- Date : 06/04/2018
- Read: 3 mins
This article tells you everything you need to know about insuring your parents or relatives when they come visit you abroad.
In recent times, more and more people are choosing to migrate overseas in search of better career opportunities, more money and a better lifestyle. However, their parents who wish to stick to their roots in India yearn to travel overseas and meet their loved ones. Given the health issues that come with old age, insurers till now had been reluctant to offer seniors travel insurance to this segment. However, a few insurers have now started offering travel insurance for elderly. Today, let us understand the finer points of these plans.
#1: Coverage and Features
What makes senior’s insurance plans (or pension insurance) different from regular travel insurance policies. Is that there is no cap on the entry age of the insured person, which is usually near 70 years of age. Senior citizen travel plans offer coverage from 71 years to about 80 years of age. While each plan is different, following are the broad details of coverage regarding overseas travel insurance for senior citizens:
- Death of life assured
- Medical Treatment
- Compassionate Visit
- Medical Evacuation
- Dental Treatment
- Repatriation of Mortal Remains
- Loss of passport
- Personal Accident
- Personal Liability
- Total Loss/Delay of Checked In Baggage
- Emergency Cash
- Home Burglary Insurance for Indian Residence
#2: Market for such plans in India
Most of the top general insurers in India such as Apollo Munich, Reliance General, ICICI Lombard and Bajaj Allianz have travel insurance for over 70s. On each insurer’s website, you can also find a premium calculator wherein you can calculate the premium based on your age, visa type, duration of stay etc. Most of the policies have some pre-conditions though, like the insured person must be a resident of India and should physically be in India at the time of applying for this policy, the cover duration is restricted to 180 days, requirement of medical tests etc.
The premium charged primarily depends on the sum assured opted for, duration of stay and the place of travel. In case of ICICI Lombard, the premium for a 15-day overseas trip for a 76-year-old senior for USD 50,000 (maximum limit) and for USA/Canada comes to Rs. 7,587. Thus, it is important to check the pricing before purchasing the plan as it can make a big difference. Some key benefits available under this plan are that no medical test is required to avail the policy up till 85 years of age, cashless medical services are available around the world and you have the option to extend your policy online.
#4: Waiting Periods, Sub-Limits & Exclusions
Generally, deductibles apply for certain coverage such as medical treatment, delay of checked-in baggage and hospital cash allowance. Also, sub-limits apply within the overall sum assured – for example, in Apollo Munich, maximum reimbursement per illness for medical expenses and accident is restricted to USD 15,000 and USD 25,000 respectively. As regards exclusions, pre-existing conditions and adventure sports are not usually covered. However policies offered by Bajaj Alliance provides a cover for adventure sports in New Zealand and USA.
Rise in mobility of professionals across borders also results in a consequent increase of senior citizens crossing borders to meet their loved ones. So before your parents or relatives come and meet you abroad, make sure you’ve taken the right seniors insurance to secure them against any sort of difficulties.