Choosing the right health insurance plan for senior citizens is a critical decision that demands careful consideration of coverage, benefits, and affordability. Two prominent options in this domain are the Tata AIG ElderCare plan and the Bajaj Allianz Silver Health Plan. Both plans cater specifically to the healthcare needs of the elderly, offering a range of features designed to provide comprehensive coverage. In this comparison, we will delve into the specifics of each plan, examining factors such as coverage for hospitalization, critical illnesses, pre-existing conditions, and additional perks.
By navigating the details of Tata AIG ElderCare (Tata AIG Elder Care) and Bajaj Allianz Silver Health Plan, individuals can make informed decisions tailored to their unique health requirements and financial considerations.
Unveiling the Variances Between Tata AIG ElderCare and Bajaj Allianz Silver Health Plan
Let’s take a look at the differences between Tata AIG ElderCare and Bajaj Allianz Silver Health Plan.
| Parameters | Tata AIG ElderCare | Bajaj Allianz Silver Health Plan |
| Minimum Entry Age | 61 Years | 46 Years |
| Maximum Entry Age | 85 Years | 80 Years |
| Pre-hospitalisation Expenses | 30 Days | 30 Days |
| Post-Hospitalisation Expenses | 60 Days | 60 Days |
| Policy tenure Options | 1/2/3 Years | Policy can be taken for 1year/ 2years OR 3years. |
| Road Ambulance Cover | Up to Rs. 5000 per Hospitalization | Rs. 1000/- per claim incurred on an ambulance |
| Preventative health check-ups | Once after a block of every two continuous claim-free years for listed tests on a cashless basis. | 1% of the Sum Insured maximum up to Rs. 5000/- for Self and Spouse separately |
| Sum Insured | ElderCare: 5Lacs/ 10Lacs/ 25 Lacs respectively | Up to Rs. 10 Lakhs. |
| Policy Benefit |
2 members -20% |
Long Term Policy Discount:
This will not apply to policies where the premium is paid in installments. |
| Tax Benefit | Maximum deduction of Rs. 75,000 under Section 80D. | Income tax benefit under Section 80D of the Income Tax Act. |
| Renewability | Lifelong on timely premium payments. | Lifetime renewal benefit is available under the policy, except on the grounds of your moral hazard, misrepresentation, non-cooperation, or fraud. |
| Cataract (Per Eye) | Cataract (per eye per insured person): Zone A: Rs. 50,000/ Rs. 75,000/ Rs. 1,00,000 Zone B: Rs. 47,500/ Rs. 70,000/ Rs. 95,000 Zone C: Rs. 40,000/ Rs. 60,000/ Rs. 80,000 | 10% of Sum Insured, Max up to Rs. 40,000 per claim (whichever is lower) |
| Co-Pay | Mandatory Co-Payment – 20% | 10% co-payment (Every admissible claim) 20% of every admissible claim if treatment availed in Non-Network Hospital |
What is Tata AIG ElderCare?
Tata AIG Elder Care is a comprehensive health insurance product specifically designed to address the diverse healthcare needs of individuals aged 61 years and above. This insurance offering goes beyond the conventional coverage by encompassing a wide range of medical necessities that older individuals may require. From hospitalization expenses to critical illnesses, Tata AIG Elder Care aims to provide a robust safety net for the elderly during their golden years. This plan is crafted with the understanding that seniors have unique health concerns, and it strives to cater to those needs with a commitment to excellence.
The policy comes with a myriad of benefits, including Home Physiotherapy, Compassionate Care, Home Care Treatment coverage, Wellness Services, Post post-operative care, Home Assessment and Modification for Elderly Care/Disability, and more. With a sum insured up to Rs. 25 Lacs, policyholders can rest assured that their hospitalization expenses will be covered.
What are the Features and Benefits of Tata AIG ElderCare?
Here are the salient features and benefits of Tata AIG Elder Care Plan.
- Home Physiotherapy
Following a hospitalization claim under joint replacement surgery, stroke, or paralysis, the insurer will facilitate the arrangement of up to 10 physiotherapy sessions at the insured person’s home in India. This service is provided specifically within the city in which the insured person resides, offering a convenient and supportive post-hospitalization care component to aid in the recovery process.
- Compassionate Care
Tata AIG will coordinate the provision of a compassionate caregiver to assist the insured person with ‘Activities of Daily Living’ at their home within India, specifically within the city where the insured person resides. This service is available for a maximum duration of 14 days per person in a policy year and is applicable within the post-hospitalization period.
- Home Care Treatment Cover
The policy will provide coverage for reasonable and customary medical expenses incurred for treatment taken at home, specifically for conditions or illnesses specified in the policy. This coverage extends to a maximum limit of up to 10% of the sum insured (excluding accrued cumulative bonus).
- Home Assessment and Modification for Elderly Care/Disability
If an insured person is hospitalized for medically necessary treatment and, upon discharge, requires the use of a wheelchair or ambulatory support, Tata AIG will facilitate a home assessment. This assessment is conducted to evaluate and recommend any necessary modifications in the insured person’s home to cater to their mobility needs, especially in the context of elderly care or disability.
- In-Patient Treatment
The policy covers medical expenses directly associated with hospitalization resulting from a disease, illness, or injury during the policy period. This coverage applies when an insured person necessitates admission to a hospital as an inpatient. In such cases, the policy provides financial protection for the incurred medical costs directly related to the hospital stay, offering support for the necessary healthcare services received during the covered period.
- Annual Preventive Health Consultations
Tata AIG will coordinate an annual health consultation once every policy year for a preventive dental checkup, eye checkup, and orthopedic consultation. This feature underscores the insurer’s commitment to proactive healthcare management by providing policyholders with access to regular check-ups in key areas such as dental health, vision, and orthopedics.
- Consumables Benefit
The policy covers expenses incurred for specified consumables, as listed in the policy, which are consumed during the period of hospitalization directly related to the insured person’s medical or surgical treatment of illness, disease, or injury. This provision ensures that the costs associated with essential consumables used in the course of medical or surgical procedures are included in the coverage.
- High-End Diagnostics
The policy covers the insured person for diagnostic tests listed in the policy on an OPD (Outpatient Department) basis if deemed necessary as part of a treatment plan. This coverage is subject to a maximum limit of Rs. 20,000 per policy year, which is over and above the base sum insured.
- Cumulative Bonus
The policy includes a 10% cumulative bonus that will be applied to the Sum Insured for the next policy year after every claim-free policy year. This benefit is contingent on the policy being renewed with the insurer and without any break in coverage. The maximum cumulative bonus that can be accrued shall not exceed 100% of the Sum Insured in any given policy year.
About Bajaj Allianz Silver Health Plan
The Bajaj Allianz Silver Health Plan for Senior Citizens is a well-suited health insurance option for individuals in their senior years, offering a safety net for those seeking to secure their own health or safeguard their parents’ post-retirement. This insurance plan is designed to provide comprehensive coverage and support for medical treatments during the later stages of life. The maximum age to buy the policy is 80 years and covers parents/parents-in-law, offering maximum protection against medical emergencies. It comes with individual and family floater sum insured options.
Bajaj Allianz provides coverage for both you and your spouse, ensuring financial support during times of expensive medical care. Tailored for senior citizens, the versatile Bajaj Allianz Silver Health Plan encompasses various healthcare needs. It includes coverage for pre and post-hospitalization charges, ambulance expenses, and health check-ups. Notably, the policy extends coverage for pre-existing illnesses starting from the second year of policy commencement. Additionally, the Bajaj Allianz Silver Health Plan offers the convenience of both cashless and reimbursement benefits.
What are the Key Features and Benefits of the Bajaj Allianz Silver Health Plan?
The following are the unique features and benefits of the Bajaj Allianz Silver Health Plan.
- In-patient Treatment
Under the Bajaj Allianz Silver Health Plan, medical expenses incurred due to injury or illness will be covered if your doctor prescribes hospitalization for a duration exceeding 24 hours. This provision ensures that necessary and extended hospital stays, recommended by a medical professional, are covered by the policy, providing financial support during times of health-related challenges.
- Road Ambulance
The insurer will reimburse the reasonable cost, up to a maximum of Rs. 1000 per claim, incurred for an ambulance provided by a healthcare or ambulance service provider. This coverage applies when transferring you to the nearest hospital equipped with adequate emergency facilities for the provision of health services following an emergency.
- Day Care Procedures
Bajaj Allianz will reimburse you for medical expenses, as specified above under In-patient Hospitalization Treatment, for day care procedures/surgeries that are undertaken as an inpatient in a hospital or daycare center, excluding those conducted in the outpatient department.
- Pre and Post-Hospitalisation Expenses
The policy covers medical expenses incurred during the 30 days preceding hospitalization (pre-hospitalization) and the 60 days following hospitalization (post-hospitalization). This feature ensures that relevant medical costs associated with the period before and after hospitalization are included in the coverage, providing comprehensive support for the entire episode of medical treatment.
- Domiciliary Expense
Coverage is provided for medical treatment lasting more than three days due to an illness, disease, or injury. This coverage is applicable for conditions that would typically require care and treatment at a hospital but, based on the advice of the attending Medical Practitioner, is instead administered while the individual is confined at home.
- Cumulative Bonus
If you renew your “Silver Health” policy without any break and there has been no claim in the preceding year, Bajaj Allianz will enhance the Limit of Indemnity by 10% of the base Sum Insured per annum. This feature provides a bonus or increase in coverage as a reward for claim-free policy renewals, encouraging continuous coverage and recognizing the policyholder’s commitment to maintaining a good claims history.
- Migration of policy
The insured person has the option to migrate the policy to other health insurance products or plans offered by the company. To exercise this option, the insured person needs to apply for migration at least 30 days before the policy renewal date, following the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI) on policy migration.
- Tax saving
Opting for the Bajaj Allianz Silver Health Plan for your parents may allow you to avail Rs 25,000 per annum as a deduction against your taxes, provided you are not over 60 years old. If you are paying a premium for your parents, who are senior citizens (age 60 or above), the maximum health insurance benefit for tax purposes is capped at Rs 50,000.
- Modern Treatment Methods and Advancements in Technologies
Medical treatment methods and advancements in technologies, as per the specified list, will be covered up to the Base Sum Insured. This means that the policy provides coverage for healthcare procedures and technologies that are considered modern and advanced, up to the maximum limit defined by the Base Sum Insured.
Premium Calculation For Both Plans
Meet Mr. Singh, a diligent farmer in his early 60s who has spent a lifetime cultivating the land. Recognizing the importance of health coverage, especially as he enters his senior years, Mr. Singh is on a quest to secure a health insurance plan that safeguards him against the uncertainties of rising health conditions. In his research, he discovers two promising options: the Tata AIG Elder Care Plan and the Bajaj Allianz Silver Health Plan.
In this scenario, Mr. Singh’s practical approach reflects the resilience he has demonstrated throughout his years of farming. His diligent premium calculations for the Tata AIG Elder Care Plan and Bajaj Allianz Silver Health Plan signify his commitment to making an informed decision.
Tata AIG Elder Care Plan:
| Age | Gender | Policy Tenure | Health Insurance Coverage (Sum Insured) | Premium Amount (in Rs.) |
| 61-65 Years | Male | 1 Year | Rs. 5 lakhs | Rs. 27,844 |
Bajaj Allianz Silver Health Plan:
| Age | Gender | Policy Tenure | Health Insurance Coverage (Sum Insured) | Premium Amount (in Rs.) |
| 61-65 Years | Male | 1 Year | Rs. 5 lakhs | Rs. 30,173 |
Which is the Ideal Plan: Tata AIG Elder Care Plan or the Bajaj Allianz Silver Health Plan?
Determining the ideal plan between Tata AIG Elder Care Plan and Bajaj Allianz Silver Health Plan depends on various factors, including your specific healthcare needs, budget, and preferences. It is essential to carefully review and compare the features, benefits, and limitations of both plans before making a decision. If you want health insurance with a higher sum insured, then choosing Tata AIG Elder Care Plan is an ideal choice. On the other hand, if you want to buy a plan with multiple discounts and better customer support, then the Bajaj Allianz Silver Health Plan will never disappoint you.
