I am 61 years old. Do not have any health issues so far. I have ICICI Prudential Health saver policy for the last 10 years. Never claimed any expenses. I want you to know, is this the best policy for me or can you advise alternate policy which can give me maximum benefits.

Ans: Hi, the coverage amount should be an estimate of the treatment you may be expecting in the near future in case you have any pre existing diseases. Else, due to the age being on higher end, you may have to pay higher premiums. Do not delay and purchase as soon as possible.

Ans: Choosing the right health insurance policy for a 63-year-old male with a cover of Rs 10 lakhs per annum, where you don't have to pay any money upfront for treatment, requires careful consideration. The health insurance market in India can be confusing with many companies and policies offering various benefits. However, certain parameters can help you make an informed decision.

Understanding the Importance of Health Insurance
Health insurance is critical, especially as one ages. Medical costs can be substantial, and having a robust health insurance policy can provide peace of mind. For seniors, it is particularly important to have a policy that covers all possible medical expenses without the hassle of upfront payments.

Cashless Treatment Facility
One of the key features to look for in a health insurance policy is the cashless treatment facility. This feature allows the insured to get treated without paying any money upfront at the time of hospitalization. The insurance company directly settles the bill with the hospital.

Network Hospitals
Check the insurance provider’s network hospitals. A larger network means more options for cashless treatment. Ensure that the hospitals in your vicinity or preferred hospitals are part of the insurer's network.

Comprehensive Coverage
Look for a policy that offers comprehensive coverage, including pre and post-hospitalization expenses, ambulance charges, day-care treatments, and critical illnesses. Comprehensive policies ensure that you are covered for a wide range of medical scenarios.

No Claim Bonus (NCB)
Some insurance companies offer a No Claim Bonus, which increases the sum insured for each claim-free year without any extra premium. This is beneficial as it enhances your coverage over time without additional cost.

Lifetime Renewability
Ensure the policy offers lifetime renewability. Health insurance policies with lifetime renewability allow you to renew the policy for as long as you live, without any age limit. This is crucial for senior citizens.

Minimal Exclusions
Every health insurance policy has certain exclusions. It is important to read the fine print and understand what is not covered. Opt for a policy with minimal exclusions to avoid surprises during a medical emergency.

Waiting Period for Pre-Existing Diseases
Check the waiting period for pre-existing diseases. Policies with shorter waiting periods for pre-existing conditions are preferable.

Claim Settlement Ratio
The claim settlement ratio of an insurance company indicates the number of claims settled against the total number of claims received. A higher claim settlement ratio indicates a reliable insurance provider.

Customer Reviews and Feedback
Look at customer reviews and feedback about the insurance provider. Real-life experiences of other policyholders can give you valuable insights into the company’s service quality and reliability.

Understanding Policy Terms
Health insurance policies can have complex terms and conditions. It is essential to understand these terms clearly. If needed, seek assistance from a Certified Financial Planner to interpret the policy details. This ensures that there are no misunderstandings at the time of claim.

Professional Guidance
A Certified Financial Planner can provide tailored advice based on your specific needs. They can help you compare different policies, understand the benefits, and make an informed decision.

Avoiding Misleading Information
Many insurance companies may mislead customers with attractive advertisements and offers. It is crucial to go beyond marketing and understand the real benefits and limitations of the policy.

Benefits of Actively Managed Funds Over Index Funds
While the focus here is on health insurance, it is worth mentioning the benefits of actively managed funds if you are looking at investment options as well. Actively managed funds can outperform the market as professional fund managers use their expertise to make investment decisions.

Disadvantages of Direct Funds
Investing in direct funds without guidance can be challenging. Direct funds do not provide advisory services, which can lead to poor investment decisions. It is beneficial to invest through a Mutual Fund Distributor (MFD) with a CFP credential, who can offer professional advice and ensure your investments align with your financial goals.


Navigating the world of health insurance can be overwhelming. It is commendable that you are taking proactive steps to secure your health and financial well-being. By focusing on these parameters, you are ensuring a safer and more secure future.


We understand the importance of finding the right health insurance policy, especially when healthcare costs are rising. It is crucial to choose a policy that not only fits your budget but also provides comprehensive coverage without any financial strain at the time of treatment.

Final Insights
Choosing the best health insurance policy for a 63-year-old male requires careful evaluation of various factors such as cashless treatment, network hospitals, comprehensive coverage, NCB, lifetime renewability, minimal exclusions, waiting period for pre-existing diseases, claim settlement ratio, customer reviews, understanding policy terms, and seeking professional guidance.

Taking the time to research and compare different policies will pay off in the long run. It is always advisable to seek the expertise of a Certified Financial Planner who can provide personalized advice and help you make an informed decision. Remember, the right health insurance policy can provide financial security and peace of mind, ensuring you get the best possible care without any upfront financial burden.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: You have taken a wise and responsible step by thinking about family health insurance now. At 48, it is very important to secure medical protection beyond company cover. Your awareness about misleading sales practices is also right. Many people buy policies without understanding coverage limits, waiting periods, and exclusions. Let us carefully analyse your situation and guide you with a 360-degree approach to select the right health insurance plan for your family of three.

» Importance of Having Independent Health Insurance

Company health insurance is helpful, but it is temporary.

It stops once you leave or retire from your job.

A personal health insurance policy continues lifelong.

Medical costs in India are rising faster than inflation.

A single hospitalisation can easily cost Rs 3 to 10 lakh.

Hence, a family policy ensures full protection even after job loss, change, or retirement.

» Understanding Your Current Cover

You are covered by a company group health plan for Rs 2 lakh.

That is too low for a family of three today.

A small surgery or private hospital stay can consume this limit fast.

Once the company cover is used, you may need to pay from your pocket.

So, personal family floater health insurance is essential.

» Ideal Coverage Amount

At your age, a base cover of Rs 10 lakh for family floater is ideal.

A top-up or super top-up plan can be added for Rs 15–20 lakh more.

Together, you get Rs 25–30 lakh total protection at low cost.

A base plan covers day-to-day hospitalisation.

A top-up covers large or multiple claims in a year.

This combination keeps your premium reasonable and coverage strong.

» Choosing Family Floater or Individual Plan

A family floater plan covers all members under one sum insured.

It is cheaper and convenient for a young family.

Since your wife is 41 and son is 5, a floater plan fits well.

The premium depends on the eldest member’s age, so it will be based on your age.

Individual plans are better only when there is a wide age gap or health issue in one person.

You can start with a floater now and add individual plans later if needed.

» Key Features to Check in a Good Policy

When comparing policies, focus on these core features instead of marketing offers:

Lifelong renewability: Ensure policy renews lifelong without age limit.

No claim-based loading: Premium should not rise just because you claimed.

Room rent limit: Prefer plans without sub-limits on room rent.

Pre and post-hospitalisation cover: Should cover at least 60 days before and 90 days after hospitalisation.

Daycare procedures: Should cover all daycare treatments, not a limited list.

No capping on diseases: Avoid policies that restrict specific illness costs.

Restoration benefit: Should automatically restore sum insured if used in a year.

Cashless network: Must have a large network of hospitals near your area.

Ambulance and domiciliary care: Should include both.

These points matter more than just low premium or cashback offers shown on comparison portals.

» Understanding Waiting Periods and Pre-existing Disease Cover

Every insurer keeps a waiting period for pre-existing diseases, usually 2–4 years.

It means such conditions are covered only after that period.

Some insurers offer shorter waiting periods or buyback options.

Choose one with minimum waiting period.

Also, check the initial waiting period of 30 days for general illness.

Accidental hospitalisation is usually covered from day one.

» Evaluating Claim Process and Customer Service

Many people face problems during claim time, not while buying policy.

Choose an insurer with proven cashless claim approval process.

Ask about their claim settlement ratio.

A good insurer should have 90% or more cashless claim success.

Also, check their grievance handling speed.

Reading genuine customer reviews (not ads) can help understand real service quality.

» Comparison of Plan Types

Base Health Insurance Plan: Gives full protection for normal hospitalisation.

Super Top-up Plan: Extends coverage at low cost after base amount is used.

Critical Illness Plan: Provides lump sum on diagnosis of major diseases.

For you, base plus super top-up plan is enough now.

Later, after age 55, you can consider adding a small critical illness cover.

» How to Avoid Getting Misled by Insurance Sellers

Never buy a policy just because of a low premium or gift offer.

Read the policy brochure carefully.

Focus on inclusions and exclusions.

Avoid agents who hide waiting period or sub-limit details.

Always buy from a Certified Financial Planner or registered insurance intermediary.

They explain in simple language and help you select need-based coverage.

Online comparison sites only show prices but not suitability.

So, you need professional guidance, not automated ranking.

» Suitable Coverage Strategy for Your Family

You can buy a Rs 10 lakh family floater base plan now.

Add a Rs 20 lakh super top-up policy from same insurer for seamless claim.

Include coverage for maternity and newborn care if planning second child.

Ensure coverage includes your wife’s and son’s hospitalisation, dental surgeries, daycare, and paediatric care.

Select a policy with annual health check-up benefit.

This will help you maintain regular health tracking.

» Premium Payment and Tax Benefits

Premium paid for health insurance qualifies for tax deduction under Section 80D.

You can claim up to Rs 25,000 per year for self, spouse, and children.

Paying by online transfer or card helps maintain valid proof for claim.

Avoid monthly premium options as they may cost more than annual payment.

» Evaluating Co-pay and Deductibles

Co-pay means you share part of hospital bill, usually 10–20%.

Some plans apply it above certain age or for specific treatments.

Prefer policies with zero or minimum co-pay.

Deductible applies mainly in top-up plans.

If your base plan covers Rs 10 lakh, keep deductible same for super top-up.

This ensures full coverage continuity without confusion.

» Importance of Health Declaration Honesty

Always declare your medical history truthfully when applying.

Even small ailments like high BP or sugar must be declared.

Non-disclosure can lead to rejection later.

Once declared honestly, the company cannot deny claim after waiting period.

» Family Health Planning Beyond Insurance

Maintain healthy lifestyle habits to reduce medical risks.

Eat balanced food and exercise at least 30 minutes daily.

Avoid smoking, alcohol, and stress.

Take regular health check-ups even if not covered.

Build a small health emergency fund for non-insured expenses like medicines or diagnostics.

» Understanding Why Early Purchase Matters

Premiums rise sharply with age after 45.

Buying now locks your health history and age slab.

If you wait till 50 or 55, premiums may be double.

Some diseases may start by then, making coverage harder.

So, early purchase ensures lifelong protection without exclusions.

» Policy Renewal Discipline

Never skip annual renewal.

Even one day delay can cause loss of continuity benefits.

Keep renewal date reminder in phone calendar.

Always pay directly through official insurer portal or trusted intermediary.

» Managing Health Insurance with Future Goals

Health insurance is not an investment. It is risk protection.

Do not mix with ULIPs or endowment policies.

Keep it separate from savings and mutual funds.

As income grows, you can enhance cover every few years using top-ups.

Also, review coverage every three years for family needs and inflation.

» Common Mistakes to Avoid

Selecting cheapest plan without checking hospital network.

Ignoring disease sub-limits and waiting periods.

Forgetting to check cashless tie-up in your city.

Not reading exclusion list carefully.

Mixing critical illness plan with hospitalisation plan wrongly.

Assuming corporate policy is enough for lifetime.

» How to Evaluate Insurer Reliability

Choose insurer with long experience in health segment.

Check claim settlement ratio, ideally above 95%.

Review their in-house claim team instead of third-party administrator.

Insurers with in-house claim management usually offer faster approvals.

Also, ensure they have digital claim intimation and mobile support.

» Role of Certified Financial Planner in Policy Selection

A Certified Financial Planner evaluates policies based on your health, age, and family.

They assess premium affordability, coverage adequacy, and claim process.

They also help renew and track changes every year.

This avoids confusion from online aggregators who just compare prices.

Hence, working with a CFP ensures clarity and long-term protection.

» Reviewing Cover Every Few Years

Inflation in medical cost is about 10–12% yearly.

Rs 10 lakh today may not be enough after 8–10 years.

Increase your base cover every 5 years or after salary rise.

You can add another super top-up plan instead of replacing old one.

This layered approach keeps protection current with changing healthcare prices.

» Planning for Post-Retirement Medical Security

After retirement, income may fall but health cost rises.

A lifelong renewable plan ensures you stay covered.

Premiums will be higher at 60, so start building a health fund.

Keep 2–3 years of premium in a liquid or debt fund.

This fund will help you maintain policy even without active income.

» Understanding Hospital Network Importance

Always choose insurer with hospitals near your home and office.

Check both private and multi-speciality hospitals in list.

Cashless approval makes claim easier and stress-free.

Reimbursement claims are lengthy and may delay refund.

So, wide hospital network is a strong selection factor.

» Building Complete Family Protection Plan

You should have:

A family floater health insurance plan.

A super top-up plan for high-value protection.

A separate term insurance plan for life risk.

An emergency medical fund for small expenses.

Together, these give full 360-degree family protection.

It secures your health, income, and financial peace.

» Steps to Finalise Your Policy

Shortlist 3–4 insurers with strong reputation.

Compare features, not just prices.

Call each insurer to clarify doubts before buying.

Buy directly from company or through CFP-managed service.

Keep all communication on email for record.

Verify policy document immediately after issue.

Inform your spouse about policy details and claim helpline.

» Finally

You have shown maturity and foresight by planning family health insurance at 48. This single decision will protect your family from major financial shocks. Focus on coverage features, not on advertisements or cashback offers. A Rs 10 lakh base plus Rs 20 lakh super top-up family floater policy is an ideal start. Buy from a reputed insurer with proven claim record and large hospital network. Ensure lifelong renewability, no sub-limits, and smooth cashless process.

Your family’s health safety deserves careful planning. With honest disclosure, timely renewal, and regular review, your policy will serve you reliably for decades. This will ensure you can focus on life goals with confidence and peace.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment