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Grandparents have to get health insurance, know from experts how much premium should be

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new Delhi. If you want to buy health insurance for your elderly parents or grandparents, then you should see not only the coverage but also the pros and cons of your premium.

If the age of the life insured is around 60 years, then it would be better to keep the premium only up to 2.5 percent of their total sum assured. Similarly, if the age is up to 80 years, then you can pay premium up to 9% of the total Sum Assured. If you are paying a premium of more than this, then it is expensive for you. Amit Chhabra, Head (Health Business), Policybazar said, “The premium for senior citizens in most cases should not exceed 10 per cent of the sum insured.

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Cheapest and most expensive policy
With age, the premium of the policy can become cheaper or even expensive. Also, the prices vary due to the rider and features involved. According to an estimate, the cheapest policy of insurance of Rs 10 lakh for a person of 75 years can come for Rs 27,000 and the most expensive policy can come for Rs 99,000. Policy which does not have conditions like co-payment, their premium remains high.

depends on health
If a senior citizen already has a health problem, the premium may be higher. That is, if you buy a policy at the age of 75 and you have a serious problem of diabetes, then the insurance company can increase its basic price by 100 to 150 percent.

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Premium increases every three years
Although companies do not make any standard for increasing the premium, but usually every three years the premium of a health insurance policy increases by 15 percent. For those in the age group of 60 to 80 years, this premium increases at the rate of 4-5 per cent annually. If a senior citizen has a serious problem then it becomes difficult to buy health insurance.

Tags: health insurance, health insurance premium

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