<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=7698356820180471&ev=PageView&noscript=1" />

Introduction

Before we start comparing these two policies we have to set out some ground rules.

Both products are marketed by different insurance companies. Optima Secure is sold by HDFC Ergo and Red Carpet Senior Citizens is sold by Star Health. So any meaningful comparison should include a comparison of the product alongside the insurers themselves.

Second, we know that both products have massive differences in their core structure. Optima Secure is quite comprehensive. It offers considerable protection and it doesn’t impose as many restrictions. However, Red Carpet Senior Citizens is specifically designed for senior citizens. So in many ways, you’re comparing apples and oranges here.

And finally, any comparison is ultimately futile without considering the use case. Who are you buying this policy for? You, your family, your parents?

That’s something you’ll need to answer before using this guide. So with that introduction out of the way, we can get to comparing the actual policies themselves.


Let’s start with Optima Secure. The product comes from HDFC Ergo’s stable:

Founded in the year 2002, the company is a joint venture between India’s HDFC and Germany’s ERGO International AG. It offers policies across motor, travel, health and other sectors. And it also happens to be one of the largest insurers in the country.

More importantly, HDFC Ergo boasts a claim settlement ratio of 98%, with a network of 11,500+ hospitals

All in all, an impressive resume.


Red Carpet Senior Citizens meanwhile comes from Star Health’s stable:

Star Health Insurance is India's first standalone health insurance firm. And with an army of retail advisors pushing their products across the country, they’ve managed to capture a fair share of the Indian market.

The company also boasts a network of over 14,000+ hospitals and a decent claim settlement ratio of 83%.

talk to us

Talk to IRDAI-certified experts

If you want help with selecting the best health policy tailored to your needs, book a FREE call with our experts today by clicking here.

Compare Insurances

Insurance Parameters

Recommended
Not Recommended
Network hospitals
11,500+
14,000+
Claim settlement ratio

(avg. of last 3 years)

98%
83%
Co-payment

No

30%

Room rent

Any Room

Any Room

(up to 1% of sum insured)

Disease sub-limit

No

Yes

Pre existing diseases waiting

3 years

1 years

Pre/Post hospitalization

60/180 days

30/60 days

No claim bonus

50% per year

(up to 100%)

Domiciliary
Ayush treatments
Restoration benefit

100% restoration

(once for any illness)

Health check-up
Once every year
Once every year
Maternity
Out Patient Department

Up to ₹1,000

(cap of ₹200 on each consultation)

Day care

Feature Comparison

coPay

Co payment

With a co-payment clause, the insurer will mandate that you pay a part of the bill. So if the bill adds up to Rs. 2,00,000 and the co-payment is set at 20% then you could be asked to pay Rs. 40,000 from the bill. In this case, however, Optima Secure doesn’t impose a co-payment clause whereas Red Carpet Senior Citizens imposes a mandatory co payment of 30% and 50% for pre existing diseases.

roomRent

Room rent

If the policy does impose room rent restrictions then the insurer may only let you stay in a room of a certain specification or impose a cap on the total room rent. If you were to breach either criterion then the insurance company may ask you to pay a portion of all the expenses you incurred while staying in the room. In this case, however, you can pick any room you want with Optima Secure but Red Carpet Senior Citizens only lets you stay in a room whose rent doesn’t exceed 1% of the total sum insured.

diseaseSublimit

Sub limits

Some policies will tell you that they will cover all medical expenses up until the sum insured, but then impose caps on the total costs you can incur while dealing with a very specific list of diseases. We call these caps “Disease Wise Sub Limits.” In this case, Optima Secure doesn’t impose a disease wise sub-limit whereas Red Carpet Senior Citizens imposes disease-wise sub-limits on Heart diseases, Major surgeries.

ped

Waiting periods for pre-existing diseases

If you’re suffering from a lifestyle condition or if you’ve had surgery in the past, or if you’re dealing with an acute or chronic illness at the time of buying the policy, then the insurer may classify this as a pre-existing disease. And they may tell you that they will only cover these illnesses after some time. In this case, Optima Secure imposes a waiting period of 3 years on pre-existing diseases while Red Carpet Senior Citizens extends a waiting period of 1 years on existing conditions.

prePost

Pre and post Hospitalization expenses

Most people aren’t hospitalized right off the bat. Instead, they’ll have to go through a whole series of diagnostic tests before hospitalization and take medication post-discharge. These costs are outlined as pre-hospitalization expenses and post-hospitalization expenses respectively. In this case, Optima Secure covers expenses incurred 60 days before hospitalization and expenses incurred 180 days post-hospitalization. Meanwhile, Red Carpet Senior Citizens covers expenses incurred 30 days before hospitalization and expenses incurred 60 after hospitalization, although there may be different sub-limits

ncb

No claim bonus

Some policies will tell you that they will incentivize you for not making a claim in any given year. And they offer such incentives by offering extra cover on top of the existing sum insured. This extra cover is categorized as a no-claim bonus. In this case, however, Optima Secure offers a no-claim bonus whereas Red Carpet Senior Citizens doesn’t offer a no-claim bonus.

domiciliary

Domiciliary

Imagine you are forced to treat yourself at home because you don’t find a hospital bed, or you have a chronic condition that prevents you from visiting one, then, insurers may choose to cover your treatment even if you’re hospitalized at home. And such costs are collectively categorized as domiciliary treatment costs. In this case, however, Optima Secure offers domiciliary cover whereas Red Carpet Senior Citizens doesn’t offer domiciliary protection.

ayush

Ayush treatments

Most policies only cover treatments administered in a registered medical facility. However, on some occasions, you may want to pursue alternative treatments including homoeopathy, Ayurveda, Unani and Siddha. These treatments are collectively categorized as Ayush treatments. And in this case, Optima Secure covers Ayush procedures and Red Carpet Senior Citizens also extends coverage for Ayush treatments.

maternity

Maternity benefits

If you’re hospitalized during childbirth, then you may have to incur significant costs during delivery of your newborn, child care and other related matters during the course of the hospitalization. These costs are collectively termed maternity costs. And in this case, neither Optima Secure offers maternity cover nor does Red Carpet Senior Citizens.

opd

Out Patient Department (OPD)

Doctor visits and regular consultations aren’t usually covered by health insurance policies. They are categorized as Outpatient consultations (or OPD treatments) and patients have to bear the cost on their own. In this case, however, Optima Secure doesn’t offer OPD protection whereas Red Carpet Senior Citizens offers OPD cover.

Final Conclusion

If you’re specifically looking to buy a policy for senior citizens, Red Carpet Senior Citizens makes a lot of sense. But considering Star Health has a claim settlement ratio that can only be considered sub-par at best, we would still recommend going with anything that HDFC Ergo has to offer, if the policy is made available to you.

talk to us

Select the best plan with our help!

Get in touch to find out what plan works best for you. Zero fuss. Zero spam. Zero charges. Book a call now. Limited slots available!