In today’s world, no one can afford to risk the health of their family. And, with the rising cost of high-quality medical care, it only takes a few treatments to take out an average person’s lifetime savings. And hence, to have the best health insurance plans for the family is a must. Here in this article, we discuss the various family health insurance plans including their claim ratio, entry age, sum insured, and much more. So, keep reading the article for more details.
Health insurance is a kind of insurance that aids the policyholder in paying for their medical costs and surgery costs. Family health insurance plans cover your entire family for medical expenses endured during an emergency on an individual or floater sum insured basis. Insurance companies provide a range of health insurance plans for families with noteworthy benefits and quick claim resolution. Moreover, insurance companies offer cashless treatment in network hospitals to make life easier for policyholders.
Aditya Birla Insurance’s Activ health platinum plan covers in-patient, pre-, and post-hospitalization expenses for 60 and 180 days, respectively. It also covers daycare treatment costs, domiciliary hospitalization costs, ambulance hospitalization costs, organ donor costs, and the cost of a second opinion on critical illnesses. It also provides sum assured reload, cumulative bonus, and wellness program services.
Contents
What is Family Health Insurance?
A family health insurance plan is a type of medical insurance that covers all of your family members under a single policy. This plan distributes a fixed sum insured to all family members with the assumption that not every person will become ill at the same time. Most family health insurance policies cover cash-free hospitalization, maternity coverage, and pre and post-hospitalization healthcare.
List of the best family Health Insurance plans in India in 2023
We have compiled a list of top health insurance policies for Indians, ensuring that the needs of an average Indian are kept in mind.
#1. Aditya Birla Activ Health Platinum Plan
- Min Entry age: 91 days
- Max Entry age: No age capping
- Number of members covered: Self, spouse, and children between the age of 25 years
- Minimum and the maximum sum assured: Rs. 2 lakhs- Rs. 2 Crores
- Waiting period for pre-existing medical conditions: 48 months
#2. Bajaj Allianz Family Floater Health Guard Plan
Bajaj Allianz Family Floater Health Guard offers a maximum coverage of 10 lakh with simple eligibility criteria. The policy provides a 5% cumulative bonus for each year without a claim, up to a maximum of 50%. Furthermore, the plan provides a tax break under Section 80D of the Income Tax Act. If the policy is not renewed on time, a 15-day grace period is provided. Because this is a family health plan, it covers the entire family under a single plan.
- Min Entry age: Children- 3 months; Adults- 18
- Max Entry age: Children-25years; Adults- 65 years
- Minimum and the maximum sum assured: Rs. 2 lakhs to Rs. 10 lakhs
- Lifelong renewal option
- Number of members covered: 6
- Waiting period for pre-existing medical conditions: 48 months
- Pre-hospitalization coverage- 60days
- Post-hospitalization coverage- 90 days
#3. Bharti AXA Smart Super Health Insurance Policy
This health insurance plan is available in three varieties: Value, Classic, and Uber. Hospitalization cover, Ayush Treatment cover, Domiciliary hospitalization, 5% to 25% no-claim renewal discount, coverage for critical illnesses, recuperation benefits provided for critical illness or dread disease, and Domestic air ambulance cover are some of the major coverage benefits in the Uber plan.
- Min Entry age: 5 years
- Max Entry age: 65 years
- Number of members covered: Self, spouse, and children between the age group of 23 years
- Minimum and the maximum sum assured: 5 lakhs to Rs.1 Crore
- Waiting period for pre-existing medical conditions: 48 months
#4. Care Health Care Health Insurance
In this policy, every year of no claims results in a 50% premium waiver, which can be increased to 150%. This policy covers room to rent in the event of hospitalization, pre-hospitalization and post-hospitalization expenses in the event of surgery, ambulance expenses, and a daily cash benefit. It also covers pre-hospitalization expenses for up to 30 days and post-hospitalization expenses for up to 60 days.
- Min Entry age: Children- 3 months; Adults- 18 years
- Max Entry age: N.A. (No max entry age); Lifelong renewability
- Minimum and the maximum sum assured: Rs. 3 lakhs to Rs. 60 lakhs
- Max. Number of members covered: 6
- Waiting period for pre-existing medical conditions: 48 months
- Waiting period for policy-specified diseases: 24 months
#5. Future Generali Health Suraksha Family Plan
Future Generali’s Health Suraksha plan is available in both individual and family floater options. This plan is available in three variants: basic, silver, and platinum. Pre-hospitalization expenses are covered for 60 days and post-hospitalization expenses are covered for 90 days. Furthermore, it provides insured members with the option of renewing their policies for a lifetime.
- Min Entry age: Children- 5 months; Adults- 18 years
- Max Entry age: Children- 25 years; Adults- 70 years
- Minimum and the maximum sum assured: 5- 10 lakhs
- Waiting period for pre-existing medical conditions: 48 months
Benefits of Family Health Insurance Plans
The family members covered by family health insurance plans are eligible for several advantages. For example, a single policy can provide coverage for all family members, regardless of age. Here’s a quick rundown of the main benefits of buying family health insurance:
- Hospitalization Expense Coverage Without Hassle: At a network hospital, the insured family member is eligible for cashless treatment. This implies that you can take care of your entire family’s medical needs without giving up quality of care.
- Get Parental Health Insurance in the Same Plan: Some health insurance companies will let you add your parents and in-laws to a family plan for free. In this manner, the entire household’s health is covered by a single policy.
- Premium at an Affordable Price: Family health insurance plans, which do not require you to pay separate premiums for each member of the family, allow you to cover your spouse, child, and parents at a low cost.
- Easily Insure New Family Members: Family health insurance plans make it simple to add a new family member by paying an additional premium. Unlike individual policies, which require you to purchase a new policy each time your family grows.
- Tax Benefits on Health Insurance Premium: The health insurance premium receives a tax exemption under Section 80D of the Income Tax Act. If you pay the health insurance premiums for your family and parents, you may be eligible for tax breaks.
Bottom Line
A healthcare policy is a safeguard that protects your savings in the event of a medical emergency and allows you to recover in peace. When looking for health insurance, many people look for the best family health insurance policies. There is no such thing as the “best health insurance policy”. Instead, look for a policy that meets your insurance requirements. To find the best health insurance policy in India for you and your family, compare various policies based on your family’s needs.