Ask Mint Money | Personal, health plans together work better than travel insurance

Ask Mint Money | Personal, health plans together work better than travel insurance

My father is 60 but is absolutely healthy. Will any insurer give a health insurance to him? What should be the cover amount I should take? Are premiums very high for senior citizens?


Almost all insurers provide health insurance to Indian citizens up to 70 years of age. Some insurers have special policies for senior citizens, who are above the age of 60. However, the cover amount is generally limited to 3 lakh per annum in senior citizen policies.

Insurers also require medical tests along with the proposal. The extent of the tests vary from insurer to insurer. However, blood sugar, urine test, blood pressure and heart tests are common among all insurers. Insurers can restrict the cover depending upon the test reports.

Insurers are reluctant to increase the cover amount once the policy is issued. Therefore, it is better to take the maximum possible amount initially. I would recommend a policy of 5 lakh since health treatment cost is rising rapidly in India. A 5 lakh policy will cost you around 17,000 per annum.

My friend goes on a holiday every next month, mostly within India. Should he take travel insurance? What should be the sum assured? He carries his camera, laptop and other gadgets. Does travel insurance cover these? What are the options?

—Nalin Motwani

The biggest risk while travelling within the country is death, disability or medical expenses due to an accident. This risk can be covered by taking personal accident and health insurance plans. The coverage under both these put together is broader and better compared with a domestic travel insurance.

The sum insured for personal accident should ideally be 100 times your monthly income. In case you find the premium high, you can take any amount up to 60 times your monthly income but not below it.

Travel insurance does not cover loss of gadgets. They can be covered under a home insurance policy. The cover under home insurance policy extends to travel, both domestic and international.

I live in a rented house but want to take a householder’s policy. What all will it cover? Will it be possible to transfer the policy?

—Laxman Singh

Since you live in a rented accommodation, you can’t insure the building as it is not owned by you. Your householder’s policy can cover all your household goods such as furniture, clothes, kitchen articles, electronic and electric items. It can also cover jewellery. You can also take add-on covers such as legal liability as an employer in case of domestic servant’s death or disability; loss of baggage while travelling; and personal accident for self and family.

When you shift your house, you can get the current address removed and the new address added in the policy. This will transfer your policy to the next house.

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