Make this Diwali more memorable by gifting health insurance: Know which plan suits the most

November 13, 2020 2:55 PM

One wave of Covid has proved, how critical, health emergency can be and why we need to keep ourselves prepared for the worst times.

health insurance, gifting, Covid 19, Family Floater Health Insurance, Critical Illness Insurance,A health insurance policy should not be treated as an option but a necessity in today’s life.

By Indraneel Chatterjee

It is that time of the year when festivities and gifting have begun. It is undoubtedly a difficult task to think of a gift for your loved one, as one wishes to choose the best.

Getting expensive gifts and ornaments are surely enticing for everyone, however, securing one’s family’s health and future should be of utmost importance. Health is one of the most important aspects of life, whether it is for self, spouse, or the entire family. The health of one single person getting affected in the family disrupts peace and happiness of all other family members. To add to it, Covid 19 has taught each one of us the true value of life and significance of securing a family’s health.

This season, one must consider gifting health insurance, so that the well-being and good health of everyone in the family are secured in the true sense of the term.

Family Floater Health Insurance

If you want to include immediate family members like parents, wife, children, and other dependants, then a family floater plan is the best gift. This type of plan offers coverage to family members at a single premium instead of multiple individual premiums. One has to note that, while family floater will give one the advantage of covering his whole family at a low premium and larger sum assured, the premium will typically depend upon the oldest member of the family. A higher premium needs to be paid in that case. If the family floater is for the husband, wife and no children, a lower premium will work as are all young and healthy.

Personal Accident Insurance

We should always be prepared for the most unexpected events in life and accident is one such event. One can suffer from an accident at any given point. Personal accident insurance offers financial compensation in case of any bodily injuries which can lead to total or partial disability or even death, caused due to the accident. Along with road accidents, the policy covers accidents which can happen in the house. People often overlook personal accident covers, assuming that the worst cannot happen. But this is life, and any event can occur without our prior notice.

Critical Illness Insurance

Life-threatening diseases such as cancer, kidney failure etc. get covered under the critical illness insurance policy. The cost of treatment for life-threatening diseases is high because of challenges like multiple hospital visits, doctor visits, chemotherapy etc, which goes on for a longer period. In such cases, the insured amount is made through a down payment, so that it covers all the medical costs. The good part of the policy is that the loss of income due to the diagnosis of life-threatening disease also gets compensated under the policy. One can purchase it with an existing health insurance plan or a standalone critical illness plan.

Maternity Health Insurance

This is one gift which can be specifically gifted to the wife. For newly married couples, who would sooner or later plan for a family, this can be a perfect investment. The plan covers expenses such as pre-natal, post-natal, delivery charges and charges of the ambulance. Not just that, the plan also covers charges of infertility and offers coverage for a new-born baby for the initial three months. It is always suggested to buy the plan well in advance.

The insurance market today has multiple beneficial options to choose from and therefore, it is very essential to make an informed decision about the kind of health insurance cover one selects for the family. A health insurance policy should not be treated as an option but a necessity in today’s life. Health problems have intensified due to the changing lifestyles of people across the world. One wave of Covid has proved, how critical, health emergency can be and why we need to keep ourselves prepared for the worst times. Hence, a well-thought-out insurance policy can be one of the most effective festive gifts this year.

(The author is Principal Officer, and Co-Founder, RenewBuy)

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Non-life insurers report gross direct premium of Rs 15,855 cr in Oct
25 things to look at while buying a health insurance plan
3How much does a Rs 1-cr term insurance plan cost? Check out the premium costs