Family Health Insurance Plans

Family health insurance is a comprehensive type of health coverage tailored to meet the medical needs of an entire family. It encompasses various family members, including spouses, children, and extended family like in-laws. 

This type of insurance is flexible, allowing you to add new members as your family grows or experiences life changes. This can during events such as marriage or the birth of a child. It provides peace of mind by ensuring your loved ones have access to quality healthcare. With this, they will not have to worry about excessive medical costs.

Family floater health insurance plans at Bajaj Markets are highly flexible. Here are some of the best family health insurance plans from leading health insurance companies: 

Disclaimer: The premium rates for the aforementioned family floater health insurance plans are not fixed and are subject to change.

• Policy Coverage - 

Every family health insurance plan covers hospitalisation expenses, ambulance charges, etc. However, there are certain terms and conditions about coverage limits that people fail to read before purchasing the plan. Therefore, it is advisable to learn about policy coverage before opting for any family health insurance plan.

• Insured Sum Enhancement Option - 

With each passing year, medical treatment and service expenses steadily rise. In response to this, the insured sum enhancement option enables policyholders to increase their coverage amount during policy renewals. Additionally, certain insurance companies offer a cumulative bonus of up to 100% appreciation in the insured amount for claim-free years.

• Network Hospitals -

 Insurance companies claim a wide network of hospitals where policyholders can opt for cashless treatment facilities to eliminate financial stress, especially during medical emergencies. However, one must locate and evaluate the services of the nearest network hospital before purchasing the family health insurance plan.

• Renewal Conditions - 

The policy premium and renewal of the family health insurance plan are influenced by the age of the eldest member of the family. Some insurance companies or vendors do not offer renewal facilities to policyholders if the eldest member of the family turns 60+. Therefore, one must check the renewal conditions and opt for a family health insurance plan offering a lifelong renewal facility.

• Claim Settlement Procedure - 

Insurance companies promise quick and hassle-free claim settlement procedures. However, one must check the claim settlement ratio and duration of the insurance companies before purchasing an insurance plan. 

• Scroll up to the top of this page and click on ‘Check Plans’

• Provide the necessary details about the family members you wish to insure along with your personal information

• Choose from the list of available health insurance plans for families. You can also select add-on covers to enhance your coverage

• Finally, upload the required documents and make the health insurance premium payment online

Your insurer will then send the policy document via email shortly.

• Duly filled claim form

• Original copy of hospital discharge summary or card

• Prescription and cash invoices from pharmacies and the hospital

• An investigation report by the doctor

• Medical Certificate

• Family health insurance policy document

• In case of an accident, FIR or Medico Legal Certificate (MLC)

Purchasing a family health insurance plan can help you save on your tax liabilities. Here are certain tax benefits that one avail of family health insurance:

• For single premium family health insurance plans, you can be eligible for annual tax benefits of up to ₹1 Lakh under the Income Tax Act, 1961.

• Purchasing family health insurance plans that include parents comes with tax deductions of ₹25,000. If parents are senior citizens, you can apply for tax deductions of ₹30,000 every financial year.

• Annual health preventive check-ups have tax benefits of up to ₹5,000.

Here are the steps you can follow to either file a cashless claim or request reimbursement for your chosen family health insurance plan:

• Cashless Claims

1. Notify your insurer about the situation and visit a partner hospital

2. Submit details of your family health insurance plan and complete the pre-authorisation form

3. The insurer verifies the form, informing the hospital of the policy details

4. Upon discharge, the hospital provides documents such as bills and discharge papers to the insurer for processing

The claim will then be directly settled with the hospital after reducing the co-payment (if any)

• Claim Reimbursement

1. Share all original medical documents, hospital bills, and insurance claim forms with the insurer

2. The insurer evaluates the details and may ask for any additional information if required

3. Your claim decision is determined after verification has been completed

You will then receive the claim amount based on the policy terms and conditions

Health Insurance Plans Available at Bajaj Markets