Seniors first

Until now, you couldn’t cover your ageing parents in family health plans. But a new healthcare plan—Bajaj Allianz’s Family CareFirst—covers dependent parents of both husband and wife, and also more than two children.

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Family CareFirst does have has some firsts to its credit. Senior citizens can be included at the age of 56 in a new policy and 71 in an existing policy. However, the risk cover expires at the age of 74. If you opt for a critical illness rider, however, then the cover lapses at 65. Individuals cannot enter the scheme after they cross 50.

One can also increase the sum assured at a later date and the insurer assures of smooth claims renewal. “We ensure renewals for everyone despite an adverse claims experience,” says Ujjaini Dasgupta, Head (Health Insurance) at Bajaj Allianz Life. The maximum sum assured is Rs 10 lakh.

The premiums are calculated depending on the number of enrollments from a family. For a family that comprises husband, wife (less than 35 years of age), two children (less than 18) and two senior dependents (less than 60), the premium is Rs 28,878 for a sum assured of Rs 2 lakh. But if you include in-laws, the premium payment zooms by Rs 23,485 to Rs 52,363.

But the premiums are a little to steep. Says Ramesh Chordia, a certified financial planner and insurance analyst: “The premium is steep even after factoring the loyalty discount of 15 per cent after three years.’’ Further, he advises senior citizens to take a separate cover.

—Nitya Varadarajan