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Father's Day 2024: 35% of health insurance for dads are bought by children

This Father's Day, consider gifting your dad a health insurance policy

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Surbhi Gloria Singh New Delhi

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Fathers have long been pillars of their families, providing financial, emotional, and mental support. Their lives often revolve around the happiness and well-being of their children. Fortunately, this love and care are increasingly being reciprocated by their children.

According to a report by PolicyBazaar, 25% of all health insurance plans are now being purchased for senior citizens. Notably, 35% of these health plans are bought by children for their fathers.

"This indicates a rising awareness and concern for the healthcare needs of the elderly," says Siddharth Singhal, Business Head - Health Insurance, Policybazaar.com.

Additionally, 60% of non-resident Indian (NRI) customers are purchasing health insurance plans from India for their parents.

Increased adoption of PED reduction riders

There has been a significant 40% year-over-year increase in the adoption of the Pre-existing Disease (PED) reduction rider.

"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

With the rising costs of maintaining health due to inflation, including medical inflation, ensuring adequate health coverage has become more critical than ever. Medical expenses are escalating, posing a potential financial strain, particularly for senior citizens.

This Father's Day, consider gifting your dad a health insurance policy. This thoughtful gesture not only ensures the best treatment for your parents but also protects you from potential medical contingencies.

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.

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First Published: Jun 15 2024 | 5:39 PM IST

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