Family health insurance offers coverage to a whole family under a single insurance plan. This is one of the most common types of health insurance plans available in the Indian insurance market, that can be further customized as per your family's needs. Under a family floater mediclaim policy, one can include themselves, his/her spouse, dependent children, parents, parents-in-law, among others. With a family floater health insurance, you can be rest assured that expenses related to accidental injuries or illnesses (including COVID-19) are covered.
The importance of having a mediclaim for a family can't be underestimated because of the following reasons:
Coverage To The Entire Family
Family health insurance is a one-stop health insurance solution for all your family members.
Affordable
The premium payable for the family health insurance is cheaper than the premium payable for individual health plans. For example, you have a family of 4 members, and you want to buy health insurance for everyone. In such a case, buying an individual policy for each member would be costly than buying a family floater plan, covering the 4.
Additional Benefits
You can avail of additional benefits such as maternity benefit, new-born baby cover, critical illness cover, etc. depending on the policy's TnCs.
Hassle-Free
Having a mediclaim for a whole family under one plan reduces the tension of managing individual health policies.
Tax Benefits
One can avail of tax benefits under Section 80D of the Income Tax Act, 1961 by paying premiums of family health insurance.
With so many health insurance plans available in the market, it is important to do thorough research and then select the best one. Based on the coverage offered by the health insurance companies, below are the top 10 family health insurance plans in the market:
Company Name | Plan Name | Claim Settlement Ratio (2018-19) | Maximum Sum Insured (Rs.) | Waiting Period for Pre-existing Diseases |
Care Health Insurance | Care Health Plan | 55% | 6 Crore | 48 months since the inception of the policy |
Max Bupa | Health Premia - Family Health Insurance Plan | 54% | 3 Crore | 24 months since the inception of the policy |
Aditya Birla | Activ Health Platinum Plan | 59% | 2 Crore | NA |
Bharti AXA | Smart Super Health Insurance Plan | 89% | 1 Crore | 48 months since the inception of the policy |
Bajaj Allianz | Family Floater Health Guard | 85% | 1 Crore | 36 months since the inception of the policy |
HDFC ERGO | Optima Restore Family Plan | 62% | 50 Lakhs | 36 months since the inception of the policy |
SBI General | Arogya Premier Plan | 52% | 30 Lakhs | 48 months since the inception of the policy |
Star Health Insurance | Star Family Health Optima Plan | 63% | 25 Lakhs | 48 months since the inception of the policy |
Chola MS | Family Healthline Insurance Plan | 35% | 25 Lakhs | 48 months since the inception of the policy |
Edelweiss | Family Health Floater Plan | 115% | NA | 48 months since the inception of the policy (depending on the variant) |
**Last Updated on 21-01-2021
Care Health Insurance plan ensures the safety of the policyholder and his/her family against financial risks that arise out of a medical emergency.
Key Features
Eligibility
Entry Age | 91 days upwards; no maximum entry age |
Maximum Sum Insured | Rs. 6 Crore |
Health Premia is a comprehensive health insurance plan that looks after your family's medical needs with flying colors.
Key Features
Eligibility
Entry Age | NA |
Maximum Sum Insured | Rs. 3 Crore |
Aditya Birla Activ Health Platinum Plan offers comprehensive coverage to your family in the time of medical emergencies.
Key Features
Eligibility
Entry Age | 91 days to no limit |
Maximum Sum Insured | Rs. 2 Crore |
With a wide range of benefits, this plan makes sure to look after your family's financial needs in times of medical emergencies.
Key Features
Eligibility
Entry Age | 91 days-65 years |
Maximum Sum Insured | Rs. 1 Crore |
Bajaj Allianz Family Floater Health Guard offers suitable protection to you and your family and fulfills all your health care needs.
Key Features
Eligibility
Entry Age | 3 months-65 years |
Maximum Sum Insured | Rs. 1 Crore |
HDFC ERGO Optima Restore Plan is a comprehensive family floater plan that offers complete medical coverage to you and your family at the time of an emergency.
Key Features
Eligibility
Entry Age | 91 days-65 years |
Maximum Sum Insured | Rs. 50 Lakhs |
SBI Arogya Premier Policy is designed to meet the medical requirements of a family. With wider medical coverage, family members can opt for the best healthcare and consult top medical experts without worrying about the expenses.
Key Features
Eligibility
Entry Age | 3 months-65 years |
Maximum Sum Insured | Rs. 30 Lakhs |
With the Star Family Health Optima Plan, one can cover the entire family's medical needs under a single sum insured.
Key Features
Eligibility
Entry Age | 3 months-65 years |
Maximum Sum Insured | Rs. 30 Lakhs |
Chola MS Family Healthline is a great health insurance plan that covers all types of expenses incurred at the time of hospitalization and ensures you and your family get the best treatment without any financial burden.
Key Features
Plan Details
Maternity Benefits | Available under Privilege Healthline |
Maximum Sum Insured | Rs. 25 Lakhs |
Edelweiss Family Health Floater is an affordable health insurance plan that protects your family from the ever-rising medical costs during hospitalization.
Key Features
Plan Details
Maternity Benefits | Available under Gold & Platinum Plan (after the waiting period of 4 years) |
Optional Cover | Critical illness cover is available |
Below are some of the key pointers that one should consider before buying a family health insurance policy. Let's take a look at them.
Coverage Offered By The Plan
Before finalizing the health insurance policy for your family, do check the benefits offered by the insurer. Confirm what type of expenses does it cover, the sum insured it offers, and whether the premium matches the weight of your wallet or not.
Requirements
In several family health plans, you can cover yourself, your spouse, dependent children, and your parents. However, if you have a bigger family and wish to cover your brother or parents-in-law, a few family health plans can meet this requirement.
Easy Claim Process
At the time of need, everyone wants to get their claims settled without any hassles. Therefore, understand your company's claim settlement process thoroughly to avoid any confusion at the time of a medical emergency.
Cashless Hospitalization
Before buying health insurance for your family, make sure that the network hospitals of that company are in your vicinity so that at the time of a medical emergency, you don't have to travel long distances to get the treatment.
Flexibility
If you are not sure about the sum insured and wish to increase/decrease it in the future, consider a family plan that gives you such flexibility.
Answering this question is quite difficult as every individual has different perceptions and requirements. We know that family health insurance covers the entire family under a single sum insured.
Whereas, under an individual health plan, there is one policy for every person. This means, if there are 5 members in the family, everyone will have their policies, and the premium payable for each policy will also be different.
If we look at the premium amount, the premium payable under a family health insurance is less than the premium payable for individual policies. However, there may be instances where family health plans lack some of the benefits that you get under an individual health plan.
Therefore, before buying a health insurance policy, check your family's needs, and then decide whether to opt for individual or family health insurance.
With the advancement of technology, many insurance providers allow their potential customers to buy family health insurance via their websites by following a process. This may vary from one company to another.
You can also buy this insurance from the nearest provider's branch as well.
If for any reason you are unable to buy family health insurance from the insurer, PolicyX.com is there to assist you. Let's check out its buying process.
Every insurance company offers two ways of filing a claim-
Cashless ClaimReimbursement Claim
For cashless claims, a policyholder needs to get admitted to any of the network hospitals (one can check the list of network hospitals on their insurance company's website), and then follow the below steps. These are standard steps, which may vary depending on the chosen insurance company.
If you are admitted to a non-network hospital, you need to inform the respective insurance company at the earliest (the timeframe may vary from one company to another). After the treatment is done, you need to pay the bills and then file a claim for reimbursement. The insurance company will review all the documents and provide the judgment (approval/rejection) after the same.
The exclusions of family health insurance differ from company to company. Generally, the following medical expenses are not covered under such plans:
Routine medical check-ups.Expenses incurred on plastic surgeries.Overseas treatments (unless included in the plan)Any illness or injury resulting due to war conditions.Any injury due to indulging in unethical activities or adventurous sports.Complications at the time of pregnancy or childbirth (unless mentioned in the plan).
1. Is one eligible to buy multiple health insurance policies for his/her family?
Yes, one can buy multiple health insurance policies. If in case the cost of your treatment exceeds the sum insured of one policy, one can claim the balance from the second policy.
2. Does the family health insurance offer coverage for AYUSH treatments?
Yes. All the expenses that come under hospitalization care are covered under this insurance, including Ayurvedic, Homeopathy, Siddha, and Unani treatments.
3. Is there any waiting period for a family health insurance policy?
Yes. Generally, there is a waiting period of one month (30 days) during which any claim from the policyholder will not be considered by the company.
4. What will happen if I exhaust the sum insured of my policy?
In a family floater health insurance, the whole family is covered under a single sum insured. However, if you exhaust this sum insured, then none of your family members will be able to make any further claims during the policy period.
5. What will happen to a family floater policy if the proposer dies?
In such a case, the policy can be transferred in the name of another family member, provided (s)he is above 18 years of age.
6. What is the maximum age to cover a child under the family floater health insurance Plan?
In family floater health insurance plans, a dependent child can be included up to the age of 25 years (depending on the insurer).
7. What is the maximum number of claims allowed during a policy tenure?
There is no limit on the number of claims. One can claim until the sum insured of the policy is exhausted.
8. Can I include my grandmother in family health insurance?
Yes, you can cover your grandparents (up to 70 years) in a family health insurance plan.
2 days ago
December 18, 2020
My policy number is 2876/00001449/0198/000/01is inforce upto 08/01/2020 kindly send renewal notice for extending further,or send your response by phone, send your representative.
October 26, 2020
I want to portability of United India insurance company individual health mediclaim policy taken since December 2005 and falling due for renewal on 06-12-2020
July 31, 2020
Fantastic service providers, My details got changed within few days after the policy issuance. Efficient employees really.
July 16, 2020
Policyx is the best insurance web aggregator I have seen.Mrs Mayuri on behalf of policyx has helped me in choosing the best health plan and provided me fast and trustful service
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Last updated on 21-01-2020
Well co operated by policyx staff I thank them for giving me such a helping hand and hope in future they will give their best to solve any issues related to policy if there is any