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RETIREMENT PLANS BUYING GUIDE
:1800-266-9777
Your guide to buying a senior citizen plan
Table of Content
When you are born, your parents nurture you. From taking care of your health, to your food, your schooling and higher education -- they aren't told what they have to do for their child. Most importantly, they do it alongside securing their own future -- buying insurances, investing in short-term or long-term plans etc. However, there are times when amidst the chaos of life, they might have skipped to keep in check their own life. That is when you as a child should step in and ensure the well being of your parents by buying them a senior citizen health plan. What mainly this plan consists of is a coverage for your parents when they are old.
The need
Senior citizens, over the age of 65 years, are prone to illnesses. Sometimes, the illness can eat up all your savings of a lifetime. It is during these tough scenarios, a health plan exclusively designed for the senior citizens can help you toddle over the burden.
The basics and benefits
A senior citizen health plan mainly helps you bear the cost of healthcare expenses born during the treatment of the insured person. Some benefits of this plan are:
- Get higher insured benefit
- Free annual medical-checkups
- Tax deductions on premiums
- Often, cashless hospitalisation -- both pre and post hospitalisation phases
- Quick settlement of claims
How to choose the right plan
For insuring your loved ones, it is important to do a thorough check of plans before deciding on it. Here are some pointers to guide you:
- Know the medical history of the person you are getting insured. You should not buy a plan that doesn't suit the requirements of a person. Eg: If a person needs critical illness insurance, choose that over a simple health insurance plan as the person is prone to critical illness more.
- Compare all plans before you decide on what to select and how. Don't go by just the premium payments but choose what gives best overall coverage. Look for age, coverage of illnesses, and the network of hospitals under the insurance plan, payment etc.
- Do give proper correct information about the person to be insured as any wrong detail might invalidate the insurance and put you in trouble.
HDFC Life has a plethora of plans to choose from for the senior citizens of your family. Don't limit the insurance to a mere tax saving ingredient. Rather, get your loved ones insured for a stress-free and peaceful health treatment.
Secure Your Retirement with Our Pension Plans
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99.72% Claim Settlement Ratio
For FY 2025-2026
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Disclaimer: By submitting your contact details, you agree to HDFC Life's Privacy Policy and authorize ...Read More
99.72% Claim Settlement Ratio
For FY 2025-2026
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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Here's all you should know about Retirement Plans.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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1. Tax benefits & exemptions are subject to the conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. Customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.
2. Guaranteed Benefit is paid on survival during policy term provided all due premiums are paid during the premium payment term
~The above-mentioned illustration is for a 26-year-old female who has purchased policy online. Premium payment term is 10 years and policy term is 15 years. Annual premium is Rs 1,20,000. Assumed rate of returns @4% is Rs 15,60,056 and @8% is Rs 23,16,127. (ARN: EC/03/26/32693)
NOTE: The rate of returns mentioned at 8% are only for the purpose of illustrating the flow of benefits if the returns are at this level. It should not be interpreted that the returns under the plan are going to be 8%. The values shown are for illustrative purposes only. Unit linked funds are subject to market risk. Please know the associated risks and the applicable charges, from your insurance agent or intermediary or policy document issued by the insurance company. T&C Apply
ARN: ED/08/23/3977
