Fri. Dec 17th, 2021
Health insurance for Parents

Medical Insurance for Parents is required.

This article will help you in understanding effective cost of Parents Medical insurance. Medical Insurance is one of the basic assets, that should be part of your financial portfolio. You will be the richest person in the world if you have a healthy family. In a nuclear family, members not only contains the Self, Spouse, Kids, it also contains Parents.

Most of the time we buy the independent insurance for self, spouse & kids. But forgot to take individual medical insurance for Parents. You needs to ensure Parents are covered under Medial insurance. In case you have taken the policy then you can refer this article to understand the effective cost. Whereas who does not have bought the policy, then it’s not too late, you can still try.

Insurance company, might expect medical test for your parents. Based on there medical results Insurance company, might expect you to pay some percentage during the expense. i.e. Co-Pay, most of the time, this value is between 10-30%.

One can minimise the premium cost, by opting for Top-up insurance, This insurance comes into picture when base insurance amount lapse.

To cover Parents till 1 Cr, you need to be aware of Religare plans. One is Re-assure, second is super topup.

Religare Re-Assure plan

ReAssure – Unlimited reinstatement of sum insured for any illness or any person in the same year, triggered from the 1st claim itself so that you can claim as many times as needed

Booster benefit – Doubles the sum insured in 2 claim free years

Health check-up starting from day 1

Safeguard features – Truly cashless feature with coverage even for non-payables like PPE kit, gloves and more

Live healthy benefit – Get up to 30% discount on renewal premium basis step count in Max Bupa Health App

30 min cashless claims processing

Effective costing

Assuming your Parents are in age group of 56-60, and you are opting for 10 Lac cover then insurance cost will be ~26,000. In this you will be getting the 5,000 as medical check-up. Additionally you can claim ~8000 under income tax, Additionally you can save ~2000 if you pay 3 years in advance. Now converging

Description AmountNet Amount
Medical checkup5,00021,375
Income Tax7,91213,463
Lump sum Payment~2,00011,463

Now for 2 Members the effective amount will be ~6,500. For single member it’s ~3000. In case you need some more details you can reach out to us at or call us at 7411211811

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