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Best Health Insurance Plans From Top Insurers

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Health insurance is not an option anymore, in fact, each individual should opt for health insurance to avoid any financial stress in the time of a medical emergency. There is no denying that medical expenses are the one thing which is going to be higher every day as the population of our country, and intelligent are those who know how to spend their money by protecting the loved ones with a good health insurance policy.

Talking about health insurance policy, you may have been thinking of getting an individual health plan with the maximum sum insured to get all the available benefits and features while undergoing treatment, but with the same premium amount or maybe a bit more, you can cover your entire family in a single-family floater health plan. The most important reason to buy a family floater plan is to make sure that each of your family members is going to get the best health care facilities when needed, and you can focus on their well-being instead of arranging a huge amount for hospitalization, treatment, and medication, etc.

What is a Family Floater Plan and How It Works?

As mentioned a family floater plan is designed for a family covering more than one member of your family for a single annual premium. The sum that would be insured depends on the floater you have chosen. Floater Health Insurance PlansMost of the family floater plans cover the policyholder, spouse, dependent parents and children until a certain age limit (3 months to 25 years of age for children). If your family health history is good then it makes more sense to go for a family floater health plan which is more beneficial as compared to individual health policy.

How does it work?

Let’s take your family as an example.

You have started a family health plan of Rs. 5 lakhs, which allows your family members to get a medical benefit for more than 1 lakh so long as it is within the sum insured of 5 Lakhs. In the plan, two of the family members need medical treatment amounting to 5 lakhs, then the sum insured will be adequate as per the needs.

Why Do You Need Family Floater Plan?

As all the family floater plan covers each individual with the same benefits as individual plans, here are the basic reasons why one should go for family health plans:

  • Offer security to each member within a single policy
  • Provides access to quality healthcare in time of an emergency.
  • Financial stability to your dependent parents and children.
  • Your family members can live peacefully even if you live away from them.

What Are The Key Features of Family Floater Health Plans

As mentioned above, health plans for your family will always ensure financial security for you and your loved ones. But there are more reasons that make a family health plan considerable for you and your family. Here are a few of them:

Tax Benefits

As per Section 80D of the Income Tax Act 1961, family floater plans are eligible for a tax deduction, which means you can avail tax benefit, especially if one is looking after the policy for his or her partners only.

Higher Sum Insured

When you go for a family floater plan, more than 4 members are being covered under the same policy. Hence, the plan comes with a higher sum insured that each member of the family can enjoy hassle-free medical facilities from the single plan and no additional charges.

Greater Coverage

Family health plans are designed to offer a wide range of coverage than an individual policy as each member is of different age can face different health issues. The coverage may include doctor consultation, accidental injury, critical illness, hospitalization costs, ambulance cover, and other expenses. There are policies that also offer free yearly health check-up of each member without paying any add-on charges

A New Member Can Be Added

If you want to add another family member or a child, into the same family floater plan, the plan allows you to do so without taking much time and effort. Unlike individual plans, a family floater is easier to manage and affordable for each member.

Economical

Not only such plans cover the entire family, but a family health plan also works out to be the most affordable option for the long run. The premium paid for a family floater would be much lesser than one pays to an individual health plan.

Top 10 Family Health Plans In India

Family Floater Plan

Entry Age

Sum Insured

Claim Settlement Ratio

Highlights/ Family Members Covered

Religare Care

Min Entry age: Children- 3 months; Adults- 18

Max Entry age: N.A. (No max entry age)

Minimum; 3 Lakhs Maximum: 60 Lakhs

51%

  • Number of members covered: 6
  • Waiting period 2-4 years
  • Hospitalization, room rent, and daily cash are covered
  • Donor & ICU expenses covered
  • Free medical check-up

Apollo Munich Optima Restore Family

Min Entry age: Children- 5 years; Adults- 18

Max Entry age: 65

Minimum; 3 Lakhs Maximum: 50 Lakhs

55%

  • Number of members covered: 6
  • A waiting period of 3 years
  • Hospitalization, room rent, and daily cash are covered
  • Donor & ICU expenses covered
  • No claim bonus & Policy restoration automatically

Star Family Health Optima Insurance


Min Entry age: Children- 16 days  years; Adults- 18

Max Entry age: 65

Minimum; 2 Lakhs Maximum: 15 Lakhs

61%

  • Number of members covered: 5
  • A waiting period of  2 to 4 years
  • Hospitalization, room rent, and daily cash are covered
  • 6000 network hospitals
  • Automatic sum insured for 3 times
  • Ambulance expense is covered

Max BUPA Health Companion

Min Entry age: Children- 3 years; Adults- 18

Max Entry age: N/A

Minimum; 3 Lakhs Maximum: 1 crore

52%

  • Number of members covered: 6
  • A waiting period of 2-4 years
  • Hospitalization, room rent, and daily cash are covered
  • No claim bonus for 5 claim-free years
  • Policy restoration automatically

HDFC ERGO Health Suraksha Gold with Regain & ECB

Min Entry age: Children- 3 years; Adults- 18

Max Entry age: N/A

Minimum; 3 Lakhs Maximum: 7.5 Lakhs

41%

  • Number of members covered: 4
  • A waiting period of 4 years
  • Hospitalization, room rent, and daily cash are covered
  • No claim bonus with 5% discount on the premium
  • Ambulance expense and daycare treatment covered

Bajaj Allianz Family Floater Health Guard

Min Entry age: Children- 3 months; Adults- 18

Max Entry age: children 25 years, adults: 65 years

Minimum; 2 Lakhs Maximum: 10 Lakhs

73.58%

  • Number of members covered: 6
  • A waiting period of 2.5 years
  • Hospitalization, room rent, and daily cash are covered
  • Tax Benefit under section 80D
  • No claim bonus with 5% discount on the premium

Oriental Happy Family Floater Policy

Min Entry age: Children- 3 months; Adults- 18

Max Entry age 55 years

Minimum; 1 Lakh Maximum: 10 Lakhs

114%

  • Number of members covered: 6
  • A waiting period of 2.5 years
  • two variants- gold and silver
  • Hospitalization, room rent, and daily cash are covered
  • No claim bonus with 5% discount on the premium with up[to 20%
  • Tax benefits under section 80D

SBI Life Smart Health Insurance


Min Entry age: Children- 3 months; Adults- 18

Max Entry age: Children - 22 years, Adults-65 years

Minimum; 1 Lakh Maximum: 5 Lakhs

54.10%

  • Number of members covered: 6
  • A waiting period of 5 years
  • Hospitalization, room rent, and daily cash are covered
  • daily ICU benefit, daycare treatment
  • Lump-sum surgical benefit

Bharti AXA Smart Health Insurance Plan

Min Entry age: Adults- 18

Max Entry age: 65

Minimum; 3 Lakhs Maximum: 5 Lakhs

92.37%

  • Number of members covered: 6
  • A waiting period of  2 to 4 years
  • Hospitalization, room rent, and daily cash are covered
  • Donor and daycare expense
  • Ambulance Charges Covered
  • Lifelong renewability

Tata AIG Wellsurance Family Plan

Min Entry age: Adults- 18

Max Entry age: 65

Minimum; 2 Lakhs Maximum: 4 Lakhs

96%

  • Number of members covered: 6
  • The plan covers 11 critical illnesses
  • hospitalization, room rent, and daily cash are covered
  • Ambulance charges are covered
  • Health portal for a wide range of services

What Are The Exclusion of a Family Floater Plan?

Just like any other insurance policy, family health plans to have their common set of exclusions, which you can ask while signing up for a family floater health plan. As you are getting the plan for your loved ones, you would not want them to face any kind of financial trouble. So, to completely understand a plan, it is better to take a look at what are the things that may not be covered by your insurance policy. Here are the major exclusions you should know:

1) Some pre-existing diseases and critical diseases are not covered under most of the plans.

2) Dental treatments or any type of cosmetic surgery and treatment would not be covered.

3) Many plans do not cover maternity and childbirth coverage so in case you are expecting a baby, make sure you check if you need to change your decision.

4)   Your family floater plan may not cover any disorders existing from your birth or habits such as alcohol, smoking, and drugs.

How to Choose the Right Family Health Plan?

Whether you are a first-time policy buyer or already have health insurance, and want to include your family members in the same, you need to ask your insurer if they have the facility to include the members in the same plan or you will have to get a new one. Moreover, you have to do a lot of research while seeking for a good health plan that offers financial stability to your people in the time of medical emergencies. Check what is included and what are the add-ons of the plans available so that if you need some more features to your plan, you can get it by paying a bit extra amount.

Secondly, you must go for a plan with a maximum sum insured as the premium depends on the sum amount, and the higher your sum is, the more features your policy will offer you.

If you are still confused between two of the best health plans for your family, then you can use the online compare plans option with PolicyX and choose the best that fits your requirements and budget.

However, it is advisable to consult your agent before making any decisions as you can clear your doubts related to health care expenses, which you do not want to pay from your own pocket.

Conclusion

These days insurance companies completely understand how important it is to get a health plan that not only takes care of your family members but keeps you stress-free while playing the premiums or making a claim for reimbursement. We know that choosing a Mediclaim can be a difficult thing which is why it is important to go with the best platform where you can compare health insurance policy in India just by filling your details and requirements, and get unbiased reports so that you can reach to a decision within a few minutes.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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