Health Insurance

A single health insurance for the whole family is not only possible but is also highly convincing. Generally known as family health insurance, it covers the medical expenses of the whole family. You can get your whole family covered with a fixed sum assured by paying a single premium for the selected tenure. A family health insurance cover usually provides coverage for you, your spouse and up to four children. The coverage can be further extended to siblings, parents and other family members by paying an additional premium. You can buy a family health insurance plan easily with the help of the best online stock broker in India. Let’s find out the benefits you can get with a family insurance plan and who the best providers in the market are.

You can buy a family health insurance policy in the following ways.

  • Offline by visiting the branch of the insurance provider.
  • Online by visiting the official website of insurance providers.
  • Through a broker.

Family health insurance Coverage

A family health insurance plan provides coverage under the following circumstances.

Pre-hospitalization coverage

Any expense such as any reports or tests incurred before hospitalization comes under the coverage of a family health insurance plan.

Hospitalization coverage

If you or any of the family members under the insurance plan gets hospitalized for more than 24 hours, the plan will cover all costs.

Post-hospitalization coverage

A family health insurance plan covers the expenses of post-hospitalization necessities like medicines and further tests or reports.

Daily cash allowance

The insurance plan generates a daily cash allowance that can be used for the basic or daily treatment and caring of the patient.

Other coverage

Some health insurance providers provide for daycare treatments, ambulance charges and restore benefit that allows the reinstatement of the basic plan.

Benefits of family health insurance plan

By buying health insurance for the whole family, you can get the following benefits.

Hassle-free insurance

Buying individual health insurance means a lot of effort. Opting for a family insurance plan reduces the work for you. You can get the whole family insured by a single plan that will reduce the work for you and managing the insurance plan will become easier as well.

Affordable premium

You will no longer be required to pay multiple premiums if you opt for a single plan for your whole family. Hence, you can save a lot of money as well.

Add multiple members

You can add family members, even extended ones by paying some additional premium. Moreover, if the senior-member passes away, other members can continue to avail the benefits.

Avail discounts

Family health insurances come with multiple discounts and other perks.

Tax benefits

You can enjoy tax exemption on the premium of your family health insurance plan under the 80D section of Indian Income Tax Act.

Best family insurance plans

Here goes the list of some of the best health insurance plans available in the market.

  • Active Health Platinum from Aditya Birla Health Insurance
  • Cholamandalam Family Healthline
  • Family Floater Health-Guard from Bajaj Allianz Health Insurance
  • ICICI Lombard Complete Health Insurance
  • IFFCO Tokio Family Health Protector Plan
  • HDFC Ergo Optima Restore
  • Family Floater by Edelweiss Health Insurance
  • Max Bupa Health Companion
  • Happy Family Floater by Oriental
  • Kotak Mahindra Family Health Insurance
  • Religare Care from Reliance

The sum assured under the above-mentioned family health insurance plans, starts from around Rs. 1 lakh and can go up to Rs. 6 crore.

The objective of all health insurance plans is the same i.e., provide coverage during medical emergencies. However, some may offer a little extra than others. Before buying any plan, try to study all the options to find the best suit for your family and you can seek help from the best online stock broker in India.