As individuals age, they are more likely to experience health issues and may require medical care more frequently. Seniors are more prone to critical illnesses such as heart disease, cancer, and stroke. Without any health insurance, the costs associated with the treatment of such diseases may lead to exorbitant financial strain.
In such cases, health insurance for senior citizens, such as ‘Future Generali Varishta Bima’ and ‘Oriental Hope Insurance’, provide coverage for the costs of hospitalization, surgeries, prescription medications, and other medical expenses. Both plans help seniors to maintain their health, manage medical expenses, and enjoy a better quality of life in their later years.
However, this post will compare and contrast two famous senior citizen plans, so that the readers can make a wise choice between the two.
Comparison Between Future Generali Varishta Bima & Oriental HOPE Insurance Policy
| Parameters | Future Generali Varishta Bima Policy | Oriental HOPE Insurance Plan |
| Entry Age | 60 Years To Lifelong | |
| Sum Insured Options |
|
|
| Available Policy Types |
|
|
| Pre-Acceptance Medical Tests | Required | |
| Policy Period | Minimum: 1 Year Maximum: 3 Years | Issued For A Period Of 1 Year |
| Waiting Period |
|
|
| Portability Facility | Available | |
| Free Annual Medical Check-Up | From 2nd Year Onwards | Available only after 4 continuous claim-free policy years subject to a maximum of 1% of the average sum insured. |
| Pre & Post-Hospitalization Expenses | Covered | |
| Free Look Period | 15 Days | |
| Road Ambulance Charges | Rs. 1000 Per Hospitalization | |
| Co-Payment |
|
|
About Future Generali Varishta Bima Plan
Designed exclusively for senior citizens, Varishta Bima from Future Generali is a health insurance plan that offers coverage for individuals aged 60 years and above, with continuous protection extending throughout their lifetime.
The policy will address significant financial requirements associated with health challenges that emerge during the elderly years. This ensures that senior citizens won’t have to deplete their life savings to meet healthcare expenses. One can also cover their spouse under the floater option of the policy.
About Oriental HOPE Insurance Plan
Oriental Insurance’s HOPE (Health of Privileged Elders) is also specially crafted for individuals aged 60 and above. This policy provides extensive coverage, including specified diseases, and comes with various additional benefits.
A distinctive feature of the policy is its inclusion of medical costs that are typically excluded, such as ambulance charges, prescription drug expenses, and the cost of prosthetic devices. This policy stands out as the optimal choice, featuring the most affordable premium, and it covers the reimbursement of hospitalization and/or domiciliary expenses incurred due to specified diseases or injuries sustained by the insured individual.
Salient Features & Benefits Of Varishta Bima Policy From Future Generali
Here are the top reasons why one should go for Varishta Bima policy from Future Generali:
Pre-Acceptance Medical Tests:
Under the policy, a pre-insurance medical examination will be scheduled based on adverse medical declarations in the proposal form, the age of the member, and the chosen sum insured. The insured is entitled to a 50% reimbursement of charges incurred for pre-insurance medical tests, contingent upon the issuance of the policy.
The pre-medical checkup is applicable for individuals with any medical declaration or any sum insured. However, for the sum insured of Rs. 7.5 lakhs and Rs. 10 lakhs, the medical examination is mandatory.
3 Hour Cashless Settlement:
The ‘3-hour cashless claim settlement’ feature aims to complete this entire process of cashless claim settlements within a three-hour timeframe from the time of the intimation or admission.
This is designed to ensure quick access to medical services without the policyholder having to bear the financial burden upfront. Additionally, the 3-hour timeframe is often an aspirational goal and may depend on various factors such as the complexity of the case and the efficiency of the involved parties.
Floater Benefit:
One of the most noteworthy features of the Varishta Bima plan from Future Generali is its floater benefit, under which both the senior individuals and their spouses are covered. The primary advantage of this floater benefit is the flexibility it offers for coverage within a family.
Not only does it benefit the policyholders (since they need not buy a separate policy for their spouses) but it also offers great financial relief to the children who are providing for their old parents (since both parents are covered under a single policy).
Easy Premium Payment Facility:
The payment of premium for the Varishta Bima policy by Future Generali can be done easily. One can pay policy premiums on a half-yearly, quarterly, or monthly basis with loading. To know more about the loadings on standard premiums, kindly refer to the policy brochure!
Sub Limits:
Under the plan, sub-limits are applicable for listed procedures as shown in the table below. The maximum liability of claim payment is limited to the amount mentioned in the table. It is also important to note that there will be mandatory sub-limits for modern treatment methods and advancements in technologies.
| Sub Limits (All Values In Rupees) | ||||||
| Procedure/Treatment | 2 L | 3 L | 4 L | 5 L | 7.5 L | 10 L |
| Coronary Artery Bypass Grafting (CABG) | 150000 | 200000 | 225000 | 275000 | 300000 | 350000 |
| Percutaneous Transluminal Coronary Angioplasty (PTCA) | 150000 | 200000 | 225000 | 275000 | 300000 | 350000 |
| Cataract Surgery (Per Eye) | 15000 | 18000 | 20000 | 21500 | 23000 | 25000 |
| Total Knee Replacement (Per Knee) | 150000 | 200000 | 225000 | 275000 | 300000 | 350000 |
| Total Hip Replacement (Per Hip) | 150000 | 200000 | 225000 | 275000 | 300000 | 350000 |
Exciting Discount Offers:
The plan offers the following exciting discounts:
Family Discount:
In case the policyholder includes more than one family member under the individual sum insured option, the plan will offer 10% as a family discount.
Long-Term Discounts:
If the policyholders have chosen a single payment of premium and opted for 2- and 3-year policy terms, they are offered the following discounts:
- For 2 Year Policy: 5%
- For 3 Year Policy: 10%
Another Discount:
A 10% additional discount is granted if the insured submits the most recent medical reports within 15 days of completing the tests, along with the proposal form, and the proposal is approved. This discount is applicable for sum insured options of ₹2L, ₹3L, ₹4L, and ₹5L. It is important to note that this discount will not be applicable for subsequent renewals.
Salient Features & Benefits Of HOPE Insurance Policy From Oriental Insurance
Here are the following reasons why one should choose HOPE Insurance from Oriental Insurance:
Covers Specific Diseases Only:
The plan is specifically designed to cover only 11 specific diseases with the maximum limit of liability per illness as follows:
| Name Of Disease | Maximum Limit Of Liability Per Illness |
| Accidental Injury | 100% Of Sum Insured |
| Knee Replacement | 70% Of Sum Insured |
| Cardio Vascular Diseases | 50% Of Sum Insured |
| Chronic Renal Failure | 50% Of Sum Insured |
| Cancer | 50% Of Sum Insured |
| Hepato-Biliary Disorders | 50% Of Sum Insured |
| Chronic Obstructive Lung Diseases | 20% Of Sum Insured |
| Stroke | 20% Of Sum Insured |
| Benign Prostrate | 15% Of Sum Insured |
| Orthopaedic Diseases | 15% Of Sum Insured |
| Ophthalmic Diseases | 10% Of Sum Insured |
No Claim Discount:
The HOPE Insurance plan from Oriental Insurance also offers a No Claim Bonus (NCB) for every claim-free year, which ranges from 5% to a maximum of 20%. Moreover, for every 4 continuous claim-free policy years, the plan offers free health check-ups for the insured members subject to a maximum of 1% of the average sum insured.
Benefits For Existing Policyholders:
In case the customers are already insured with any of the mediclaim policies of Oriental Insurance, they are eligible to receive the benefit of continuity extended for the HOPE plan. This simply means that the policyholders will be able to carry forward certain advantages at the time of renewal, which in further, will enhance the overall coverage.
Discount For Opting Voluntary Co-Payment:
The HOPE Insurance policy from Oriental Insurance provides an option for voluntary co-payment, allowing the policyholders to choose a percentage or fixed amount of co-payment for covered expenses. In exchange for opting for voluntary co-payment, the plan offers a discount on the premium.
The range of discounts available on premium is from 10% to 50%. By choosing voluntary co-payment, the policyholder can enjoy a lower premium compared to a policy with no co-payment or a lower co-payment percentage.
Pre-Acceptance Medical Check-Up:
Anyone seeking to obtain a new HOPE Insurance policy from Oriental Insurance must submit the necessary medical reports, including any other reports required by the company, from an authorized Network Diagnostic Centre. This provision also applies to policy renewals that involve a break in the policy period.
The insured individual is responsible for covering the expenses associated with these medical check-ups. However, for new policy proposals, the company will reimburse 50% of the cost of the medical check-up per person.
AYUSH Cover:
Coverage for Ayurvedic, Unani, and Homeopathic (AYUSH) treatments in government hospitals or colleges is also a specific feature provided by Oriental HOPE Insurance. This can include consultations, medications, and specific procedures recommended by qualified practitioners in these alternative systems of medicine.
Premium Calculation For Both Plans
Before deciding between the two policies, it is equally important to have an estimate of their premium rates. Understanding the premium allows individuals to assess whether the policy is affordable and fits within their budget.
Therefore, this section will highlight the premium amounts of both policies under different scenarios.
Future Generali Varishta Bima Policy:
| Age Of Insured/s | Plan Type | Sum Insured | Premium Amount |
| 62 Years | Individual | Rs. 2 Lakhs | Rs. 9,451 |
| 72 Years | Individual | Rs. 4 Lakhs | Rs. 21,858 |
| Self: 70 Years; Spouse: 62 Years | Family Floater (For the family floater option, the premium will be applicable as per the age of the eldest member of the family.) | Rs. 5 Lakhs | Rs. 28,063 |
| Self: 74 Years; Spouse: 79 Years | Family Floater (Here, the premium will be calculated based on the spouse’s age.) | Rs. 7.5 Lakhs | Rs. 59,400 |
| 85 Years | Individual | Rs. 2 Lakhs | Rs. 17,787 |
Oriental HOPE Insurance Plan:
| Age Of Insured | Sum Insured | Premium Amount |
| 62 Years | Rs. 1 Lakh | Rs. 4500 |
| 68 Years | Rs. 2 Lakhs | Rs. 9100 |
| 75 Years | Rs. 3 Lakhs | Rs. 16,300 |
| 72 Years | Rs. 5 Lakhs | Rs. 26,100 |
| 86 Years | Rs. 4 Lakhs | Rs. 23,800 |
Premium will be loaded by 10% for new entrants.
Note: Kindly be aware that the benefit illustrations provided above may differ depending on individual circumstances, policy terms, and various other factors. To obtain accurate and personalized benefit illustrations that are tailored to your specific situation, we suggest referring to the official plan documents or consulting with a representative from the insurance provider.
What To Choose: Future Generali Varishta Bima OR Oriental HOPE Insurance Policy?
The choice between Future Generali Varishta Bima and Oriental HOPE Insurance policy would depend on your specific needs and preferences. Both plans come with great benefits and no exit age.
Let’s carry out a brief discussion on both of them!
All in all, the Varishta Bima policy from Future Generali is an excellent choice that caters to the diverse medical needs of senior citizens while providing financial security. Some of the noteworthy features of the plan are its raining discounts and floater facility that allows policyholders to reap the benefits of vast coverage. It covers specific diseases, illnesses, and injuries, ensuring that the insured individuals do not face any inconveniences. If you are seeking an affordable health insurance policy for yourself and your spouse, this one is worth considering.
On the other hand, HOPE or Health of Privileged Elders Insurance from Oriental Insurance offers fruitful features like AYUSH coverage and benefits for pre-existing customers despite being only an individual policy. True to its name, HOPE Insurance is designed to provide hope and support to senior citizens who require special care and attention. This policy offers exceptional financial stability to the elderly during a critical phase of their lives.
Both insurance plans provide peace of mind during a stage of life when health concerns are more prevalent. However, before choosing any one plan, it is advisable to carefully study the policy documents, compare the features and benefits, and if needed, seek guidance from a financial advisor or insurance professional who can provide personalized advice based on your specific circumstances and requirements.
