Know How Insurance Can Help Senior Citizens

Published on 28-Sep-2022

Ageing being a natural process, is inevitable. The juvenile phase of someone's life turns into a senescent one in no time. We prepare several plans for our lives including the safety and security of our family members, financial stability in the future, bright income sources, health plans, and money-related solutions for our debt, loans, and bills. There is always a time when we actually feel the immediate need for financial backing in our old age. Senior citizens require more extensive care and support if we talk about servicing our people/ family members.

Are we ready to protect the senior members of our family with insurance plans to mitigate the several risks from their future? Insurance plans are essential for senior citizens to make them feel relaxed and happy in their life. Most of the time, our senior citizens are the soft target of health hazards, financial troubles, and some other social threats. Insurance policies make them ready to confront all future predicaments by supporting them financially and independently.

The quintessential effort for fulfilling every requirement of the senior citizens is based on how they plan or invest for their future. They need to equip themselves with a secure source of insurance plans such as senior citizen health insurance plans, retirement plans, critical illness cover, etc. These plans help them to pay the hospital bills while taking medical treatments, fulfill day-to-day expenses and family household expenses, etc.

Different Types of Insurance Plans To Cater to the need of Senior Citizens

Let us discuss some insurance policies which impart an important role in making a stress-free and rejoicing life. To avoid pecuniary difficulties and financial issues, you can purchase any required policy from the portal. Policy.online provides you with quotes from top insurer companies in India. You can now easily compare several insurances and opt for the best.

Below are some health insurance plans that you can choose for your senior members of the family.

1. Health Insurance Plan for Senior Citizens
2. Critical Illness Health Cover
3. Term Life Insurance
4. Whole Life Insurance
5. Retirement Plan for Senior Citizens

Retirement Plans For Senior Citizens

Most people save some part of their income as security for the future or invest in different types of plans. Once the income stops coming after retirement age, we always need a regular income for our day-to-day expenses. Retirement plans are essential for those who want to maintain a stress-free life and relieve themselves from the fearsome of financial insecurity.

In a retirement plan, you would get your regular selected annuity payout as your income. So you need not worry about money for your regular domestic expenditures. You would get a rebate on your income tax from the moment you start paying premium amounts under section 80D of the income tax.

Based on your selected time interval for policy payouts, you can choose monthly, quarterly, semi-annually, and annually as per your needs and requirements for financial backing.

Health Insurance Plans For Senior Citizens

Senior citizens are mostly affected by health issues which include some chronic and acute health conditions. They are commonly impacted by heart diseases, diabetes, kidney diseases, cancer, and some other critical illnesses. A health insurance plan covers most of your disease in their plan and assures you of a better and healthy way of living. Buying health Insurance for a senior citizen reduces future insecurities about health and covers all your expenses during a medical emergency.

If we talk about the critical illnesses that occur most during the senescent age/ elderly age which require immediate healthcare and medical expenses for recuperation. You can also avail of the cashless treatment facility on behalf of your health insurance company. You need to mention all your pre-existing diseases, clinical history, and medical test reports before buying a health plan.

With a health insurance plan, you would get a cashless claim during your treatment which will be directly processed by your insurer to the network of hospitals provided to you as per the terms and conditions of the policy. Now avail health insurance for a short waiting period. It means that you need not wait much time for the disbursement of your payouts.

Let us enumerate some benefits of health insurance plans for senior citizens. Below is a clear detail of the advantages that you can procure from this policy

1. This plan covers hospital room expenses, ICU charges, doctor and nursing fees, diagnostic lab tests, surgeries, and operation theater charges. Also, the benefits of a critical illness plan are covered in this policy.

2. You can get special daycare treatments under most of the health plans which require 24 hours of hospitalization such as dialysis, chemotherapy, etc.

Life Insurance Policies For Senior Citizens

There are various types of life insurance plans for senior citizens to help them to face any future financial crisis. This includes term life, whole life, and guaranteed life insurance plans. With this insurance cover, you can protect yourself and your family members from any unwanted pecuniary risk.
1. Term Life Insurance Plan
This plan provides benefits to the insured for a specific period of time. Once the policy ends, the benefits are also terminated. Death benefits would be rendered if the policyholder dies during the period of the plan. You can choose the sum assured amount, premium to be paid, policy period according to your needs and flexibility to maintain the policy. You can also renew the planover the completion of your policy.

2. Whole Life Insurance Plan
Your entire life insurance benefits are covered in this plan. This policy does not have a fixed period. In case, if the policyholder dies, the benefits(policy payouts) of the policy will be transferred to nominees/beneficiaries. You can get several benefits such as tax redemption, permanent protection, and consistency in the policy tenure.

Choose a Suitable Insurance Plan for you and your loved ones with Policy.online

Policy.online offers you several insurance policies from top insurance companies in India. You can easily obtain quotes from different insurers and compare them subsequently. Choose the right plan for your future and let yourself free from future financial insecurities. We would be happy to provide you with the best insurance plans of your preferred choice.