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Understanding Family Health Insurance

17 December, 2018

Family Health Insurance plan is a comprehensive package specially designed to offer complete protection to the insured and his family. You can cover yourself, your spouse, children (above 90 days) and dependent parents (65 years) from all health worries. This insurance plan will take care of the health treatment for critical illness or any other serious medical condition. A family health plan is much cheaper as compared to the individual health insurance plans. Most of the family health insurance plans offer customized service to its customers. A person can choose from various services available, based on the needs of the family and the medical history of the family.


The Family Health policy will give you peace of mind that your family will always have access to healthcare. It will protect you and your family against any financial constraint that may occur due to a medical emergency.


Types of family health plan


Based on the types of health coverage offered, family health insurance can be broadly categorized in the following categories:


  • Medical insurance: This type of insurance policy reimburses the hospitalization cost which is subject to healthcare treatment.


  • Critical illness insurance: This type of insurance policy covers the insured person against chronic diseases like kidney failure, stroke, heart attack, etc.


Advantage of Family Health Insurance


Tax benefits: It helps you to get tax benefits on the premium paid for family health policy under Section 80D of the Income Tax Act, 1961


Saves cost: It is money saving as you can cover your entire family in a single family floater insurance. This will help you to save ample amount of money instead of buying an individual health insurance policy for each member of the family.


Avail great discounts: Under the family floater plan, you can avail great discounts that policies usually offer. Family floater is the best way to plan for a safe and secure future.


Hassle-free: It’s the best way to safeguard the health of your loved ones. Though it’s a single policy, but it covers your entire family. By choosing this health insurance plan, you can get rid of the need of paying premium for each and every family member.


Features of family health plan –


  • Cashless hospitalization across 5,000 network hospitals
  • Easy documentation and claim settlement process
  • Provides best health care facilities with no capping in terms of disease specific sub limits, room rent, etc.


What’s covered under the policy?


Here’s a list of things covered under the policy –


Pre and post hospitalization expenses

Maternity benefit cover

In-patient hospitalization expenses

Nutritional allowance

All day-care procedures

Emergency domestic evacuation

Ambulance cover of up to Rs. 4,000

AYUSH Treatment

Vaccination in case of animal bite

No-claim bonus

Domiciliary hospitalization expenses up to the sum insured amount

Health and wellness related services


What are the exclusions under the policy?


Here’re the few general exclusions in family health plan –


  • Diseases that are contracted by the policyholder within first 30 days of the commencement of the policy are not considered for making claims
  • Diseases like knee/hip replacement, cataract, chronic renal failure/end stage renal failure, benign prostatic hypertrophy will not be covered in the first two years of purchasing an insurance plan
  • No settlement of claims, if there’s any gap in the renewal of insurance policy
  • Permanent exclusions include charges for medical papers, ageing and puberty, nature cure, adventure or hazardous sports, cosmetic surgery, HIV and AIDS, nature cure, adventure or hazardous sports, sexually transmitted disease, self-inflicted injuries, congenital conditions, artificial life maintenance, OPD treatment, stem cell implantation, dental/oral treatment, self-inflicted injuries, stem cell implantation, speech disorders, sleep disorders, sexual problems and gender issues.


Who can be covered?


  • Children above the age of 91 days can be covered under the policy
  • Any individual who is above 18 years of age can be the proposer of the policy
  • There’s no restriction as such on the maximum age limit
  • Minimum two members can be covered in the policy. There’s no restriction on maximum number of people
  • Adults who are above 18 years of age can be covered.


How to Choose a Family Health Insurance Plan?


The most practical way to get the best plan is to go online and collect online quotations from leading insurance companies. Then you can compare various option offered by that companies. Compare the premiums, services offered, inclusions in the policy and most importantly, what is not included in the policy. Never choose a particular health plan only because the premium is cheap. Check the reliability and the track record of the insurance company. Check whether the claim settling policy of the company is hassle-free.


The choice of a particular family health insurance should be based on medical requirements for you and your family, your capacity to pay the premium, the standing of the insurance company and the services offered by the insurance companies.


Another important aspect to be considered is exclusions in the policy terms and conditions. Exclusions are medical conditions for which your health insurance will not be valid. Before choosing a policy, please be aware of conditions which are not covered under that policy. Finally, be aware of hospitals near your home that are covered by your health insurer’s hospital network.


Why is family health insurance necessary?


Fast-paced life, unfortunate accidents, contagious diseases, increasing pollution, heart attack and diabetes in young age, and many more things that may result in any sort of medical emergency. And rising medical costs can wipe off your lifetime savings. Thus, it is better to have a health insurance plan. A family health insurance plan will take care of your loved ones – spouse, parents, and children and cover their medical cost.


There’s no dearth of health insurance policies in India. You can compare health insurance plan online to choose the best one. Besides, if you are looking to buy a family health insurance policy online, then go for Royal Sundaram General Insurance, Lifeline plans and Arogya Sanjeevani Policy.


Lifeline offers unique health insurance plans that provides the most comprehensive health coverage at a reasonable price.