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Unconventional Insurance Policies for Your Parents

By Chanel Rick - Jul 30,2022
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Isn’t the phenomenon of parents and children switching caregiving roles strange but endearing? During our childhood, they shower us with unconditional affection and nurture our needs. But, as they inch towards their silver years, we take over those responsibilities and make them the receipt of the same coddling. 

From helicopter parents to helicopter children – it’s a humorous sight to behold! The same parents who once scolded their children are now subject to the same treatment. With every year as they age, our worries seem to grow tenfold. The bittersweet feeling of watching our parents grow older only intensifies concerns about various age-related health ailments.

Even after purchasing comprehensive health insurance policies for them, you’re probably not convinced it’s enough. So, you might seek more ways to boost these precautionary measures! 

The Concerns of Children with Ageing Parents

In India, according to a survey by SecureNow, health insurance claim settlements take longer for senior citizens. The reason for this is delayed intimation to insurance companies about illnesses or any post-hospitalisation treatments that may have occurred. On average, health insurance claims filed by senior citizens can take up to 28 days for settlement. 

Regardless of their physique, parents are susceptible to a host of different medical illnesses. At the same time, most senior citizens today live an active life with frequent visits outdoors or travels to holy sites. It’s crucial for children to employ appropriate health precautions for their parents without neglecting their autonomy or controlling them needlessly. 

Fortunately, there are several bite-sized insurance policies that tackle issues concerning ageing parents. Their comprehensive coverage with minimal premium charges makes pocket insurance and Value Added Services (VAS) a perfect addition to existing measures. 

Must-Have Pocket Insurance Plans and VAS for Parents 

While ageing parents are prone to stubborn resistance to your attempts to protect them, don’t mistake it for senile tantrums! Ensure that all the measures taken to provide them medical and financial support don’t hinder their individual identities. 

1. Comprehensive Parent Cover 

Children with financially dependent parents can opt for this small-ticket insurance to ensure they have adequate finances. In case the insured person is diagnosed with an illness or suffers from an injury during the policy tenure, the sum insured is provided to the dependant parents. However, the injury must result in either permanent total disablement or cause permanent partial disablement.

Whether or not the parents are covered under the policy, they will be eligible for financial support. If one parent has deceased, the other surviving dependant parent will receive the entire sum insured, or it will be divided equally between the two.

As per the policy, for a premium of ₹234, the dependant parents will receive a sum insured of ₹1 Lakh. 

2. Accident – Parents Benefit Cover 

While ageing doesn’t necessarily make you prone to accidents, it does slow down your recovery after encountering it. Ensure your parents are sufficiently covered with financial support for such events. This policy allows your parents to avail coverage of up to ₹1 Lakh. Moreover, it covers a wide age group between 18 to 65 years. 

If you suffer an accident that causes permanent total disability or demise, the policy will offer your dependant parents the sum insured. 

Valid for a period of one year, pay a premium of ₹74 to avail these coverage benefits. 

3. Pilgrimage Insurance Cover 

India is a multi-cultural and religious country with numerous heritage sites that attract thousands of pilgrims, including your parents. With the pilgrimage insurance cover, you can relieve the worry of leaving them financially vulnerable in an emergency. This policy offers financial assistance for emergencies of up to ₹50,000 within India. During international trips, it provides coverage up to ₹1 Lakh. 

Furthermore, the policy covers events like loss or theft of debit/credit cards. With a single call, you can block off the lost cards to prevent any malicious or fraudulent activities from occurring. 

Receive coverage of up to ₹3 Lakhs by paying a premium of ₹599. 

4. Vaishno Devi Temple Pilgrimage Insurance 

Being a sought-after pilgrimage destinate, the Vaishno Devi temple is one of the holiest sites in India. If your parents plan to visit this sacred site, consider purchasing this pocket-friendly policy to ensure their trip goes hindered. The policy will cover situations like loss or theft of debit/credit cards and other emergencies. In case of lost wallets or theft, the insurance plan offers financial assistance up to ₹50,000

Pay a premium of ₹599 to avail additional benefits like free PAN card replacement or to get it re-issued.  

5. Key Safeguard Cover 

With age, your parents may grow more forgetful and less careful with essential items like keys to their house or vehicle. Purchase this policy to help them deal with situations like lost keys or getting locked out. Additionally, the plan offers coverage for events like break-ins by covering the cost of changing locks and key replacement. 

To receive coverage of up to ₹60,000, pay a premium of ₹749. 

These pocket insurance and VAS can take the weight off your shoulders and help your parents continue with their routines unhindered by financial impediments. The cost of the premium and the coverage benefits make it a wise investment. To explore more pocket insurance and VAS for yourself or family members, visit Bajaj MARKETS today!

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