Fathers have always been the cornerstones of their families, supporting them mentally, emotionally, and financially. Their children’s happiness and welfare frequently take center stage in their lives. Thankfully, their kids are showing them more and more affection and consideration.
Seniors are currently purchasing 25% of all health insurance plans, according to a PolicyBazaar research. Remarkably, children purchase 35% of these health plans on behalf of their fathers.
The needs of senior citizens in terms of healthcare are becoming more widely recognized, according to Siddharth Singhal, Business Head – Health Insurance, Policybazaar.com.
Furthermore, 60% of non-resident Indian (NRI) clients buy their parents health insurance plans from India.
Increased adoption of PED reduction riders
The Pre-existing Disease (PED) reduction rider has seen a notable 40% increase in uptake from the previous year.
“This add-on is crucial as it shortens the waiting period for coverage of pre-existing conditions, providing quicker access to necessary treatments,” explains Siddharth Singhal.
Senior citizens’ plans frequently include valuable add-ons to enhance coverage. The most popular among these are:
— PED (Pre-existing Disease) reductions
— Consumables/claim protection
— Day 1 cover for diabetes
Father’s Day 2024: Ensuring health and well-being
As the expenses of healthcare, particularly medical inflation, rise, it is more important than ever to be sure you have enough health coverage. Rising medical costs could put a financial burden on people, especially the elderly.
Give your dad a health insurance policy this Father’s Day. This kind act shields you from future medical emergencies while also guaranteeing your parents receive the finest care possible.
Senior Citizen Health Plans
Insurer: STAR
Plan: Star Comprehensive
Premium yearly: Rs 38,445
Sum insured: Rs 10 lakh
Age limit: 18-65
Co-pay: 90% claim paid by insurer, 10% paid by you
Existing illness cover: Covered after 3 years
Insurer: Manipal CIGNA
Plan: Prime Senior Elite Plan
Premium yearly: Rs 30,200
Sum insured: Rs 10 lakh
Age limit: 55-75
Co-pay: 80% paid by insurer, 20% by you
Existing illness cover: Covered after 2 years
Insurer: NIVA BUPA
Plan: Senior First Platinum
Premium yearly: Rs 25,476
Sum insured: Rs 10 lakh
Age limit: No limit
Co-pay: Full claim paid by insurer
Existing illness cover: Covered after 2 years
Insurer: ABHI
Max SI: Rs 2 Crore
Plan: Activ One NXT + CMP Rider
Premium (inc. GST): Rs 53,198 + Rs 66,494 = Rs 1,19,692
Insurer: Care
Max SI: Rs 10 lakh
Plan: Care Heart
Premium (inc. GST): Rs 30,256
Insurer: Star Health
Max SI: Rs 15 lakh
Plan: Cardiac Care Platinum
Premium (inc. GST): Rs 43,825
Insurer: Star Health
Max SI: Rs 10 lakh
Plan: Comprehensive
Premium (inc. GST): Rs 30,881
Beyond health insurance
Krishan Mishra, CEO, FPSB India, suggests using Father’s Day as an opportunity to show care, love, and gratitude. He recommends:
— Introducing resources like courses or books on financial planning.
— Scheduling a consultation with a financial planner for estate and financial planning.
— Contributing to debt repayment to alleviate financial stress.
— Assisting in establishing an emergency fund for unforeseen situations.
“These gestures not only convey love and care but also create a foundation for future security and prosperity, ensuring your father’s financial well-being,” says Mishra.