Kotak Assured Savings Plan
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Ref. No. KLI/22-23/E-BB/492
Health Insurance Plans for Your Parents - Find out factors to consider for health insurance plans for parents here on this article. Visit Kotak Life to know more on health insurance
A health insurance plan is a vital tool. However, its relevance is further amplified in the case of your parents. With age, illnesses also increase. This puts your parents in a vulnerable category as they become more susceptible to falling sick and visiting the hospital. The costs of routine tests and health checkups can be hard to cover in retirement. This is why a health insurance plan for your parents is extremely crucial. But, buying a health insurance plan for your parents is not the same as buying one for yourself.
Factors to consider while choosing a health insurance plan for your parents:
1. Pre-existing illnesses:
It is common for people to have some pre-existing illnesses beyond a certain age. If your parents also suffer from these, it may be advised to check if the insurer covers these. Most health plans do not cover pre-existing ailments. In this case, your parents will not be able to make a claim to cover the costs of treatment for a pre-existing illness. Make sure you discuss this with the insurance company and do not hide these conditions as they may result in your claim being rejected later.
2. High sum assured:
The sum assured that you choose for yourself may not be adequate for your parents. For one, older people are more likely to visit hospitals. Secondly, the cost and use of medicines are a lot higher in older people. Age can also result in severe ailments, such as heart issues, kidney issues, etc. that can result in costly surgeries. Hence, account for all of these expenditures and pick a high sum assured for your parents.
3. Riders and benefits:
Riders and benefits can enhance the coverage of a policy. For better ease, look for a health plan with riders like a daily hospital benefit, personal accident benefit, income benefit, waiver of premium rider, etc. as these can come in handy in the case of a medical emergency. Remember that the more benefits a plan offers, the higher is the scope of protection. This can add to your parents wellbeing in the long run.
4. Type of cover:
Depending on whether you are buying a health insurance plan for a single parent or both your parents, you can opt for an individual cover or a spouse cover. If you want to insure both your parents, a spouse cover can offer more advantages. You can cover two people under one policy. This makes premium payments and claim settlements a lot more convenient.
5. Claim settlement process:
The claim settlement process should be easy and flexible. A complicated process that involves submitting several papers, bills, and documents can be hard, especially at a time when you are already dealing with a medical emergency. Hence, look for an insurance provider with a high claim settlement ratio and simplified procedure to avoid hassles at a stressful time.
Health insurance plans by Kotak Life
Kotak Life offers health insurance plans like the Kotak Health Shield.. This plan offers:
Coverage against 4 Critical Illnesses under:
Coverage for the individual and spouse with benefits like:
To sum it up
Buying a health insurance plan for your parents is an excellent step to ensure their overall wellbeing. However, make sure to pay attention to these small details to enjoy uninterrupted benefits.
Disclaimers
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
This is a non-linked, non-participating, fixed benefit, health plan. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Tax benefits are subject to conditions specified in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant.
Regn. No.: 107, CIN: U66030MH2000PLC128503, Regd. Office: 2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400 051. Website: www.insurance.kotak.com WhatsApp: 9321003007| Toll Free No. – 1800 209 8800. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company. Ref.no: - KLI/21-22/E-WEB/671
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Ref. No. KLI/22-23/E-BB/2435
