Which Medical Insurance Plan Is Perfect for You?

Written by : Knowledge centre

2024-08-02

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In the wake of the coronavirus pandemic, affordable healthcare has become the need of the hour. You need to make sure that you and your family have access to the best possible healthcare, and yet, do not burn a hole in your savings pocket. This is where a comprehensive medical insurance plan comes into the foray. A robust medical insurance policy will not only provide a significant lump sum in case of an emergency but also help take care of your family while you are receiving medical attention.

Overall, medical insurance plans are designed to provide personalized financial coverage that best suits your requirements. Health First Plan (An Individual Non-linked Non-Par Pure Risk Premium Health Insurance plan, UIN: 136N051V03) from Canara HSBC Life Insurance ranks among the most popular medical insurance plans available that provide a complete gamut of benefits including –

1. Lump-sum payout on diagnosis

Health First Plan provides a lump-sum payout immediately after the first diagnosis of an illness covered under the plan, regardless of the actual amount spent on treatment. This way, the plan helps you recover without taking any financial stress.

2. Major Critical Illness Cover

The plan offers you financial protection against 26 Major Critical Illnesses. When diagnosed with a life threatening or critical illness, you need to take care of increasing medical expenses while making sure that your family doesn't suffer from your absence. Thus, the insurance benefit from the plan will help pay for the immediate medical treatment costs and any loss of income that you may experience while undergoing the treatment.

3. Heart Cover and Cancer Cover

Health First Plan offers comprehensive coverage against major heart and cancer-related health ailments. The insurance benefit is payable as a lump sum upon the first diagnosis of any of the illnesses/surgeries covered under the policy. The payout depends upon the severity of the diagnosed health condition and any previous claims filed under the policy.

4. Premium Waiver Benefit

Under the Heart and Cancer Cover, you can continue to avail of the plan benefits even after the receiving the first Minor Condition Claim payout. Moreover, you don't have to pay any future premiums for the applicable coverage, due to the premium waiver benefit under the plan.

5. Increasing Cover Option

Health First Plan enables you to opt for the Increasing Cover benefit under all its three plan variants –

Major Critical Illness Cover
Major Critical Illness Cover
Cancer Cover

The increasing cover benefit helps take care of your growing medical expenses by increasing the initial Sum Assured by 10% (simple rate) every year after completing the first policy year.

6. Monthly Income Benefit Option

Under the Health First Plan, you also receive an additional benefit of 1% of the initial Sum Assured, every month for five years (or 60 months) post-diagnosis of a Major Heart /Cancer / Critical Illness condition (as applicable). This way, the medical insurance benefit helps your family deal with the loss of income while undergoing treatment.

7. Return of Premium Option

The return of premium benefit offers to pay back the total amount of annualized premiums (excluding any extra underwriting premiums, rider premiums, and taxes) paid towards the plan upon completion of the Policy Term (in case you do not make any claim).