With the rise in lifestyle-related diseases, health insurance is a necessity not only for an individual but also for the entire family. A family health insurance is the one that can help in such a situation. In India, standard health insurance family plans offer coverage for the medical expenses of the entire family, including the policyholder, spouse, children, and dependent parents. These plans come with various features and benefits to ensure comprehensive coverage.
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The sum insured for family plans typically ranges from Rs 1 lakh to Rs. 50 lakh, depending on factors like age and premium paid. Coverage includes hospitalisation expenses, pre and post-hospitalization expenses, daycare treatments, ambulance charges, and domiciliary hospitalization expenses. Some plans may also cover AYUSH treatments, said Rahul Mishra, Co-founder and Director at Policy Ensure while talking to CNBC-TV18.com.
"There is usually a waiting period of 2-4 years for pre-existing diseases, after which expenses related to such conditions can be claimed. Options like co-payment are also available, wherein the policyholder pays a certain percentage of the claim amount. Family health insurance plans provide cashless hospitalisation at network hospitals, which are affiliated with the insurance company," Mishra told CNBC-TV18.com
Furthermore, some plans offer a no-claim bonus if no claims are made during the policy year. This bonus can result due to increased sum insured, reduced premiums, or other benefits.
The premium for family health insurance plans depends on factors like the insured person's age, sum insured, and the number of family members covered.
"To make an informed decision, it is crucial to carefully review the policy documents and understand the terms and conditions of the family health insurance plan," Mishra said.
Here are some of the family policies available in the market ( as compiled by Policy Ensure's Rahul Mishra):
Apollo Munich Optima Restore Family Health Plan
This policy covers people in the age group 91 days to 65 years. The maximum entry age is restricted to 65 years. The minimum entry age for adult dependent is 18 years and maximum entry age is 65 years. This policy can be issued to an individual and/or family. A maximum of 6 members can be added in a single policy, whether on an individual or family floater basis.
ICICI Lombard Complete Health Insurance
All expenses pertaining to in-patient hospitalisation such as room rent, intensive care unit charges, surgeon’s and doctor’s fee, anesthesia, blood, oxygen, operation theatre charges etc. incurred during hospitalisation for a minimum period of 24 consecutive hours are covered under this policy.
Floater cover gets family (self, spouse, dependent parents, dependent children, brothers and sisters) covered for the same sum insured under a single policy by paying one premium amount. Individual above 3 months of age can be covered under the policy provided 1 adult is also covered under
the same policy.
HDFC ERGO Health Suraksha Gold Plan
In this case, the base policy can be issued on individual, multi-individual and family floater basis. In case of family floater policies, discount of 50 percent will be applied on all the members except the oldest member.
Niva Bupa Health Companion Family Floater Plan
Health Companion Family Floater Plan is designed for individuals and nuclear families consisting of individual, up to 4 children and spouse. It offers a direct settlement of claims, cashless hospitalisation and lifelong renewal of health insurance plans. The policy comes in 3 variants and the sum insured ranged from Rs 3 lakh to 1 crore.
New India Assurance Mediclaim Policy
This plan offers a comprehensive range of health insurance plans to the customers. It usually cover pre and post-hospitalisation expenses, daycare treatment, ambulance charges, domiciliary charges and so on.
First Published: May 16, 2023 4:50 PM IST
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