxicating substances
Open heart coronary artery bypass grafting	HIV infection
Open heart replacement and repair of heart valves	Diseases caused by cosmetics
Coma of specified severity	Diseases caused by obesity-related treatments
Stroke	Serious congenital ailments

Before you buy the policy, keep these essential factors in mind:

Age limit	Generally, critical illness insurance plans have an age limit for application. Senior citizens should check this before applying to ensure coverage eligibility.
Coverage amount	Determine the coverage amount for the policy based on the specific estimated expenses for the treatments you need.
Standalone plan	Experts suggest opting for a standalone plan, over and above general health insurance, for comprehensive coverage.
Sub-limits	Check for sub-limits set in the policy for tests, surgeries, etc.

Overall, having a critical illness insurance plan is vital. If you are above the age of 60 years, opt for this essential financial tool today. Make sure to go through each of the key points mentioned above before you buy the policy to get adequate coverage.

Disclaimer The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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