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Give your Father the Gift of Health on this Fathers Day

dateKnowledge Centre Team dateJune 22, 2021 views142 Views
Father’s Day 2021 | Health Insurance Plan | Buy the Best Health Plan Online

A father is a constant support ever since we are born. He raised us, gave us a better life and ensured that we received a good education to protect our future. However, after a certain point in life, our fathers need to be cared for and need good medical care when they get older. This is why it is important for them to buy the best health insurance plan.

What is a Health Insurance Plan?

A health insurance policy covers the medical expenses incurred as a result of an accident, illness, or injury. A person can apply this policy if they pay a monthly or annual fee at a specific time. During this time, if the insurer meets with an accident or is diagnosed with a serious illness, the costs incurred for medical purposes are borne by the insurance provider.

7 Reasons to Buy the Best Health Insurance Plan for your Father on this Father’s Day

Buying a health insurance plan will help your loved ones financially when they are diagnosed with any life-threatening diseases. Let us understand how:

1. Medical expenses

Any medical condition that requires treatment in an emergency hospital is covered under the general health insurance schemes. However, claims are only appreciated as long as the disease has not been diagnosed before the policy was active.

The medical costs incurred under the following conditions are also covered by reputable insurance providers:

  • Critical illness treatment

    Some insurance providers offer prices that are equal to or greater than the guaranteed cost to cover all medical expenses, including hospitalization, diagnosis and medication, etc. These expenses are covered by most insurers.

  • Hospital risk and disease diagnosis

    Medical costs incurred during a hospital stay due to illness or accidental injury is also covered under health insurance plans. Comprehensive medical premiums amounting to more or less the amount covered by insurance are provided by major insurance providers. Such coverage helps you to stay financially secure in the event of unforeseen circumstances.

5 Tips to consider before buying a health insurance plan.

2. Pre- and post-hospital expenses

Pre-hospital expenses such as diagnostic expenses, medical bills, etc., can be paid through the health insurance scheme. Post-discharge costs such as medications, routine tests, injections, etc., are also covered. Compensation funds aside from these may be disbursed as a lump sum.

3. There is no charge for ICU rooms

Health insurance policies also deal with ICU sleep cases. An insured person may also choose to live in a private room. The cost of this room can be charged to the insurer up to a certain amount at the discretion of the insurance company.

4. Cost for surgery

Only certain insurance providers agree to bear the full cost of surgery intended to help people overcome their obesity problems. Obesity often leads people to develop other health conditions like heart problems, diabetes, high blood pressure, etc. Thus, procedures like bariatric surgery improve the overall well-being of people over time.

Such aspects of a comprehensive health insurance policy are able to cover all major medical expenses that a person may incur. With slightly higher fees, additional benefits in the form of high availability are provided by larger institutions.

5. No claim bonus

Throughout the non-monetary year, insured people are offered discounts or higher guaranteed amounts (without additional costs) in subsequent years. This can help reduce their annual premiums or extend their insurance coverage. Remember that the benefits provided by each of the health insurance plan may vary. Hence, rather than believing in anything you hear, it is better to check the benefits online on your own.

5 top myths about a health insurance plan.

6. Helps managing daily hospital expenses

Daily cash or hospital money is an amount that an insurer offers under its health insurance. This cash acts as a daily stipend for covering the expenses of hospitalization. Today, most health policies come with this cover.

7. 0% co-payment

Well-known insurance companies cover all medical bills generated during the insured person's medical treatment, up to the amount of the insurance premium. Zero co-payment reduces the patient's financial burden, making him or her more focused on recovery.

Canara HSBC Life Insurance's First Health Plan is an unparalleled policy that provides you with payments in the event of heart disease, cancer, and 26 other major serious illnesses. The program offers many customization options to suit your father's needs. A lump-sum payment can help you meet your immediate medical expenses without compromising your lifestyle.

Why Buy Health First Plan for your Father?

This father's day, gift your father Canara HSBC Life Insurance's Health First Plan. Here are a few benefits of this health insurance plan:

1. The option to cover yourself with heart disease, cancer conditions or previously described serious illnesses

2. High covers on economical premiums

3. Extending cover of choice to care for the growing medical needs

4. Payment of a lump sum at the initial diagnosis of the disease regardless of the actual amount used for treatment

5. Release of all future premiums on preliminary screening for minor cases included within Cancer and Heart Cover

6. Monthly income option if there is a diagnosis of any serious illness

7. Tax Benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961 as follows

8. For self and family (spouse, dependent children) upto ₹25000

9. For self, family + parents (below 60 years of age) upto (₹25,000 + ₹25,000) = ₹50,000

10. For self and family (where the eldest member is below 60 years of age) + parents (above 60 years) upto (₹25,000 + ₹50,000) = ₹75,000

11. For self and family (eldest member is above 60 years of age) + parents (above 60 years of age) Up to (₹50,000 + ₹50,000) = ₹1,00,000

Father's day is just around the corner. This year, give your father extensive health coverage with the right policy. However, ensure that the health insurance plan is chosen based on the age and medical history of the person. Also, look at the coverage benefits extended by the insurance provider, as well as the waiting time before any claims can be made. When the right health insurance policy is chosen, your father can enjoy the same security he offered you when you were a child.

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Frequently Asked Questions (FAQs) for Life Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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