Page 62 - Ebook health insurance IC27

The Insurance Times

some portion of the amount paid by policyholder is accumulated as saving and is
refunded to the policyholder after a particular period.
 Since these products have saving elements with this may become popular in the
market in time to come and could be an effective solution for the problems faced by
senior citizens in getting affordable health insurance.
 In practice these products can meet cost of frequent and small ailments and also
critical diseases with high deductible.

Senior Citizens product

 Some insurance companies have launched products catering to the need of senior
citizens.

 These products allow into entry till a higher age and can be renewed up to 80 to 90
years.

 Since the incidence of claims in a higher age would be very high these products
incorporates cost sharing features like copayments and sub limits to keep the claims
in check.

 However still the insurance companies are quite reluctant to offer insurance cover
to senior citizens.

 In usual indemnity policies the insurance companies charge very high rate for age
above 60 years which is a big deterrent for people to take hospitalisation policies.

 Maybe in time to come we can see more such products for senior citizen.

Micro insurance products

 Micro insurance products were launched with a view to cater lower income group
population and poor strata of the society.

 The sum assured in Micro insurance is below Rs.30,000.

6 6 Guide for Health Insurance