As Father's Day approaches, it's important to show appreciation and care for the man who has always been there. Along with love and support, ensuring their financial stability is just as crucial. With the recent reforms made by IRDAI for senior citizens' health insurance, it is the perfect opportunity to enhance or secure a health insurance policy for your aging father. This not only provides financial security but also serves as a thoughtful gift for Father's Day.
Fatherhood: Ensuring Financial and Health Security for Senior Dads
Fatherhood is a lifelong journey filled with love, responsibility, and a deep bond between a father and his children. As Father's Day approaches, it's an opportune time to show our appreciation for the men who have played an instrumental role in our lives.
However, in addition to love and support, ensuring financial and health stability for aging fathers is equally important. The recent reforms made by the Insurance Regulatory and Development Authority of India (IRDAI) for senior citizens' health insurance provide an excellent opportunity to enhance or secure a health insurance policy for your father.
Background
With increasing life expectancy and rising healthcare costs, it's become more crucial than ever to protect our seniors from potential financial burdens associated with medical treatments. Senior citizens' health insurance policies provide comprehensive coverage for various medical expenses, including hospitalization, pre- and post-hospitalization care, and OPD expenses.
The IRDAI reforms introduced in 2021 aim to make senior citizens' health insurance more accessible and affordable. These reforms include:
Benefits of Senior Citizens' Health Insurance
Enrolling your aging father in a senior citizens' health insurance policy offers numerous benefits, including:
Top 5 FAQs
1. What is the maximum age limit for purchasing senior citizens' health insurance? Answer: The maximum entry age has been increased to 80 years under the revised IRDAI guidelines.
2. Are there any restrictions on pre-medical examinations? Answer: Individuals up to 70 years of age can now purchase a policy without undergoing a medical examination.
3. What type of medical expenses are covered under the policy? Answer: The policy typically covers hospitalization, pre- and post-hospitalization care, OPD expenses, and various critical illnesses.
4. Is there a limit on the sum insured? Answer: The sum insured available varies depending on the policy and insurer. You can choose a sum insured that aligns with your father's financial needs and health requirements.
5. What are the factors that affect the premium of a senior citizens' health insurance policy? Answer: Premiums are influenced by factors such as age, gender, health condition, sum insured, and policy features.
Conclusion
Ensuring financial and health security for our aging fathers is a crucial aspect of fatherhood. By leveraging the recent reforms in senior citizens' health insurance, you can enhance their coverage, provide peace of mind, and demonstrate your appreciation for all they have done. This Father's Day, consider gifting your father the gift of health and financial security with a comprehensive health insurance policy tailored to his specific needs.
In an effort to reduce reliance on China for key minerals used in advanced technologies, India is exploring partnership with a rebel group in Myanmar to secure rare earth samples. The Ministry of Mines has directed state-owned and private companies to collect samples from Kachin Independence Army-controlled mines and test them in domestic labs. This move comes in light of China's recent export restrictions on rare earth magnets, causing disruptions in global supply chains.
Oracle chairman Larry Ellison, who hails from the Bronx, has surpassed Tesla CEO Elon Musk as the richest person in the world with a net worth of $405 billion. This jump in wealth was reported by Barron's on Wednesday, putting Ellison ahead of Musk's net worth of $390 billion. This milestone marks a shift in the top spot amongst the world's wealthiest individuals.
The US Producer Price Index fell 0.1% in August, bucking expectations of a rise and indicating a potential slowdown in overall economic growth. The decline was driven by a slump in the cost of services, particularly within wholesalers and retailers. The news has led to a drop in Treasury yields and solidifies expectations of an interest rate cut by the Federal Reserve next week.
The Hilton Kathmandu, once a symbol of Nepal's ambition and modern design, recently fell victim to violent anti-government protests. The hotel, built by the Shanker Group with a significant investment and featuring luxurious amenities and seismic safeguards, opened in 2024 but tragically, went up in flames a year later. The Hilton was not just a hotel, but a cultural statement, embodying Nepalese heritage and offering breathtaking views of the Langtang range.
In a shocking incident, a brand-new Mahindra Thar crashed through a glass wall and landed on the road below in Delhi's Preet Vihar. The SUV had just been purchased by a couple who were inside the vehicle at the time with a showroom salesman. Fortunately, no one was seriously injured in the accident. The incident, captured on video, has gone viral on social media. Police are investigating the cause of the incident.
Delhi-based manufacturer Vikas Ecotech has acquired an existing Plasticizer Manufacturing Business, valued at Rs 270 million, in an all-cash deal. With this acquisition, the company aims to enhance its product offering and become debt-free by 2023-24. This move comes after the firm recently paid off Rs 101 crore of its debt to lenders.
The Indian Express has obtained information that the Registrar General of India has requested a budget of Rs 14,618.95 crore for the upcoming Census 2027. This will be the first "digital census" and will include the collection of caste data through dedicated mobile applications. The option for self-enumeration will also be provided to the public. Additionally, Indian refiners have saved approximately $12.6 billion in the past three years through their Russian oil imports, which has caused tensions with the Trump administration.
The Trump administration's latest move has caused major disruptions in the Indian export industry with the imposition of 50% tariffs on Indian goods. Sectors such as apparel, textiles, gems, and jewelry will bear the brunt of the higher tariffs, putting low-skilled jobs in India at risk. India's response has been to extend tariff exemptions on cotton imports, but many are criticizing the government for not taking strong action against the US. Political figures like Saurabh Bhardwaj and Akhilesh Yadav have slammed the BJP-led government for its failed foreign and economic policies which are negatively impacting traders, manufacturers, and workers.
The highly anticipated 2025 model of the popular Suzuki Access 125 has finally been unveiled at the Auto Expo. While it comes in three variants and boasts 5 different colour options, there are complaints about the fluctuating mileage and poor design choices such as fixed mirrors. With tough competition in the two-wheeler market, Suzuki may need to offer attractive deals to customers to stay ahead.
At the Plumbex India exhibition, Minister Hardeep S Puri launched the BHARAT TAP initiative, which aims to improve products and services related to plumbing, water, and sanitation. In his speech, Puri emphasized the importance of sanitation in India's development and praised the success of the Swachh Bharat Mission and AMRUT in achieving 100% toilet coverage in rural areas and significant progress in urban areas. He also announced the launch of AMRUT 2.0, with an outlay of Rs. 2,77,000 crores, to further strengthen water and sanitation services in cities.