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Family health insurance policy is also popularly known as family floater health plans. They are one of the most common types of health insurance plans available in the Indian insurance market. The purpose of the plan is to cover each and every member of your family under a single policy.
Family medical insurance provides cover in the form of the sum insured, which is divided on the basis of the number of family members or as a whole amount for the entire family. The cover is available in the form of financial aid utilized to pay off hospital bills, treat illness, doctor’s fees, cost of medical treatment, and accidental emergency injury.
Under a mediclaim policy for family, you can include yourself, your spouse, dependent children, parents, and in some cases, even parents-in-law. Each member of your family can make a claim of up to the total sum insured. In addition to the basic cover, family health insurance policies also include cover for expenses/hospitalization bills related to COVID-19 .
If you are a family guy, you must purchase a comprehensive health insurance plan for yourself and your family. Here are the key benefits of a family floater health care plan:
With a family insurance plan, you no longer need to worry about getting your loved ones hospitalized. A family cover comes at the cost of an affordable premium, payable as an annual installment. Besides, if you do not have sufficient balance at the time of your hospitalization, you can always avail of cashless hospitalization. You will be stress-free as the financial obligation will be borne by the health insurance provider.
This is a very important factor. Critical illnesses can take a complete toll on your family’s emotional, physical, mental, and financial well-being. Critical illnesses are life-threatening diseases that might leave you impaired or recovering for a prolonged period of time. Medcilaim policy for family provides critical illness cover to help you cope with financial losses.
Another important benefit of family medical insurance is that it can be purchased online. You no longer need to visit the bank branch or meet with an insurance agent. With Coverfox, you can easily buy, renew and compare the best family health insurance plans in India at a click of a button.
Due to the ongoing pandemic, existing insurers have included cover for expenses related to COVID-19, doctor’s fees, PPE kits. The Insurance Regulatory and Development Authority of India has directed all private and public general insurers to offer Corona Rakshak, and Corona Kavach Plans at a nominal premium.
You can add a wide range of rider options to your existing or new healthcare policy at the cost of an affordable premium.
Premiums paid towards a health insurance policy are eligible for tax deduction under Section 80D of the Income Tax Act, 1961.
Here is a list of best family health insurance policies in India for 2022, along with the maximum age at entry and sum insured. Call us on 1800 209 9930 to learn more about each plan.
|Health Insurance Plan Name||Sum Insured||Maximum Age at Entry|
|Max Bupa Health Companion family floater||Rs. 5 lakhs to Rs. 12.5 lakhs||No Limit|
|HDFC ERGO Optima Restore family floater||Rs. 3 lakhs to Rs. 50 lakhs||65 years|
|New India Assurance Family Floater Mediclaim||Rs. 3 lakhs to Rs. 5 lakhs||65 years|
|Oriental Insurance Happy family floater policy||Rs. 1 lakh to Rs. 20 lakhs||65 years|
|Star Health and Allied Insurance Family Health Optima||Rs. 1 lakh to Rs. 25 lakhs||65 years|
|National Insurance Company Parivar Mediclaim Limited||Rs. 1 lakhs to Rs. 10 lakhs||65 years|
|Universal Sompo Complete Health Care||Rs. 1 lakh to Rs. 5 lakhs||65 years|
|Bajaj Allianz Health Guard Family Floater Gold||Rs. 3 lakhs to Rs. 50 lakhs||65 years|
|TATA AIG Mediprime||Rs. 2 lakhs to Rs. 10 lakhs||65 years|
|HDFC ERGO Health Suraksha Plus Regain Gold & Silver||Rs. 3 lakhs to 10 lakhs||No Limit|
Health insurance plan for a family covers in-patient hospitalization, pre-hospitalization, post-hospitalization, day care, health check-up, emergency ambulance service, etc. Let's see each in details:
All the medical expenses due to hospitalization are covered. In case, if any of the insured family members is hospitalized for more than 24 hours, the insurance company will pay the medical expenses.
Any medical expenses incurred before hospitalization are termed as pre-hospitalization expenses. For example, X-ray, MRI, blood test, urine tests, sonography results, etc. done before hospitalization are covered.
Any medical expenses incurred after the discharge from hospital are termed as post-hospitalization expenses. For example, medicines, or any medical tests done after the discharge to check the improvement.
Most of the insurance companies offering family health insurance plans cover emergency ambulance charges. The amount of the emergency ambulance charges varies from insurer to insurer.
The insurance company provides daily cash allowance. This hospital cash can be utilized to cover the cost of the transportation or other basic requirements of the person attending the patient.
Many health insurance companies offer restore benefit features under family health insurance plans. This feature helps to reinstate the basic plan cover in case the coverage gets exhausted. However, restore benefit is applicable only for unrelated claims.
Day care treatments are the treatments that do not require 24 hours of hospitalization. For instance, medical expenses related to cataract which can be treated within a few hours.
Here is the list of few exclusions of a family health insurance plan:
That’s the list of few common exclusions of a health insurance policy for a family. However, one must refer and read policy wordings for the full list of exclusions.
Eligibility criteria for family health insurance policy is as follows:
The minimum entry age for adults is 18 years and the maximum age is 65 years. The minimum entry age for children is 90 days (this may vary depending on the insurer) and maximum age is 25 years in a mediclaim policy for family. However, the policy will no longer cover the dependent child as soon as he/she crosses the specified age limit.
Few insurers ask for medical tests to be carried out at their nominated centers. While few insurers offer family health insurance policy up to a certain age, say, 45 years without any medical tests. In some instances, insurers may make medical check-ups mandatory.
Almost all the insurance companies offer lifelong renewal. You need to renew your family health insurance policy every year to keep in force and renew before it expires. After the due date of renewal the insurance company gives a grace period of 30 days. If you want to keep the policy in force, you must renew it before the grace period ends or else the policy terminates.
There are plenty of mediclaim policies for family in India which makes it a daunting task to choose the best plan. In order to make this simple and save your time, you can easily compare family health insurance plans online on Coverfox. Below are a few reasons to consider buying family medical insurance online.
Buying family health insurance online has become more convenient than ever due to websites like Coverfox. Simply compare various plans online and choose the policy that best suits your needs. You don’t need to fill out multiple forms and stand in long queues in order to buy the policy. Fill all the necessary details and get the policy emailed in just 5 minutes.
Get quotes from different insurance companies instantly while buying family health insurance online. You can compare the quotes and choose the plan that matches your budget.
Coverfox offers easy to pay, multiple payment options like Debit Card, Credit Card or e-wallets according to your choice. These payment modes come with a secured payment gateway.
By buying health insurance for family online you get instant issuance of your policy. You don’t need to wait for weeks to get your policy documents. The documents will be sent to you instantly via email.
After purchasing family medical insurance policy, you can easily access your documents and avail after-sales services online. All you have to do is download the mobile application. You can also make health insurance claims online.
If you want to cover all your family members in a single health insurance plan, you can buy it easily online. Coverfox offers to compare various family health insurance plans online and buy the one that suits your needs. To buy the best mediclaim policy for your family in India, follow the steps below.
Here is the list of documents that are required to buy a Mediclaim policy for family
Since the advent of internet banking, all health insurance providers have enabled the online facility of policy renewal. You simply have to visit the official website of the respective insurer and log in with your registered user ID/password. Once logged in, select the option for renewal and make the payment online via net banking/credit/debit card etc.
The claim process of Family Health Insurance can be understood as mentioned below
The best way to buy a family health insurance plan is to log onto Coverfox, compare all the available options, select the best plan and fill in the required details, select sum insured, pay the premium. Your policy conveniently arrives in your mail box.
However, here are a few factors which you need to keep in mind when deciding on an insurance company.
Reputation: The company’s reputation plays an important role in deciding your investment. It is a good idea to go for a company with claim settlement ratio and a good brand image.
Quick Process for Claim Settlement: Consumers purchase insurance policies for their future emergencies and no doubt, you should be able to make claim on time.
Feedback from Customers: Before purchase, one must spot customer ratings and user opinions for the insurance company.
You can simply login to the insurer's website and fill in your family health insurance policy details, and pay the premium. Once the premium is paid, you will receive digitally copy of renewed family floater policy.
The best thing about purchasing a family plan online is that it gives the option to compare the charges of all the plans sold in market together with analysis opportunity of their policy features and benefits. Thus, online transactions ensure complete transparency in paying the right amount.
Besides, an online Health Insurance Plan is always cheaper when compared to offline plans since the agent’s role is removed leading to the removal of commission payment. The insurer is able to save on the commission and administration charges and therefore, low premium is offered to the customers.
Also, transations done online mean complete transparency of payment of the correct amount.
Most often under a health insurance plan treatment expense is covered for Day Care Treatments or in-patient hospitalisation which means that the policyholder needs to be hospitalised beyond one day. However, Certain Insurance companies have started to offer benefits for OPD treatments also such as Apollo Munich, ICICI Lombard, Bajaj Allianz and ManipalCigna.
Below are few plans offered on individual sum insured basis that can be taken into account.
Religare Care No Claim Super: With attractive features like 100% Recharge Benefit, No Claim Bonus unto 150% and a complementary annual health checkup, Religare's No Claim Super plan is definitely worth considering.
Apollo Munich Optima Restore: With the maximum individual sum insured of Rs.15 lakhs, Apollo Munich Optima Restore offers benefits like coverage of domiciliary treatment, pre-post hospitalization for 60 and 180 days respectively, Organ Donor and Restore Benefit.
L&T Medisure Classic: Strongly backed by a powerful brand like L&T, the Medisure Classic plan should be on your consideration list with features totally worth paying for. With maternity & new born cover along with hospital cash, ambulance charges and cover for Ayurvedic treatment, it also offers options like room rent waiver and double sum insured for critical illness at an additional premium.
Star Medi Classic: Automatic Restoration of Sum Insured and cover for non-allopathic treatments are just few of the many benefits offered by the plan. The premium pricing is also quite cost-effective in comparison to other plans offering similar benefits.
Different insurers provide family health plans at various quotes. It is advisable to check the exact price from the official website of the insurance company.
The average cost of health insurance per family (4 members) comes up to Rs. 6000 to Rs. 8000 per month, and for an individual, it comes up to Rs. 2000 per month.
The average cost of health insurance for a married couple stands at around Rs. 8,000 per year.
Since it covers more than one person and every family member has different requirements in terms of health and age, family health insurance is more expensive than regular health insurance.