Which is the best/safest Health Insurance Policy Company for 63-year-old males for Rs-10 Lakhs per annum where I don't have to pay any money for any Treatment or Disease upfront? Most companies Mislead their Customers. Kindly give me a Frank Opinion.

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