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Financial Planner - Answered on Apr 18, 2024

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Asked by Anonymous - Apr 17, 2024Hindi
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I am 70-year-old. Which insurance company can issue a mediclaim policy to senior citizens like me?

Ans: Several insurance companies offer health insurance policies specifically designed for senior citizens. Some of these companies include:

1. Star Health and Allied Insurance: They offer various health insurance plans specifically for senior citizens with comprehensive coverage and benefits tailored to their needs.

2. New India Assurance: They have health insurance policies catering to senior citizens, providing coverage for medical expenses, hospitalisation, and more.

3. National Insurance Company: They offer health insurance plans with coverage options suitable for senior citizens, including pre-existing disease coverage and other benefits.

4. United India Insurance: They provide health insurance policies for senior citizens with features like cashless hospitalisation, pre-existing disease coverage, and more.

5. Religare Health Insurance: They offer health insurance plans specially designed for senior citizens, providing coverage for hospitalisation expenses, pre-existing diseases, and other medical needs.

6. Bajaj Allianz: They have health insurance policies tailored for senior citizens, offering coverage for hospitalisation, medical expenses, and other related costs.

7. Max Bupa Health Insurance: They offer health insurance plans with specific coverage options for senior citizens, including comprehensive coverage for various medical expenses.

Before choosing a policy, it's essential to compare the features, coverage, premiums, and exclusions of different plans to find the one that best suits your needs and budget. Additionally, consider factors such as network hospitals, claim settlement ratio, and customer service quality when selecting an insurance company.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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My age is ,69yrs which company will give insurance
Ans: I can provide some guidance on finding health insurance at 69 years old:

Understanding Senior Citizen Health Insurance:

Many companies in India offer health insurance specifically designed for senior citizens, often referred to as "Senior Citizen Mediclaim Plans" or "Senior Citizen Health Insurance Plans." These plans cater to the specific healthcare needs of older adults.
Finding the Right Company:

Research Online: Start by searching for "Senior Citizen Health Insurance" or "Health Insurance for 69 year olds" in India. Websites like Policybazaar (https://www.policybazaar.com/health-insurance/senior-citizen-health-insurance/), CompareRaja (https://health-plan-compare.com/), or Bajaj Finserv (https://www.bajajfinserv.in/insurance/senior-citizen-care) allow plan comparisons and might provide leads.

Consider Reputable Companies: Look for established health insurance providers with a good track record in claim settlements. Some reputable companies in India include:

New India Assurance (https://www.newindia.co.in/)
Star Health and Allied Insurance Co. Limited (https://www.starhealth.in/)
Max Bupa Health Insurance (https://www.nivabupa.com/)
HDFC ERGO Health Insurance (https://www.hdfcergo.com/)
ICICI Lombard General Insurance Company Limited (https://ilhc.icicilombard.com/)
Factors to Consider When Choosing a Plan:

Pre-existing Conditions: Choose a plan that covers pre-existing conditions you might have, especially at your age.
Coverage: Look for a plan that covers hospitalization expenses, medications, and any specific needs you might have.
Network Hospitals: Consider the plan's network hospitals and their proximity to your location.
Renewal Options: Ensure the plan has guaranteed lifetime renewability.
Premiums: Compare premiums from different companies but prioritize coverage over just cost.
Additional Tips:

Contact Insurance Companies Directly: Get quotes and speak with representatives from several companies.
Consult an Insurance Agent: A licensed insurance agent can help you compare plans and choose the one that best suits your needs.
Remember, choosing the right health insurance plan is crucial at any age, especially after retirement. Take your time, research your options, and don't hesitate to ask questions before making a decision. I hope this information helps you find the best health insurance company for your needs!

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Ramalingam Kalirajan  |7831 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 01, 2024

Asked by Anonymous - Jun 25, 2024Hindi
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Is there any Health Insurance Policy exclusively for Senior citizens without Copay and Without Deductibles and without any Sub limit
Ans: Health insurance is hence important for senior citizens. Medical costs increase with rising age. Insurance helps in controlling the increasing expenses.

Some Features to Look for in a Policy
While selecting a health insurance policy for seniors, look out for the following features in it:

No Co-Payment: Ensure that the policy does not have any co-payment clauses. This ensures that the insurer will bear the entire amount of the claim.

No Deductibles: A policy with no deductibles is preferable. The insurer will pay right from the first rupee.
No Sub-Limits: Avoid policies having sub-limits for treatments or room rent. This will ensure that the policy provides complete coverage.
Available Options
Many insurers have products designed specifically for seniors. Here are some of the features these products could have:

High Sum Insured: Go for a policy that offers a sufficiently high sum insured. Medical treatments are expensive propositions.
Cashless Hospitalization: Pick policies which provide cashless treatment at a maximum number of hospitals. This relieves the financial strain during emergencies.
Pre-Existing Disease Coverage: Check that the policy covers pre-existing diseases after some waiting period.
Annual Health Check-Ups: Some policies offer annual health check-ups. This helps in early detection of health problems.
Domiciliary Hospitalization: Check whether the policy covers home treatment in case hospitalization is not possible.
Recommended Policies
Though no specific recommendations are given, take policies from reputed insurers. Here are some aspects to check:

Claim Settlement Ratio: High settlement ratios indicate reliable insurers.
Customer Service: It is essential and facilitates the smooth processing of claims.
Renewability Age: Some policies provide for lifetime renewability. This is vital for senior citizens.
No-Claim Bonus: Policies that come with a no-claim bonus increase the sum insured. This proves advantageous to healthy policyholders.
Keeping away from Common Pitfalls
While choosing a policy, watch out for common pitfalls:

Hidden Clauses: Go through the policy document with great care. Check hidden clauses that may severely limit coverage.
Network Hospitals: Ensure that there is a good number of network hospitals for the insurer around you.
Exclusions: Check what is excluded under the policy. Ensure that it does not exclude common treatments needed by seniors.
How to Buy
You can buy these policies online or through an insurance agent. Here are some tips for buying:

Compare Policies: There are comparison websites where you could compare different policies. Check coverage, premium, and features.
Consult a Certified Financial Planner: A Certified Financial Planner can provide advice with expertise. They will help you choose the best policy suiting your needs.
Final Insights
Health insurance for seniors is indispensable. Choose policies with no co-pay, no deductibles, and no sub-limits. Evaluate insurers on the basis of claim settlement ratios, customer service, and network hospitals. Consult a Certified Financial Planner for advice pertaining to the need.
Best Regards,

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

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Hi Anu I am a married woman with a very supportive husband and daughter. For last 10 years I am having an affair with a colleague and things are pretty well between us. Both of us have found the comfort and requisite from each other which we missed in married life and it saved our respective marriage though none of our family are aware of it. We balanced this till now effectively. Recently I got an opportunity within the company which is very lucrative and will enhance my career goals altogether however, for this I have to shift to another state. Now , my bf is very upset on this as it means he will not be able to meet me as we do every day. My husband and Daughter is fine with my shifting however my parents who are old are also apprehensive since I am the only child and do take care of them. My husband has assured to support them in absence of me and I have full confidence on him. All throughout my life I have focused on my professional career and have worked towards that and now when I got this opportunity I am emotionally unstable and unable to take the decision. My dilemma is surrounding various aspects. 1- Don’t want to leave my BF as he is my strength. 2- My parents are old and since I being the only child,they ae 3- If I could not perform in the new role then? 4- The daily hardship that I have to take over in a new place as my husband will not shift. 5- Remuneration wise not as such however if you say power then yes. Learning – knowledge enhancement and career upliftment - yes very much. 6- Current role will not grow much however stability as of now do exists. Can you help me to take the decision ?
Ans: Dear Nibedita,
What is important to you and what helps you grow professionally and personally must be looked at? Constraints are always going to play a role BUT working around it may help you make a decision. If professionally you are going to grow into the role and for this you need to work around things for the time being, then you must do just that. But in all this, do factor that you have a daughter who is still young and will need your presence a lot; physically and emotionally.
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Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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I’m 30, working as an assistant manager in a retail chain in Mumbai. Recently, I’ve been given more responsibilities but I feel unsure about leading a larger team. I want to give my best and prove myself worthy of a promotion. What should I focus on to prepare for managerial role?
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I assume you would already have some supervisory experience since you have been working in a managerial position. But yes the dynamics of handling a larger work force may be bit different. Each person will have a different leadership style suited to his/her personality & work needs. Since I am unaware of your exact job, deliverables, span of control, hierarchy etc. I am giving a general template to be an effective team lead:- 1) Know your team well - the importance of this one element cannot be over-emphasized enough, while simple it may look, most people fail to get this piece right & hence struggle. Knowing doesn't just mean names but in depth understanding of each team members' background, family, education, strengths/weaknesses so on so forth. This is the building block for effective leadership. 2) List out clear & unique deliverables for each member - A person cannot act clearly if the goals are ambiguous in the first place. Put ample effort to clearly enunciate the job roles. 3) Avoid micro management - This one element keeps most people from becoming an effective leader. As you go up in span, you need to be liberal in giving up the manual controls & instead put robust systems to take care such as reviews, reports etc. 4) Regular & quality feedback sessions - Feedback sessions should be regular, objective & should focus on real improvement inputs rather nit picking mistakes/making personal comments. 5) Reward/Recognition - Instant reward/acknowledgement of good work/performance (something as simple as weekly recognition in a group meet goes a long way in building performance culture). 6) Managing Poor Performance - Equally important is to effectively manage poor performers by having a structured performance improvement plans (PIPs) & exit process for laggards . Transparency & objectivity are the keys here.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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