Health Insurance Plans for Family: Is Your Family Safe?
Created on 09 May 2023
Wraps up in 11 Min
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A family's health is their most important asset. Along with providing facilities such as education and security, ensuring access to quality healthcare is a top priority for any responsible parent. Imagine a family with three children, where the father works long hours as an IT consultant, and the mother stays home to care for the kids. One day, the eldest child falls sick and needs to be hospitalised for a week. The medical bills pile up, and the parents realise they struggle to pay for their child's treatment. In such a scenario, the family ends up wishing they had taken a family health insurance plan earlier. It would have eased their financial burden and given them peace of mind.
This situation is common, highlighting the importance of having a comprehensive health insurance plan that covers the entire family. With the right insurance plan in place, families can rest assured that they are protected against unforeseen medical expenses and can focus on what matters most – the health and well-being of their loved ones.
What is Family Health Insurance?
Family health insurance is a great way to protect your family's health and finances. It is a variety of insurance policy that offers unified protection for the entire family, including the spouse, dependent children, and dependent parents. This means that all members of your family are covered under a single policy with only one premium payment, making it a cost-effective option.
With a family health insurance plan, you don't have to worry about keeping track of multiple policies, renewal dates, and premium payment dates. Instead, you can focus on what's important, caring for your family's health. This type of insurance plan offers peace of mind as you know that your loved ones are covered in case of a medical emergency.
The sum insured or the insurance coverage for a family health insurance plan is shared among all the insured family members. Let's say you purchase a family health insurance plan with a sum assured of ₹10 lakhs, and five people are insured under the plan – you, your spouse, your parents, and your dependent child. In case of a medical emergency, if your child requires hospitalisation and the total bill amounts to ₹3 lakhs, the insurance company will pay the claim amount from the sum assured.
The remaining sum assured for the family health insurance plan will then be ₹7 lakhs, which can be used by the remaining family members for their medical expenses if needed. This ensures that your entire family is well-protected and can receive quality healthcare services without worrying about the high cost of medical treatments.
Moreover, family health insurance plans offer comprehensive coverage for various medical expenses, including hospitalisation, surgeries, doctor consultations, and more. They also provide access to a network of hospitals and healthcare providers, ensuring you and your family receive quality healthcare services.
Another great advantage of family health insurance plans is that they make it easy to cover dependent members who may not be able to afford a health insurance plan on their own. This means you can provide financial protection to your parents or in-laws without worrying about the high cost of individual health insurance plans.
So, if you haven't already, consider investing in one of the below-mentioned family health insurance plans to protect your family's health and finances.
Top Health Insurance Plans for Indian Families: Keep Your Loved Ones Covered
Are you looking to secure the health of your entire family with a comprehensive health insurance plan? We've got you covered! Protect your loved ones' health and well-being with a reliable family health insurance plan today! Check out our list of India's top insurance companies' best family health insurance plans:
Aditya Birla Activ Health Platinum Plan
Looking for a health insurance plan that not only covers your medical expenses but also promotes your overall well-being? Aditya Birla Activ Health Platinum Enhanced is the perfect plan for you. This plan offers comprehensive coverage and long-term benefits with cashless hospitalisation, high-sum insured options, and unique features like HealthReturns and a chronic management program.
Here are the key benefits of the Aditya Birla Activ Health Platinum Enhanced plan:
- Cashless hospitalisation at more than 9000 network hospitals across India.
- Sum insured options range from ₹2 lakh to ₹2 crore.
- Unique features like HealthReturns, recovery benefit, chronic management program, second e-opinion, and expert wellness coach.
- Cumulative bonus that increases the sum insured by 50% up to a maximum of 100% or ₹1 crore for each claim-free year.
- Long-term discounts of 7.5% and 10% for 2-year and 3-year policy tenures, respectively.
- 10% Preferred Provider Network (PPN) discount.
- Premiums paid for the plan are eligible for tax benefits underneath Section 80D of the Income Tax Act.
Bajaj Allianz Health Guard Plan
The Bajaj Allianz Health-Guard Plan is a comprehensive health insurance policy designed to protect financially against medical expenses. Let us have a look at the major benefits of this plan:
- Wide coverage options range from ₹1.5 lakhs to ₹50 lakhs.
- Cashless hospitalisation at more than 6,500 network hospitals across India.
- Coverage for pre and post-hospitalisation expenses for up to 60 and 90 days, respectively.
- Free health check-ups after every four claim-free years.
- Maximise your savings with a no-claim bonus of up to 50% on the sum insured for every claim-free year, up to a maximum of 100%.
- Coverage for AYUSH (Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy) treatments.
- In-patient hospitalisation expenses coverage, including room rent, nursing expenses, ICU charges, and more.
- Ambulance charges covered up to a maximum of ₹2,000 per hospitalisation.
- Coverage for daycare procedures and organ donor expenses.
- Tax benefits underneath Section 80D of the Income Tax Act on premiums paid toward the policy.
Bharti AXA Smart Super Health Insurance
The Bharti AXA Smart Super Health Plan is a comprehensive health insurance policy that covers various medical expenses. Let's have a look at a few key benefits of this plan:
- Sum insured options range from ₹5 lakh to Rs. 1 crore to meet varying healthcare needs.
- Coverage for in-patient hospitalisation expenses includes room rent, ICU charges, and medical practitioner fees.
- Pre-hospitalisation costs are up to 60 days, and post-hospitalisation expenses are up to 90 days.
- Coverage for daycare procedures, such as cataract surgery, chemotherapy, and radiotherapy.
- AYUSH treatment coverage includes Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.
- Option to choose between individual and family floater plans.
- No sub-limits on hospital room rent, ICU charges, or doctor’s fees.
- A cashless hospitalisation facility is available in over 4,500 hospitals across India.
- Tax benefits underneath Section 80D of the Income Tax Act for the premium paid towards the policy.
Cholamandalam Healthline Insurance Policy
The Chola Healthline plan offers comprehensive health insurance benefits to keep you and your loved ones financially secure in any medical emergencies. Let us explore some of the key benefits of the plan:
- Get the perfect amount of protection with a wide range of sum insured options, from ₹2 lakhs to ₹25 lakhs, tailored to your specific needs.
- Coverage for pre and post-hospitalisation expenses for up to 60 and 90 days, respectively.
- Cashless hospitalisation at over 10,000 network hospitals across India.
- Lifetime renewability and no maximum age limit for enrolment.
- Coverage for daycare procedures and AYUSH treatments.
- Automatic recharge of the sum insured in case it is exhausted during the policy term.
- Additional benefits like personal accident cover, daily hospital cash, and critical illness cover are available as add-ons.
- Section 80D of the Income Tax Act includes tax benefits on premiums paid toward the Chola Healthline plan.
- This health insurance plan covers various outpatient expenses such as dental treatments, hearing aids, and the cost of contact lenses & spectacles.
Digit Health Care Plus Insurance Policy
The Digit Health Care Plus Policy offers comprehensive health insurance coverage for individuals and families. It covers various medical expenses, including hospitalisation, pre and post-hospitalisation expenses, and critical illnesses.
Here are some of the key benefits of the plan:
- In-patient hospitalisation expenses are covered up to the sum insured.
- Pre and post-hospitalisation expenses are covered for up to 30 and 60 days, respectively.
- Day-care procedures are covered without any hospitalisation required.
- Safeguard your health and financial stability with comprehensive coverage that includes critical illnesses such as cancer, heart attack, and stroke.
- No medical check-up is required for individuals below 45 years of age.
- Option to choose from various sum insured options, ranging from ₹2 lakhs to ₹2 crores.
- Cashless hospitalisation facilities are available at network hospitals.
- No-claim bonus for every claim-free year, which increases the sum insured by 10% each year, up to a maximum of 50%.
Family Health Optima Insurance Plan
The Family Health Optima Insurance Plan by Star Health provides comprehensive health coverage for individuals and families. This plan offers many benefits and features, including cashless hospitalisation, maternity benefits, and coverage for pre-existing conditions.
Here are some of the key benefits of the Family Health Optima Insurance Plan:
- Coverage for hospitalisation expenses, including room rent, doctor’s fees, ICU charges, and more.
- Maternity benefits, including pre-and post-natal expenses, delivery charges, and newborn baby cover.
- Coverage for pre-existing conditions after a waiting period of 48 months.
- No sub-limits on hospital room rent, doctor’s fees, or other medical expenses.
- Option to add coverage for critical illnesses, personal accidents, and outpatient treatment.
- Cashless hospitalisation at more than 9,900 network hospitals across India.
- No age limit for enrolment and a lifetime renewal option.
- Discounts for enrolling family members under the same policy.
- Free health checkup every year after the first year of policy renewal.
SBI Arogya Premier Policy
The SBI Arogya Premier Policy is a comprehensive health insurance plan from SBI General Insurance Company. It covers all your hospitalisation expenses, offers tax benefits, and includes a cumulative bonus of up to 50% of the sum insured.
Here are the key benefits of this policy:
- No medical check-ups are required until the age of 55 years.
- Provides coverage for 141 day-care procedures.
- Offers a waiting period of 48 months for pre-existing diseases.
- Mental illness, genetic disorders, and conditions related to human immunodeficiency virus syndrome are covered up to ₹1 lakh.
- Offers coverage for individual and family floater plans with a tenure of 1 year.
- The sum insured ranges from ₹10 lakhs to ₹30 lakhs.
- The premium paid under this policy is eligible for tax rebate under Section 80D of the Income Tax Act 1961.
Why Family Health Insurance Plans are a Necessity?
Securing the health of your loved ones is essential, and buying a family health insurance plan is a smart way to achieve that. This type of insurance policy offers a host of benefits to insured family members, making it a worthwhile investment. Let's take a closer look at the major benefits of purchasing a family health insurance plan.
All-Round Protection for Your Family
One of the biggest advantages of a family health insurance plan is that it covers all your family members under a single policy. This means you don't have to worry about purchasing separate policies for individual family members. Additionally, you can rest assured that all your family members are protected against medical emergencies and unforeseen illnesses.
Cashless hospitalisation Cover
In case of hospitalisation, the insured family members can avail of cashless treatment at the insurer's network hospitals, just like individual health plans. This ensures stress-free hospitalisation and quality medical care without worrying about the financial burden.
Coverage for Parents
Several health insurance companies allow policyholders to include parents and parents-in-law under a family health plan at no additional premium. This provides a cost-effective solution to secure the health of your parents and your spouse's parents.
Family health insurance plans offer a cost-effective solution to cover all family members under the same plan. You can cover your child, parents, and spouse at an affordable premium within the same insurance plan. However, for your parents, it is suggested to buy individual health coverage considering their age-related health issues and other complications.
Easy Addition of New Family Members
In a family health insurance plan, you can easily add a new family member on payment of an additional premium. Unlike an individual policy, you don't need to take a fresh policy whenever there is an addition to your family. However, make sure to increase your sum insured when you add your parents to an existing plan.
Coverage for COVID-19
Protect yourself and your loved ones from the financial burden of COVID-19 by investing in a specialised health insurance plan for coronavirus. Some insurance providers offer coronavirus treatment coverage under basic health insurance plans. In contrast, others have launched coronavirus-specific plans that cover hospitalisation costs incurred on treating Coronavirus on a floater basis.
Ensure the ultimate protection for your family's health with family health insurance plans that come with a variety of add-on benefits, including critical illness coverage, maternity cover, and more. Be sure to carefully review the policy terms to understand any waiting periods that may apply to these additional benefits so that you can select the best plan for your family's unique needs.
Maximise your tax savings with health insurance plans that qualify for tax exemption under Section 80D of the Income Tax Act. By paying the premium for your family and parents' coverage, you can claim tax benefits while ensuring their health and well-being.
What is Covered in a Family Health Insurance Plan?
When it comes to safeguarding the health of your loved ones, a family health insurance plan is the perfect shield. It covers various medical expenses and ensures financial protection during unforeseen health emergencies.
Here are the key benefits covered under a family health insurance plan:
- Hospitalisation Expenses: If you or any of your family members require hospitalisation for more than 24 hours, the expenses incurred on medical treatment will be covered.
- Day Care Procedures: The cost of daycare treatments that require hospitalisation for less than 24 hours will be covered.
- Ambulance Charges: If you need urgent medical attention, any costs associated with utilising ambulance services will be taken care of.
- Pre and Post-hospitalisation Expenses: You will be eligible for coverage of medical expenses, including pre-hospitalisation tests and post-discharge follow-up consultations, for a specified period.
- Maternity Cover: Family health insurance plans come with maternity cover, which covers the medical expenses related to pregnancy and newborn baby care.
- Organ Donor Expenses: If an organ transplant is needed, organ harvesting and donor-related expenses will be covered.
- AYUSH Treatment: The plan covers hospitalisation expenses incurred for availing treatments through Ayurveda, Yoga, Siddha, Homeopathy, and Unani.
- Domiciliary Treatment: This policy covers medical expenses associated with receiving treatment at home per the doctor's recommendation.
- Daily Cash Allowance: The policy provides a daily hospital cash allowance to cover daily incidental hospitalisation expenses.
- Mental Illness Cover: Depression, anxiety, schizophrenia, and other mental illnesses are typically covered by most family health insurance plans.
What is not Covered in a Family Health Insurance Plan?
When buying family health insurance, it's crucial to carefully review the policy documents to understand the coverage and exclusions. After all, you don't want to be surprised when you file a claim! The following medical expenses are typically excluded from coverage under family health insurance plans in India:
- OPD treatments and routine medical check-ups won't be covered under most plans.
- Expenses for aesthetic treatments or plastic surgeries also won't be covered.
- Treatment costs incurred for life-support machines won't be covered.
- Treatment taken overseas won't be covered unless it's included in the plan.
- Illness or injury due to war, nuclear reactions, rebellion, or acts of foreign enemies isn't covered.
- Injury or illness due to participation in unethical or criminal activities won't be covered.
- Pregnancy or childbirth-related complications like voluntary termination of pregnancy, miscarriage, or abortion aren't covered unless specifically mentioned in the plan.
- Pre-existing medical conditions aren't covered until the completion of the waiting period.
Make sure to read the policy documents carefully to understand any other exclusions and waiting periods. It's always better to know beforehand what won't be covered so you can plan accordingly!
The Bottom Line
With rising healthcare costs and an increasing incidence of illnesses, having a comprehensive health insurance plan has become more important than ever. Family health insurance plans are crucial for providing financial security and peace of mind to families in case of any sudden/unexpected medical emergencies.
Parents can ensure their children can access the best medical care without worrying about the financial burden by investing in a family health insurance plan. It's never too late to start thinking about your family's health & well-being and taking the necessary steps to secure their future.
So, take that first step today and choose a family health insurance plan that best fits your needs and budget because there is no compromise when it comes to your family's health.
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