Best Health Insurance Plans for Family in India

by SMCIB on Monday, 09 January 2023

After a long day at work, we come home to heal and recharge, before we tackle the next challenge. No matter where we go, our family is always there for us, so we should also stand by them when they need us the most - through health and sickness. This means it is our duty to ensure that they have the best possible health care and support, whenever the need arises.

Medical inflation is skyrocketing, driving up the cost of healthcare. Without a proper financial buffer, you can end up in a financial bind, especially when there is a medical emergency. A health insurance policy is the financial preparation you need.

If you want to cover your entire family under one plan, you can choose a family floater policy. In today's market, there are many options to choose from. So, how do you find the best one from the lot?

In reality, there is no such thing as the 'best' policy. You need to choose a health plan that offers the features and benefits you need, and purchase it from the right insurance company because that's what makes it the best.

Having said that, let's discuss health insurance plans for families in India. What are their benefits? And, what are the top health insurance policies available for families on the market?

Health Insurance For Families

A family floater policy, which covers your entire family under a single policy, is one of the popular types of health insurance plans you can consider for your family. The cover amount is shared by your family members under this policy. If one family member needs expensive medical treatment, they can utilise the entire cover amount.

In any case, the insurer shall pay for the hospitalisation expenses only up to the sum insured and the policy’s terms and conditions. Hence, the claim amount should be as per the policy terms and not exceed the sum insured, regardless of whether one or more members make a claim.

For example, Rakul lives with her spouse, son, and mother. She buys a family floater policy with a sum insured of Rs 30 lakhs covering all of them. Her husband requires immediate kidney surgery which costs around Rs 15 lakhs. The family floater policy will cover his surgery expenses. She also needs to undergo hernia surgery the same month, which costs around Rs 4 lakhs. Two months later, her mother undergoes knee replacement surgery that costs Rs 3.5 lakhs. All of these hospitalisations happen in the same year - and, the treatment costs shall be covered by the family floater policy.

Benefits Of Family Floater Policy

Cheaper Than Individual Plans

Since the entire family is covered under one plan, you are able to get large coverage at a lower price. As a result, your overall premium will be lower. For example, if you purchase 3 individual policies for your 3-person family, each with a sum insured of Rs 10 lakhs, you may have to pay higher premiums than if you purchased a family floater policy of Rs 30 lakhs.

Note: It is important to note that some family floater policies can cost more than individual health insurance policies for the same number of people.
Family Members Can Share One Large Cover

As mentioned earlier, each member of the family shares the coverage, so the entire sum insured under a family floater policy can be used even if one of the family members becomes seriously ill and requires hospitalisation. It is highly unlikely that all members of the family will fall sick and require hospitalisation in the same year, so this is a suitable option for families.
Managing One Policy Is Easier

With a family floater policy, all of your family members are protected under one single policy, so you only have to handle one plan and pay one premium. This makes policy management a breeze.
Easy To Add New Family Members

Adding a family member to an existing family floater policy is simple and easy. When it comes to individual health insurance, you have to purchase a new policy for each member. A family floater policy, however, allows additional family members to be covered for an additional premium.

If you are adding new members to an existing family floater policy, make sure you increase the sum insured - to ensure adequate coverage.
Tax Benefits

This policy also offers tax benefits. Under Section 80D of the Income Tax Act of 1961, you can claim tax benefits on your annual premiums for family floater policies.

Best Health Insurance Plans for Family in India

As a matter of fact, there is no such thing as a 'best' plan - Choosing the one that meets your and your family’s needs is what makes it the ‘best’. Here is a comparison of the top plans currently available in the market -

	Care Insurance - Care (Supreme)	ICICI Lombard - Complete Health Insurance (Health Shield)	Manipal Cigna - ProHealth Prime (Protect)	Tata AIG - Medicare (Premier)
Room Rent Limit	No limit	No limit	No limit	Single Private AC Room
Pre-hospitalization Expenses	Covered up to sum insured Covered for 60 days	Covered up to sum insured Covered for 30 days	Covered up to sum insured Covered for 60 days	Covered up to sum insured Covered for 60 days
Post-hospitalization Expenses	Covered up to sum insured Covered for 180 days	Covered up to sum insured Covered for 60 days	Covered up to sum insured Covered for 180 days	Covered up to sum insured Covered for 90 days
Day Care Treatment Expenses	All day care treatments covered	All day care treatments covered	All day care treatments covered	541 day care treatments covered
Modern Treatment Expenses	Covered up to sum insured	Covered up to sum insured	Covered up to sum insured	Covered up to sum insured
Organ Donor Expenses	Harvesting expenses covered up to sum insured	Harvesting expenses covered up to a maximum of Rs. 10 Lakhs	Inpatient expenses covered up to sum insured	Harvesting expenses covered up to sum insured
Domiciliary Treatment Expenses	Covered up to sum insured	Covered up to sum insured	Covered up to sum insured	Covered up to sum insured
PED Waiting Period	48 Months	24 Months	24 Months	24 Months
Specific disease Waiting Period	24 Months	24 Months (3 Months for Hypertension, Diabetes and Cardiac conditions)	24 Months	24 Months
No Claim Bonus	Available The bonus will increase by 50% in every claim free year. It will increase up to a maximum of 100% of the sum insured	Available The bonus will increase by 10% in every claim free year. It will increase up to a maximum of 50% of the sum insured	Available The bonus will increase by 25% in every claim free year. It will increase up to a maximum of 200% of the sum insured	Available The bonus will increase by 50% in every claim free year. It will increase up to a maximum of 100% of the sum insured
Super No Claim Bonus	Available The bonus will increase by 100%, up to a maximum of 500% of the sum insured	Available The bonus will increase by 50%, up to a maximum of 100% of the sum insured	Available The bonus will increase by 50%, up to a maximum of 100% of the sum insured	Not available
Refill/ reload of sum insured	Available	Available	Available	Available
Annual premium	₹18,213	₹16,540	₹21,340	₹24,029

Please Note: The premiums are taken on 10.01.2023 for a family of 3 - a 30-year-old male, a 30-year-old female, and a 1-year-old son. The sum insured taken is ₹10 Lakhs and the premium amount is inclusive of taxes.

Wrapping up!

When it comes to ensuring the safety of your family, there can be no compromises. We hope this article has provided you with enough information about family floater policy, its benefits, as well as the top policies currently available on the market. If you want your policy to be the 'best', ensure you choose the one that precisely meets your and your family’s needs.

Best Health Insurance Plans for Family in India

Health Insurance For Families

Benefits Of Family Floater Policy

Cheaper Than Individual Plans

Family Members Can Share One Large Cover

Managing One Policy Is Easier

Easy To Add New Family Members

Tax Benefits

Best Health Insurance Plans for Family in India

Wrapping up!

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