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Senior Citizens Get Triple Break

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The finance minister proposed to extend the  Pradhan Mantri Vaya Vandana Yojana till March 2020 under which an assured return of 8% is given by the Life Insurance Corporation of India. The existing limit on investment of Rs 7.5 lakh was doubled to Rs 15 lakh. At a time when fixed deposit returns are around 7%, this will help senior citizens get higher interest rates. Opening a bag of goodies, the finance minister raised the exemption limit on income from interest by five times to Rs 50,000 per year. No TDS will be deducted from the interest income of senior citizens.  Arun Jaitley also increased the limit of deduction for health insurance premium and medical expenditure to Rs 50,000 from Rs 30,000 under Section 80D. This additional deduction of Rs 20,000 will help a taxpayer save up to Rs 6,000 per annum. The FM raised the limit of deduction for medical expenditure in respect of certain critical illnesses to Rs 1 lakh for all senior citizens, under Section 80DDB. Earlier, thi
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Do's & Don'ts In Health Insurance

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Do’s: ·          Find out if the policy comes with any restrictions on the coverage it provides. ·          Before you choose a particular policy, make sure you go through all its details with a fine toothed comb. Pay special attention to the terms and conditions, including: 1. Clause concerning coverage of pre-existing diseases. 2. Waiting period before Coverage begins for certain diseases. 3. Any restrictions or caps on expenses relating to hospitalization. 4. IF the policy involves co-payment, which means that the policyholder will have to contribute a certain amount towards the claim. 5. A pre-conditions governing renewal of the policy. 6. Maximum age limit for entry and renewal of the policy. ·          You must disclose to the insurer, all details regarding any pre-existing health problems, which include any major illnesses or medical conditions like diabetes or high blood pressure. ·          Be prepared to provide the insurer with a range of documents
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Key Points to Follow while Buying Health Insurance

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·          Medical history: It is important not to rely on your parent’s knowledge of their medical history when it comes to opting for health insurance. Your parents might not be aware of certain ailments or medical conditions that they might be suffering from. Health insurance providers require you to provide information about existing health ailments that your parents have and are aware of. Hence, it is very important to be thorough with the information you provide regarding the medical history of your parents. ·          Choosing the plan: There are several factors that go into choosing the right health insurance policy. It is important to compare between the various health insurance plans available in the market and consider factors such as cover, cost and exclusions before zeroing in on the final right plan. ·          Filling the proposal form: Once you’ve chosen the right policy, you’ll need to fill in the proposal form for the policy. It is imperative that you p
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Myths about Senior Citizen Health Insurance

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There are several myths surrounding health insurance for senior citizens. Even at this age, many people do not purchase health insurance for their parents or in case of a senior citizen, for themselves because of certain misconceptions. Given below are some  myths about health insurance  that need to be broken and rules that need to be followed while purchasing health insurance for your parents: ·          Group insurance is sufficient: This is a very common misconception many people have about health insurance. Many believe that the mediclaim group insurance offered by the company will provide enough cover for their parents. Many employees have been rationalising the cover in order to reduce the steep premium and some of them have taken a step further to exclude parents from the policy. It is very important to not rely on just mediclaim policies to offer health cover to your parents. ·          Pre-existing conditions: It is true that most of the health insurance polici
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Select the Best Health Insurance Plan for seniors

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How to Select the Best Health Insurance Plan for People Above 60? With the steady rise in healthcare costs, it can be difficult for senior citizens to pay their medical bills. Over the years, life expectancy of an average Indian citizen has increased with improved and advanced healthcare products and services. Senior citizens who don't have a stable income may not be able to afford timely and adequate healthcare. This is why, a  senior citizen health insurance  policy will come in handy. Here is a guide on how to select the right mediclaim policy for people over 60: ·          Entry age:  When comparing various health insurance policies, choose one that has an entry age of 60 to 80 years, so that you can buy a health cover for your parents even after they have crossed 60. ·          Renewal age:  Check the maximum renewal age of the policy which is the age till which one can renew the health insurance policy. Choose a policy with the maximum renewal age. ·        
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Popular Health Insurance Plans Available in India

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Star Health's Red Carpet ·          Sum insured - Rs.1 lakh to Rs.5 lakh ·          Entry age - 60 to 75 years ·          Renewability - Lifetime renewability ·          Co-payment - 30-50% ·          Critical Illness cover - available ·       Waiting period for pre-existing disease cover - 1 year Apollo Munich's Optima Senior Health Plan ·          Sum insured - Rs.2 lakh to Rs.5 lakh ·          Entry age - Minimum 61 years ·          Renewability - Lifetime renewability ·          Co-payment 15-30% ·         Waiting period for pre-existing disease cover - 3 years New India's Senior Citizen Mediclaim Policy ·           Sum insured - Rs.1 lakh to Rs.1.5 lakhs ·          Entry age - 60 to 80 years ·          Renewability - Up to 90 years ·          Co-payment - Voluntary payment ·          Critical Illness cover - available ·       Waiting period for pre-existing disease cover - 18 months ICICI Lombard's
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Senior Citizen Health Insurance

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Old age brings with itself several ailments that are expensive to treat and care for. Health insurance for Senior Citizens is offered by various insurance companies, specifically for people who are aged 65 years and above. These health insurance schemes readily cover any kind of medical expenses incurred by customers. The older we get, the more our physical and mental stress over finances and the ability to afford good healthcare. A  senior citizen health insurance plan   is designed to offer financial aid for medical treatments to individuals over 60 years of age in their hour of need. Senior citizen health insurance plans offer critical illness cover, cashless hospitalisation, pre-existing disease cover, and a higher sum assured. With increasing age comes the additional risk of contracting diseases and falling sick. Since, the later years of an individual’s life are physically more challenging and financially less sound, having a medical insurance scheme to take care of any
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