Top 8 Family Health Insurance Policies You Should Consider in 2021

Family Health Insurance Policies help you protect your family from any dreadful disease and illness. With it, high-medical costs won’t mean you’re unable to provide your family with the best possible treatment.

You can safeguard your family against any medical emergency. Thus, you can contribute to reducing the number of children dying every month due to lack of proper treatment.

Here are the Top 8 Family Health Insurance Plans in India that enable you to provide your dependent children and other family members with cashless treatment at network hospitals.

1. Apollo Munich Optima Restore Family

Incurred Claim Ratio (2016-17): 55%

Apollo Munich's Optima Restore family floater plan is an innovative policy that provides cover for your loved ones under a single plan. It especially covers your family, which includes dependent children, spouse, parents, and parents-in-law.

Key Highlights:

• Minimum entry age 5 years for children and 18 years for adults
• Maximum entry age 65 years; Lifetime renewability
• 3 lakhs are minimum and 50 lakhs maximum amount assured for adults
• Maximum Number of members covered: 6
• 3-year is the waiting period for pre-existing medical conditions
• 100% increase in sum insured after 2 no-claim years.

Besides, there is an auto-reinstatement option wherein the sum assured is reinstated once it gets exhausted. This restoration benefit can be utilized only once in a policy year.

For every no-claim year, the basic sum assured is increased by 50%. The policy covers the complete expense in case of a life-threatening disease. You can also gain a daily cash benefit feature.

2. Religare Care

Incurred Claim Ratio (2016-17): 51%

• Minimum entry age for children is 3 months.
• Minimum entry age for adults is 18 years.
• There is no maximum entry age.
• Lifelong renewability is available.
• Minimum sum assured is 2 lakh.
• Maximum sum assured is 60 lakh.
• The maximum number of members covered is 6.
• The Waiting period for pre-existing medical conditions is 4 years.
• The waiting period for policy-specified diseases is 2 years.
• No-claim bonus: Increase of 10% in sum assured during next year. And for every no-claim year, bonus keeps on building, up to 50% of sum assured

Coverage includes room rent in case of hospitalisation, and in case of surgery pre-hospitalisation expenses and post-hospitalisation expenses are included. Ambulance expenses are also covered and a daily cash benefit is another benefit.

Key Benefits:

• Pre-hospitalisation charges of up to 30 days
• Post-hospitalisation up to 60 days
• An organ donor cover of Rs 50,000-Rs 3 lakhs
• ICU limit of 2% of sum assured on Rs 2 lakh, Rs 3 lakh and Rs 4 lakh sum assured and no limit on the sum assured of Rs 5 lakh and above 
• Private room facility and one free medical check-up every year
• Add-ons benefits like personal accident cover, Air ambulance cover, etc.

3. Star Family Health Optima

Incurred Claim Ratio (2016-17): 61%

• Minimum entry age for children 16 days
• Minimum entry age for adults 18 years
• Maximum entry age 65 years
• Lifelong renewability facility
• Minimum sum assured: 3 lakh
• Maximum sum assured 25 lakh
• Maximum Number of members covered is 6
• The waiting period for pre-existing medical conditions: 4 years
• The waiting period for policy-specified diseases: 2 years

Key Benefits:

• Ambulance expenses
• Hospital charges
• In-house treatments etc.
• 3 auto-restorations in one policy period if the sum assured is exhausted
• More than 6000 hospital networks

4. Max BUPA Health Companion

Incurred Claim Ratio (2016-17): 52%

• Minimum entry age for children 3 years
• Maximum entry age for adults 18 years
• No maximum entry age; Lifelong renewability
• Minimum sum assured 3 lakhs
• Maximum sum assured 1 crore.
• Maximum Number of members covered: 6 (4 adults+2 children)
• 4 years waiting period for pre-existing medical conditions
• 2-3 years waiting period for policy-specified diseases

Key Benefits:

• Auto-refill of the sum assured in case the basic sum assured is exhausted
• higher daily cash benefit
• No Claim Bonus for 5 consecutive no-claim years
• Increase in basic sum assured by 100% in the case of NCB year

5. HDFC Health Suraksha

Incurred Claim Ratio (2016-17): 41%

• Minimum entry age for children 3 years
• Maximum entry age for adults 18 years
• No maximum entry age; Lifelong renewability
• Minimum sum assured 3 lakh
• Maximum sum assured 7.5 lakh
• Maximum Number of members covered: 6

Key Benefits:

• Coverage for Pre and post hospitalisation expenses

• Coverage for ambulance expense, daycare or in-house treatment expenses
• 5% premium discount on every non-claimable year
• 4 years waiting period for pre-existing medical conditions

6. Oriental Insurance Happy Family Floater Policy

Incurred Claim Ratio (2016-17): 114%

• Minimum entry age for children 3 months
• Minimum entry age for adults 18 years
• Maximum entry age for children 25 years
• Maximum entry age for adult 65 years
• Minimum sum assured: 1 lakh
• Maximum sum assured 20 lakh
• Maximum Number of members covered: 8 (6 adults+2 children)
• 4 years waiting period for pre-existing medical conditions

‘Gold’ and ‘Silver’ are the two variants of the Oriental Health Insurance Family Floater plan. Both plans cover hospitalisation benefits and domiciliary treatment costs. They cover the policyholder and his/her family members (self, spouse, children, parents, and parents-in-law). The Gold Plan provides personal accident cover and life hardship survival benefits. As an insured, you can avail tax benefits under section 80D of the Income Tax Act. Both the plans also provide no claim bonus of 5% for every claim-free year up to a maximum of 20%.

7. Bajaj Allianz Family Floater Health Guard

Incurred Claim Ratio (2016-17): 73.59%

• Minimum entry age for children 3 months
• Minimum entry age for adults 18 years
• Maximum entry age for children 25 years
• Maximum entry for adults 65 years
• Minimum sum assured 2 lakh
• Maximum sum assured 10 lakh
• Lifelong renewal Option
• Maximum number of members covered 6
• 4 years waiting period for pre-existing medical conditions
• Pre-hospitalization coverage- 60days
• Post-hospitalization coverage- 90 days

Key Benefits

• Hospitalization expenses incurred.
• Pre and post hospitalization expenses for 60 and 90 days respectively
• Ambulance charges Rs. 1000/- per hospitalization
• Coverage for 130 daycare procedures, subject  to terms and conditions
• A cumulative bonus of 5% for each claim-free year up to a maximum of 50%
• Tax benefits under section 80D of the Income Tax Act
• 15 days grace period if the policy is not renewed timely
• Coverage for the entire family

8. SBI General Health Insurance

Incurred Claim Ratio (2016-17): 54.41%

• Minimum entry age for children 3 months
• Minimum entry age for adults 18 years
• Maximum entry age for children 23 years
• Maximum entry age for adults 65 years
• Minimum sum assured 2 lakh
• Maximum sum assured 5 lakh
• Maximum number of members covered 6
• 4 years waiting period for pre-existing medical diseases.

Key Benefits

• SBI General Health Insurance is a comprehensive health policy with fixed benefits.
• Regardless of the claims made, the premium remains constant.
• And you can pay the same premium amount for the entire tenure of 5 years.
• Daily cash benefit upon hospitalization
• Daily ICU benefit and daycare treatment
• Lump-sum surgical benefit post hospitalization coverage.

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Conclusion

A health insurance policy is designed to provide the insured with a protective cover. It shields your savings in case of a health emergency and will let you recuperate in peace.

Before selecting any health insurance, compare different policies online and choose one that is meeting the needs of your immediate family members.