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