Hi Siddesh,

The answer would primarily depend on medical condition of your parents and your existing insurance cover. Typically, insurance companies are hesitant to take people over age of 65 and even if they do, the premiums can be exorbitant. If you and your parents are covered by your employer, then I suggest that you take floater cover for you and your wife for a base cover of at least 10 lacs. Else, you can consider senior citizen specific policies from health insurers such as Max Bupa, HDFC Ergo etc. which will have some co payment clause but would cover a major portion of hospitalization bills.