Insurance Cover for Very Senior Citizens; IRDA Examines Proposal by Apollo Munich

No Bar for Very Senior Citizens

Apollo Munich's new plan promises to break this ceiling, allowing even very senior citizens (above 80) and nonagenarians to buy the cover.

The cover, however, will have a fat price tag. A Rs3-lakh cover for a 70-year-old will come at Rs19,000 a year. At 80, it will costRs32,000 a year and at 90, Rs57,000. Add the 10.3% service tax and the total yearly cost is more than 20% of the cover. "These are tentative figures submitted to the regulator; the final figures may change marginally when the product is finally cleared," says Jacob. The conditions don't end there.

There's a waiting period of one year before the plan covers all diseases, and a long four-year wait for covering pre-existing diseases. Also, senior citizens won't get all the facilities of a normal cover. "There will be a co-payment clause as well as sub-limits in the policy," Jacob clarifies.

The co-payment clause requires the buyer to shell out a percentage of the claim (normally 20%). Under the sublimit clause, there are limits on expenses incurred under various heads, such as room rent, doctor's fee, nursing charges and cost of medicines. However, this applies to all patients irrespective of age.