Top 9 Advantages of Family Health insurance Plans

A family health insurance policy provides life protection for the whole family in a single plan with a fixed sum assured instead of individual life plans. The plan provides financial assistance in case any registered member of the family gets diagnosed with any sickness or gets hospitalised. The plan covers children, spouse, parents and self where benefits and features offered by family health insurance plans can be customised as per the requirements of the family.

These plans are suitable for bigger households where the number of members are more, family health plan provides the benefits of individual health insurance plan in a single plan for all members of the family. The following are some of the key benefits of family health insurance plans:

Benefits of Family Health Insurance Plan

Following are some of the key benefits available to the policyholders of a family health insurance plan -

1.Protection for the whole family
Family health insurance plans aim at providing life coverage for each and every member of the family under one single plan. Besides fulfilling your health needs, the plan provides coverage to your spouse, children, parents or dependent parents in law. The list of family members registered in the plan can be extended in some plans on the basis of your preference.

2.High Coverage
The plan gives full access to the sum assured to every single member of the family who unfortunately falls ill. The assured members of the family are entitled to high coverage, making family health insurance plans more beneficial.

3.Affordable Premiums
The family health life insurance plans are more cost efficient than individual life insurance plans purchased for each and every single member of the family. Therefore, family health insurance plans provide high coverage with less premiums.

4.Flexible Cover Benefits
Family health insurance plans are available in different benefits options for providing life cover, you can make your plan more customised by adding features and benefits depending upon your expectations.

5.Hospitalisation Expense Cover
Family Health Insurance Plans provides coverage for all the expenses levied in hospitalisation of the ill member. The treatment is cashless and hassle free just like any other individual life insurance plan.

6.Maternity Cover
Family Health Insurance plans are ideal for the young couples who are planning to start a family as maternity expenses are also covered under it. Immediate maternity related expenses can be high sometimes thus, coverage for it makes family health insurance plans a suitable choice for the needs of the whole family.

7.Addition of New Members
The family floater plan allows you to add new family members even in the midst of the policy term. The plan provides coverage for the newly conceived member via requesting the insurance company about it and paying additional premium. The coverage would be provided without purchasing any extra insurance policy.

8.Discount Offers
The family health insurance plans provide different discount offers and incentives, these discounts can be availed to ensure an affordable life insurance plan for the entire family.

9.Tax Benefits
The family health insurance plan provides tax exemption on the premium payments as per section 80D of the Indian Income Tax Act. The tax deductions are up to INR 25,000 and more (in case the life assured is senior citizen).

Conclusion

The family health plans are more beneficial for larger families where maintaining premium payments for every single member’s individual health plan is difficult. These plans charge lower premiums and high sum assured which is accessible to all the family members. Investing in a family health insurance plan is a wiser choice than choosing individual health plans for each member of the family.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.