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Medical emergency can come unannounced to anybody and with it comes the required medical expenses. With Canara HSBC Oriental Bank Of Commerce Life Insurance's health plans one can be prepared for such medical expenses and ensure financial security.

Health Insurance Plans

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Our Health Insurance Plan

Health First Plan

Health First Plan

Option to cover yourself against Major Critical Illness.

Increasing cover option to take care of increasing medical needs.

Lump-sum payout on diagnosis.

Return of Premium Option.

High coverage at affordable premiums

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Why Choose Health Insurance Plans by Canara HSBC Oriental Bank of Commerce Life Insurance?

The Trust of India's largest public-sector banks:

Canara HSBC Oriental Bank of Commerce Life Insurance is a joint venture of Canara Bank and Punjab National Bank, along with HSBC Insurance (Asia Pacific) Holdings Limited. Launched in 2008, we offer life insurance products to individuals seeking financial freedom for their loved ones.

Your claim comes first for us:

Our organization continually works on providing comprehensive life insurance policies that make premium payments easier, payouts beneficial and claiming process easy for you and your family. We have a death claim settlement ratio of 98.125% for the Financial Year 2019-20*.

*Individual death claims settled and reported in public disclosure for FY 2019-20.

A choice of millions of happy customers:

Our in-depth knowledge from the renowned public sector banks, combined with years of experience with HSBC, makes Canara HSBC Oriental Bank of Commerce Life Insurance stand out from the others. We have sold lakhs of policies and have a family of millions of happily members.

An experience of delivering happiness worldwide:

We are completely aligned with the needs of today’s families and their reliance on a few people for financial needs. That is why we, at Canara HSBC Oriental Bank of Commerce Life Insurance offer products from simple Term Plans to ULIPs, Child Plans and Group Insurance Plans for your specific needs.

What is Health Insurance?

Health insurance is a type of insurance whereby the insurance company reimburses the policyholder in case he/she falls ill and has to be hospitalised or undergo any other type of treatment. Some health insurance plans also pay out a predetermined amount in case of injury or disease which are called fixed benefit health plans. Insurance companies have tie-ups with a wide range of hospitals and the insurance amount is directly transferred to the hospital in case of a health insurance claim is filed. If the insurer does not have a tie-up with a certain hospital, the cost of treatment is reimbursed to the policyholder. The government promotes health insurance through tax deductions, as it is an important tool for maintaining public health.

Why Do You Need Health Insurance?

  • Changing lifestyle: There is no denying the fact that our ancestors had a healthier lifestyle. Daily lifestyle has undergone a drastic change in the last few decades, giving rise to a plethora of new diseases. A sedentary lifestyle, bad eating habits and dangerous levels of pollution have made the current generation more prone to health risks.
  • Rising medical costs: Various reports and surveys have highlighted two key findings, which could be a reason to worry for people without health insurance. The cost of healthcare is rising faster than other services and products and Indians primarily dip into their savings to take care of medical emergencies. Therefore, the chances of exhausting your entire savings in case of a medical emergency cannot be ruled out.
  • Coverage of related costs: When you opt for a treatment, hospitalisation is just a part of the overall costs. Out-patient expenses, diagnostic tests and other related activities account for a substantial part of the overall expenses. The cost of related activities is also rising with the cost of hospitalisation. Health insurance covers pre and post-hospitalisation charges along with the cost of hospitalisation.

The Top Factors That Affect Your Health Insurance Premium

1.Age

The age of an individual is the single biggest factor that determines his/her chances of falling ill. The chances of requiring medical assistance increase significantly with age. Younger people are generally healthy and medical costs are low. Therefore, your age plays a vital role in determining the amount of premium you will have to pay for a health insurance plan. It is always advisable to buy health insurance when you are young rather than waiting for the later years of life.

2.Medical History

There are several diseases, which have a higher chance of occurrence if you have a family history of the disease. Insurers charge a higher premium from people who have a family history of certain diseases such as cancer, blood pressure and heart diseases.

3.Body Mass Index

The body mass index is a measurement of an individual’s weight with respect to his/her height. A higher BMI signals towards a relatively unhealthy lifestyle and a higher chance of diseases related to heart, joint and also diseases such as diabetes. People with a higher BMI are more likely to seek frequent medical assistance, which increases the risk for the insurer and hence the premium for the policyholder.

4.Habits

The insurance premiums will be higher for you if you are a daily smoker or consume alcohol on a frequent basis. Insurance companies charge higher premiums for smokers and drinkers to mitigate the risk associated with insuring people who smoke regularly. Regular smokers are more likely to contract diseases such as lung cancer, stroke, heart disease, asthma and respiratory complications.

5.Pre-existing health conditions

The health insurance premiums for people with pre-existing health issues is higher as the chances of a repeat are high. The insurer covers you against any repeat occurrence of a pre-existing condition.

6.Profession

Even though it may not seem to be an important factor for health insurance, but your profession matters while buying a policy. Your occupation plays a key role in your overall well-being. Occupational dangers are higher for people working in hazardous industries such as mining, which results in higher insurance premiums for them.


Key Benefits of Health Insurance Plans
  • Flexibility: With a fixed benefit health insurance plan you get the flexibility to choose the utilisation of the sum assured. Critical illnesses like heart and kidney diseases can take a heavy financial and mental toll on the family. The overall expenses could be substantial ranging from treatment cost to the loss of livelihood in some cases. The payout of fixed benefit health insurance does not depend on the actual cost of treatment. It can help you take care of the different costs related to a critical illness.
  • Hassle-free claim process: You do not have to produce hundreds of bills and documents to claim the sum assured. The claim process of fixed-benefit health insurance is simple and hassle-free. Just a report from the doctor specifying the condition is enough to receive the payout.
  • Premium waiver: The diagnosis of a critical illness is a difficult situation for all family members. Health insurance cover continues even after a minor claim is made, but the insured is not required to pay the premiums. With the premium waiver, the insured’s family does not have to worry about losing the health insurance cover.
  • Increasing cover: The cost of healthcare is on the rise, but a good health insurance policy takes care of inflation. Canara HSBC Oriental Bank of Commerce Life Insurance Health First Plan comes with an increasing cover option, which helps the insured take care of the rising cost of medical care. With the option, the sum assured increases at a pre-defined rate nullifying the impact of healthcare inflation.
Things to Consider Before You Pick a Health Insurance Plan
  • Claim Process:The claim process is an important factor for all insurance products as no one wants to run from pillar to post when the need arises. You should choose a health insurance plan with a simple and fast claim process. A helpful customer support system would be an additional advantage.
  • The insurance amount:The amount of cover is one of the most critical components of a health insurance plan as an inadequate amount will not be of much help. While choosing the insurance amount, take into consideration your age and history of diseases.. You should also keep in mind your income while choosing the premiums. Essentially, you should try to strike a balance between the insurance amount and the premiums.
  • Family health insurance: The health of your family members is as important as yours while taking a health insurance plan. Take into account the existing ailments and the age of your family members while choosing a health insurance plan.
  • Pre/post hospitalisation: There are several costs related to hospitalisation. Ideally, one should choose medical insurance that covers pre and post hospitalisation charges. The pre and post hospitalisation expenses include the cost of consultation and diagnostic tests.
Health Insurance Tips

Some of the important health insurance tips are:-

  • Buy a health insurance plan as early as possible. You could save a considerable amount of money when you buy a policy at a young age.
  • Check the waiting period for pre-existing diseases.
  • Buy a policy with inbuilt restoration and recharge option.
  • Increase your insurance cover with age.
Top Myths about Health Insurance

Health emergency can strike anyone and with the change in lifestyles, diseases are affecting people at a very young age. Being young is not a protection against disease. It is advisable to get adequate insurance cover.

The cost of a policy should not be the only guiding principle while buying a health insurance plan. You should also take into consideration the suitability, the benefits and the other features while buying insurance.

Health insurance policies have a mandatory waiting period, which means you cannot ask for benefits for certain treatments before a specified period of time. It is better to buy health insurance when you are young so that the waiting period gets over when the chances of illness are low.

Even though a minimum hospitalisation of 24 hours was mandatory for insurance benefits to kick in, with an advancement in technology many procedures require much less time. Considering the changing dynamics of treatment, many insurance companies have started accepting claims for hospitalisations of less than 24 hours.

Why Get Health Insurance While You Are Young

1.Cheaper when younger

Getting health insurance while you are young could help you reduce the premium amount significantly. A critical illness policy with a sum assured of Rs 5 lakh-10 lakh and a tenure of 35 years for a 25-year-old non-smoking male will cost around Rs 1,400 per year. But the same policy may cost a 45-year-old non-smoking male Rs 4,337 per year.

2.Group insurance is not sufficient

Many people believe that having group insurance is sufficient to take care of their health needs. With the rise in the cost of medical care, group insurance cover may not be enough to cover all your medical bills.

3.Better financial planning

Buying a health insurance policy at a young age is not only cheap but also helps you plan for the long-term without worrying about emergencies. It is not possible to predict accidents, but with a health insurance plan, you can live a secure life with the assurance that medical emergencies will not derail your finances.

4.Increase in lifestyle diseases

Due to a tectonic change in the way people live nowadays, the incidence of lifestyle diseases has increased. It is not rare to hear about individuals in their 20s suffering from diseases, which were unheard of in the age group a few decades ago. The increase in pollution and sedentary lifestyles have given rise to a host of diseases related to the heart and lungs, which primarily affect younger people. Therefore, with the rising incidence of lifestyle diseases, it is pertinent to have a health insurance plan.

5.Better deals

The premiums are higher for people with pre-existing diseases. When you are young, the chances of having pre-existing diseases is very low, which helps you get a better deal. The diseases that are diagnosed as you grow older are automatically covered by the policy.

6.Receive full benefits

When you buy a health insurance policy, there is a waiting list for certain surgeries, special treatments or pre-existing conditions. If you buy a health insurance plan early, you are less likely to be impacted by the waiting period, as the incidence of diseases is low when one is young. Insurance companies also offer sum insured indexation benefit when you continue with the same policy for a certain number of years every claim-free year. If you buy a policy early, you can earn a higher sum insured, which reduces the cost of the policy.

A Guide to Health Insurance Portability

  • The application for portability has to be made 45 days before the existing policy expires.
  • The portability of health insurance plan is not guaranteed, and the new insurance company may reject the request if the risk is not acceptable.
  • The new insurance company has to respond to your portability request within 15 days. If you are due to renew the existing policy and the new insurer delays your request, the onus is on the insurer to request the existing insurance company for a short extension of your policy.
  • The new insurer may accept your request considering your claims history and the pre-existing diseases. A policyholder with low claims and no pre-existing diseases has a higher chance of acceptance.
  • An individual can opt to continue with the existing insurance company midway through the portability process.
  • While opting for portability, you do not have to sit out waiting periods all over again. The waiting period seamlessly continues with the new health insurance plan.
  • Insurance companies deny portability to individuals with a break in the policy tenure, which means you have to apply for portability before the existing policy expires.

Related Articles On Health Insurance

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 数字货币app下载_数字合约交易home.

Canara HSBC Oriental Bank of Commerce 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 Oriental Bank of Commerce 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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