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Do You Really Need A Family Health Insurance of Rs. 1 Crore?

Updated On Sep 06, 2021

A health insurance policy is important for both individuals and their families. To help the customers secure the health of their families under a single cover, the health insurance providers have launched family floater plans which provide extensive coverage to insure all the members of your family with sufficient sum assured and coverage for all the members. The sum assured of the family floater plan can differ according to the inclusions in the policy, number of members insured, financial budget of the customer, etc. Under a family floater plan you can cover yourself, your spouse, children, and dependent children.

Sometimes the features of a family floater plan can be slightly confusing. There are health insurance plans which can range up to Rs. 1 Crore. But, the customers often face difficulty in deciding if a Rs. 1 Crore plan is suitable for them or not. To get over this confusion, you must always start with analyzing your requirements which can include your financial budget, medical history, pre-existing diseases, etc. After having considered your needs, you must invest in a family floater plan that is comprehensive and is affordable.

Do You Really Need A Family Health Insurance of Rs. 1 Crore?

About Rs. 1 Crore Family Health Insurance Plan

A Rs. 1 Crore family floater health insurance plan is a health insurance plan which covers all the members of a family under a single cover of sum assured up to Rs. 1 Crore. This huge amount can be helpful at times to cover your high costs of treatments, but it can be beyond your requirements if it does not sync with your financial budget. Let us look at some of the basic benefits of having a Rs. 1 Crore family health insurance plan:

  • It covers the expenses for a minimum hospitalization of 24 hours.
  • Under this plan pre and post hospitalization expenses are covered along with the medical expenditures.
  • Ambulance charges and organ donor expenses are also included for the customers.
  • 10% to 50% of no claim bonus is provided for every claim-free year.
  • Lifelong renewability of services are available for the customers along with the auto-restoration of sum assured.
  • Various add-on covers for critical illnesses, cancer, second opinion, etc. are also offered by the insurer.

Must Read: Best Health Insurance Plans In India

When To Go For A Rs. 1 Crore Family Health Insurance Plan?

The choice of investing in a particular health insurance policy must depend on your requirements which you must analyze carefully before proceeding to buy a health insurance cover. If you are aiming for a health insurance cover with a higher sum assured than this Rs. 1 Crore plan is a fit for you. If you have a high income and you can invest around Rs. 50,000 annually on the premiums of the health insurance covers, then you can buy this plan with a high sum assured. Also, if you or anyone in your family is suffering from critical diseases like cancer ,ung diseases, heart diseases, etc. then you must have this Rs. 1 Crore family health insurance plan. The cost of treatment of critical diseases is high due to the rising inflation in the health sector and therefore, you must have some financial aid to compensate for your medical expenses.

When To Avoid Rs. 1 Crore Family Health Insurance Plan?

You must be realistic about the conditions of buying a health insurance policy. The premium of a health insurance cover increases with the increase in age, and therefore you must invest in such high sum assured health insurance covers only when it is affordable for you. The investments in your health insurance policies must not exhaust your financial savings and it should not burn a hole in your pocket. If you are looking for a regular family health insurance plan with comprehensive coverage and affordable price, then you can go with policies of lower sum assured. The investment in your policy should not be too high or too low, as it must sync with your financial plannings.


It is unnecessary to buy a Rs. 1 Crore health insurance plan for your family when you do not need it for critical diseases, or if it is out of your financial budget. But, if someone in your family is going to seek treatment for critical diseases like cancer, lung diseases, etc. then it is wise to have a cover with higher sum assured as the cost of treatments are expensive in private hospitals.

Also Read: 6 Reasons Why You Should Buy Health Insurance

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.

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