Family Health Insurance

A family health insurance or family floater plan is a health insurance plan that provides cover to the entire family under a single premium policy under a fixed sum insured. A family mediclaim policy provides your family an umbrella coverage for all family members, thereby providing all of them the required financial protection in case of a medical emergency. Under this policy, you can cover self, legally wedded spouse, and dependent children on a floater sum insured basis. This means that the family members can make a claim up to the full sum insured amount. Nowadays, health insurance companies also offer cover for COVID-19. This means you can avail cover for expenses related to the novel coronavirus disease under your existing health insurance plans.

Best Family Health Insurance Plans in India for March 2021

There are many health insurance companies that provide family floater plans, thereby increasing your choices and sometimes confusion too. To make the right decision, it is important to compare different policies based on the factors mentioned above. Here's is the list of the 5 most popular family health insurance plans: 

Health Insurance Company 

Health Insurance Plans

Plan Benefits

HDFC Ergo General Insurance

Optima Restore

  • In-patient Hospitalisation Expenses
  • Domiciliary Expenses
  • Pre-Hospitalisation Expenses
  • Post-Hospitalisation Expenses 

Star Health And Allied Insurance

Family Health Optima

  • In-Patient Hospitalisation Expenses
  • Domiciliary Hospitalisation Expenses
  • Air Ambulance Expenses 

Bharti AXA General Insurance

Smart Health Insurance Plan

  • Treatment Taken at Home
  • Emergency Surface Ambulance Expenses
  • Expenses Related to the Person Accompanying the Patient 

HDFC Ergo General Insurance

My: health Suraksha

  • In-Patient Hospitalisation Expenses
  • Pre-Hospitalisation Expenses
  • Post-Hospitalisation Expenses
  • Organ Donor Expenses 

Oriental Insurance Company

Happy Family Floater Policy

  • Organ Donor Expenses
  • Pre-Existing Diseases
  • Maternity Expenses
  • Attendant Allowance

Why Should I Buy Family Health Insurance?

Buying mediclaim policy for family can benefit you in multiple ways. Following are the benefits which are available health insurance for your family:

Benefits of Family Health Insurance Plan

  1. Stress-Free Hospitalisation: Family health insurance plans keep you at ease as they do not involve the tedious task of purchasing separate health insurance plans for every family member on an individual basis. Also, it trims down the headache of paying separate health insurance premiums in order to cover every family member. At the time of hospitalisation, the insured individual can avail cashless treatment at a network hospital as in the case of individual health insurance policies. This way, you can enjoy stress-free cover for all of your loved ones without having to compromise with the treatment.
  2. Easy to Add New Family Members: Under the family mediclaim policy, you can easily add a new family member, which is not the case in an individual health insurance policy. In an individual health insurance policy, you are required to get a new policy whenever there is an addition in the family. But while adding new family members to the existing health insurance policy, you must always consider increasing the sum insured amount in order to get sufficient coverage for all. Also, in the case when the eldest family member is no more, then the other insured family members can avail the coverage benefits. This can be considered as one of the most amazing benefits of family health insurance plans.
  3. Affordable Medical Insurance Premiums: It is now clear that you are not required to pay individual premiums for all the family members under a family health insurance policy. This means you can enjoy health insurance cover for self, spouse, child, and your parents under a single policy at an affordable premium.
  4. Health Insurance Cover for Parents Under the Same Policy: One of the major benefits of having a family health insurance policy is that you can add your as well as your spouse’s parents under a single policy. Otherwise, you can even get individual health insurance plans for dependent parents or in-laws by paying an extra premium. 
  5. Cover For Coronavirus Disease For Family: You can purchase family health insurance plans that cover you and your family against the healthcare expenses related to COVID-19. There are multiple health insurance companies in the market that offer coronavirus-specific health insurance plans such as Corona Rakshak Policy and Corona Rakshak Policy. These short term policies come at affordable premiums and cover protection to your entire family. Corona Kavach Policy covers you against hospitalisation expenses incurred due to positive diagnosis of COVID-19, ICU expenses, PPE kits, doctor’s fee, etc. In case you wish to purchase separate health insurance policy for every family member, then you can go for Corona Rakshak Policy. You can also ask your existing health insurance company to offer cover against the expenses related to COVID-19 treatment. 
  6. Tax Benefits Under Section 80D of the Income Tax Act 1961: Apart from the several coverage benefits, you can also avail tax benefits on the premium paid under Section 80D of the Income Tax Act, 1961.   

How Many Members Can Be Covered Under Family Medical Insurance Plans?

The total number of members covered under a family health insurance policy varies from insurance company to insurance company.

In general, family floater plans allow coverage for individual, spouse, and dependent children. Some plans also allow the inclusion of dependent parents.

In addition, there are certain family health insurance plans that offer a provision to cover individual, spouse, dependent children, dependent parents along with relationships like siblings, parents-in-law, grandfather, grandmother, grandson, granddaughter, son-in-law, daughter-in-law, sister-in-law, brother-in-law, nephew, and niece.

Key Factors To Consider While Purchasing Mediclaim Policy for Family

Following are the factors which you should consider while purchasing a family health insurance plan:

  1. Policy terms and conditions
  2. Pre-hospitalisation & post-hospitalization cover
  3. Waiting period for pre-existing diseases
  4. The maximum age of the policyholder allowed for policy renewal
  5. Sum insured options
  6. Coverage
  7. The network of hospitals providing cashless claim facility
  8. Availability of reinstatement of the sum insured benefit
  9. Availability of additional benefits such as free health checkups, daily hospital cash, no claim bonus, etc.
  10. Sub-limit and co-payment clauses
  11. Premium amount

 

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Health Insurance Family FAQs

  • What is health insurance for family?

    Family health insurance plans are those which provide medical insurance coverage to the entire family in case of an emergency. These policies cover the entire family under single sum insured. Family health insurance plans work out more effectively in terms of cost as compared to buying individual health insurance plans separately for all family members.

  • What are the benefits of health insurance plans for family?

    Health insurance plans for family offer you the following benefits:

    • These plans come at affordable premiums
    • Cover the entire family under single policy 
    • Tax benefits under Section 80D of the Income Tax Act, 1961
    • Can enjoy comprehensive cover
    • Maternity cover 
    • High coverage for every family member
    • Easy addition of new family members
  • Which is the best family health insurance in India?

    There are several family health insurance plans in the market that offer wide coverage to the insured. Some popular ones include Star Family Health Optima plan, Royal Sundaram Family Plus policy, Universal Sompo Complete Healthcare Insurance policy, and Digit Health Plus policy.

  • How much does health insurance cost for a family?

    Premiums for family health insurance plans differ from insurer to insurer. At InsuranceDekho, you can buy health insurance plans for families at affordable premiums.

  • Is the cashless facility provided under a family health insurance plan?

    Yes. You can avail cashless as well as reimbursement treatment under family health insurance plans.

  • Is there any waiting period for family health insurance policies?

    Yes. Family health insurance policies come with a specified waiting period which may differ from insurer to insurer. Usually, it is for 30 days, which is calculated from the date of commencement of the policy.

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