As we navigate the intricate landscape of senior citizen health plans, it becomes imperative to make an informed choice that caters to the unique needs and aspirations of our elders. In the realm of senior citizen health plans, two prominent options stand out – Star Health’s Senior Citizens Red Carpet Health Insurance Policy (Senior Citizens Red Carpet Health Insurance Policy) and the ICICI Golden Shield Senior Citizen Health Insurance (ICICI Lombard Golden Shield Policy). As we navigate the landscape of healthcare tailored for our elders, it’s crucial to understand the distinctive features, benefits, and nuances that set these plans apart. Join us as we delve into a comparative exploration, helping you make an informed decision for the well-being and security of your loved ones in their cherished senior years.
Let’s embark on a journey to discover the unique offerings and advantages that each of these plans brings to the table.
Compare Senior Citizens Red Carpet Health Insurance Policy and ICICI Golden Shield Policy
Here is the list of the prime differences between ICICI Golden Shield Senior Citizen Health Insurance and Star Health’s Senior Citizens Red Carpet Health Insurance Policy.
|Senior Citizens Red Carpet Health Insurance Policy
|ICICI Golden Shield Senior Citizen Health Insurance
|Minimum & Maximum Entry Age
|Between 60 Years and 75 Years
No Upper Age Limit
|All daycare procedures are covered
|Up to Rs. 25 Lakhs
|Up to Rs. 50 lakhs
|This policy is subject to a co-payment of 30% for all claims.
|This policy will be subject to a 50% base co-payment.
|Room Rent Limit
|Up to Rs.10,000/- per day
|Room Rent up to Twin sharing room (for Annual Sum Insured below Rs. 10 Lacs and Single private AC room for annual sum insured Rs. 10L and above
|Annual Health check-up
For per person (Limit): Rs. 2,500
For Per Policy Period (Limit): Rs. 4,500
|Payment of premium by any mode other than cash for this insurance is eligible for relief under Section 80D of the Income Tax Act 1961.
|Tax benefit under Section 80 D
|Pre and Post Hospitalisation Expenses
Pre-hospitalisation- 30 Days
Post-hospitalization- up to 7% of the hospitalization expenses as per the limits mentioned in the policy clause.
|60 Days and 180 Days
|Up to 2% of the Sum Insured is payable as ICU charges for the Sum Insured up to Rs. 10 lakhs. And, for the Sum Insured of Rs. 15 lakhs to Rs. 25 lakhs, ICU charges are covered up to actuals.
|Expenses related to the treatment of any illness within 30 days from the first policy commencement date shall be excluded except claims arising due to an accident, provided the same are covered
|24 Months for PED (Pre-existing Diseases)
Understanding Senior Citizen Red Carpet Health Insurance Policy
Star Health Insurance Company presents the Senior Citizens Red Carpet Health Insurance Policy, a specially crafted health insurance plan designed for individuals in their sixties. The primary objective is to provide a seamless and worry-free retirement life, allowing them to embrace the golden years without concerns. This policy offers a comprehensive array of benefits and facilities, aiming to ensure financial security against various medical risks, ailments, and diseases commonly associated with this age group.
To address the specific health challenges faced by seniors, Star Health’s Senior Citizens Red Carpet Health Insurance Policy covers pre-existing diseases from the second year onwards. Notably, obtaining this policy is made convenient, as it eliminates the need for pre-policy medical check-ups. This plan stands out for its flexibility, allowing customization based on individual needs and preferences.
What Distinguishing Features and Benefits Does Senior Citizens Red Carpet Health Insurance Policy Offer?
Listed below are the distinctive features and benefits of Senior Citizens Red Carpet Health Insurance Policy
- Policy Duration
The plan duration spans from 1, 2, and 3 years, providing flexibility to individuals seeking insurance under the Senior Citizens Red Carpet Health Insurance Policy. This range of options ensures that policyholders can select a tenure that aligns with their specific needs and comfort, enhancing the overall convenience of the insurance plan.
- Multiple Sum Insured Option
The policy offers flexibility in choosing the sum insured amount, allowing individuals to align it with their specific insurance requirements. The available choices include:
- INR 1-7.5 lakh (Sum insured on an individual basis)
- INR 10-25 lakh (Sum insured on an individual and family floater basis)
This range of options ensures that policyholders can select a sum insured that best meets their financial and healthcare needs, providing personalized coverage under the Senior Citizens Red Carpet Health Insurance Policy.
- Cataract Limit Revision
Once the policy has been active for 24 months, the Senior Citizens Red Carpet Health Insurance Policy covers the costs associated with cataract surgery. Additionally, the policy offers the flexibility to modify the sum insured at the time of renewal. This feature allows policyholders to adjust their coverage according to changing needs and circumstances, ensuring that the insurance remains adaptable to evolving healthcare requirements.
- Modern Treatment Coverage
The insurance policy encompasses coverage for contemporary treatments, incorporating expenses related to Oral Chemotherapy, Intra Vitreal injections, Robotic Surgeries, and other advanced medical interventions. The coverage extends up to the limits specified in the policy clause, assuring policyholders of financial support for cutting-edge medical treatments that may be essential for their well-being.
- Premium Discounts
Policyholders can avail themselves of premium discounts as part of the benefits. Those who choose to purchase or renew the policy online are eligible for a 5% discount. Furthermore, individuals who take a proactive approach to their health by undergoing the specified medical tests within 45 days before purchasing or renewing the policy can enjoy an additional 10% discount.
- Pre-Existing Diseases Waiting Period
The policy effectively addresses Pre-Existing Diseases (PED) by providing coverage for both the pre-existing conditions and their complications. However, this coverage is subject to a waiting period of 12 months. It is essential to note that this waiting period condition applies if the pre-existing conditions were declared at the time of application and were accepted by the insurer.
- Outpatient Consultation Coverage
Star Health’s Senior Citizens Red Carpet Health Insurance Policy provides coverage for outpatient consultations at network hospitals, with payments made up to the specified limits outlined in the policy clause. This feature ensures that policyholders receive financial assistance for outpatient medical consultations, contributing to comprehensive healthcare coverage.
- Flexible Policy Type
Policyholders enjoy the flexibility to tailor the Policy to their specific needs. This policy can be availed either on an individual basis or as a Floater policy. The Individual option provides coverage for the policyholder alone, while the Floater option extends coverage to include the policyholder’s spouse under a single policy.
This health insurance policy incorporates a co-payment feature, signifying that a certain percentage of the costs must be borne by the policyholder when making a claim. Under this policy, you are required to pay 30% of the expenses for any claims you submit.
What is ICICI Golden Shield Senior Citizen Health Insurance?
ICICI Lombard Golden Shield policy stands as a senior citizen health insurance policy tailored to address the healthcare requirements of individuals aged 56 and above. In line with conventional Mediclaim policies, Golden Shield covers unforeseen medical expenses related to hospitalization, physical examinations, daycare procedures, and ambulance services. This policy aims to provide comprehensive coverage and financial support for a range of medical situations, ensuring peace of mind for seniors in managing their healthcare needs.
This policy is distinguished by its ability to offer comprehensive protection at an affordable cost. The reliability of the plan is further enhanced by features such as a high insured amount, annual physical examinations, and the convenience of cashless hospital care. To qualify for Golden Shield, applicants undergo a swift pre-medical tele-screening process.
What are the Features and Benefits of ICICI Lombard Golden Shield Policy?
The following are the special features and benefits of the ICICI Lombard Golden Shield Policy.
Expenses arising from illness or accidental injuries encompass a spectrum of healthcare components. This coverage includes room rent, doctor’s fees, ICU charges, nurse’s fees, as well as expenses for medicines and drugs. The policy ensures comprehensive financial support for a wide range of medical services, providing coverage for both planned and unplanned healthcare needs.
- Day care treatments
Expenses related to medical surgeries and procedures that necessitate less than 24 hours of hospitalization are commonly referred to as daycare procedures. This category includes treatments like radiotherapy, chemotherapy, dialysis, and other medical interventions that do not require an overnight stay at the hospital.
- Modern treatments
Expenses related to advanced and modern treatments, encompass innovative medical interventions such as immunotherapy, stem cell therapy, robotic surgeries, and balloon sinuplasty. The policy covers the costs associated with these cutting-edge medical procedures, ensuring policyholders have financial assistance for state-of-the-art treatments that may be essential for their well-being.
- Pre & post hospitalisation
It offers coverage for pre-hospitalization expenses, extending up to 30 days before hospitalization, and post-hospitalization expenses, covering up to 7% of the total hospitalization expenses. This feature ensures comprehensive financial support, addressing not only the direct costs of hospitalization but also the associated expenses before and after the hospital stay.
- Donor expenses
It provides coverage for in-patient hospitalization expenses related to an organ donor, if required. This provision ensures that the policy extends financial support to cover medical costs associated with the hospitalization of an organ donor during the process of organ transplantation.
- Domiciliary hospitalization & home care treatment
The policy recognizes the need for medical care that can be provided in a home setting and extends financial support for such services. This feature ensures that policyholders have the flexibility to receive necessary medical treatment in the comfort of their homes when recommended by a healthcare professional.
- AYUSH treatment
Coverage for expenses incurred for AYUSH (Ayurvedic, Yoga and Naturopathy, Unani, Siddha, and Homeopathic) treatment at a recognized hospital or institute. This provision acknowledges and supports alternative and traditional forms of healthcare, providing policyholders with the flexibility to choose AYUSH treatments in addition to conventional medical interventions.
- Ambulance coverage
The policy provides coverage for road ambulance and air ambulance charges, facilitating transportation to the nearest hospital in case of a medical emergency. This provision ensures that policyholders have financial support for the expenses associated with ambulance services, whether by road or air, to swiftly and safely transport them to a healthcare facility. It emphasizes the importance of timely and efficient medical assistance during critical situations.
Who is the Winner: Senior Citizens Red Carpet Health Insurance Policy or ICICI Lombard Golden Shield Policy?
Having said that, both Senior Citizens Red Carpet Health Insurance Policy and ICICI Lombard Golden Shield Policy offer maximum protection to senior citizens, making both the best plan in the market. However, you will need to choose one that caters to your needs. Determining the “best” health insurance policy for senior citizens, such as the Senior Citizens Red Carpet Health Insurance Policy and the ICICI Lombard Golden Shield Policy, can depend on individual needs, preferences, and specific coverage requirements.
It is essential to carefully evaluate and compare the features, benefits, and terms of each policy to make an informed decision. If you want a higher sum insured and maximum pre and post-hospitalization coverage, then ICICI Lombard Golden Shield Policy is the best choice. On the other hand, if you want fewer co-payment options along with swift customer support, then Star Health’s Senior Citizens Red Carpet Health Insurance Policy is an ideal solution.