What is the best health insurance available for the age group of 72-80 and for 44-50 ?

Key factors: lowest possible premium and maximum premium

Unfortunately, there is no fresh health insurance policy available for the age group of 72-80. For age group of 44-50, I advise you to go for Star Health and Allied Insurance Company’s Medi Classic Individual Plan or Family Health Optima Plan, as the case may be.

A term insurance plan is the cheap and best bet!

A term plan is pure protection. It is the cheapest type of life insurance policy. But what you see might not be what you get, most insurers have a range of health parameters for standard rates.

If any of your health parameters — weight, blood pressure for instance fall outside this range, you will pay more. For some companies, the standard range is very narrow.

Certain life insurers offer concession on premium rates for those who make efforts to maintain good health (like not smoking) — in other words, those who are likely to survive the policy term.

The Birla Sun Life insurance offer insurance policies in three categories — preferred non-smoker, non-smoker and smoker. For a preferred non-smoker, the premiums rates will be relatively lower, as his/her state of health (height, weight, family history and so on) will be evaluated before issuing the policy .

Besides, most insurance companies offer different rates for women. For instance, a woman aged 33 could be paying the same premium that is applicable to a man aged 30.

If you want only protection for the lowest premium, then term plans are the best bet.

You can get back what you paid under a return of premium policy. The additional payments that you make towards return of premium are tax deductible as well under Section 80D.