Wondering why anyone would go for family health insurance? There are countless ways where family health insurance plans prove more lucrative than individual policies. Let's explore a few reasons why you need this insurance cover:
Health insurance for family is more affordable as compared to individual policies. Instead of paying premiums for multiple plans, you get more feasible options with family health policies.
Keeping track of all payable premiums can be exhausting. With a family floater plan, you can make a single payment and cover the entire family.
Had a newborn baby? Family health insurance plans ensure that you do not have to go through the process of buying a new policy all over again. A family health plan also enables you to include parents-in-law.
Family health insurance plans at Bajaj MARKETS are highly flexible. Here are the best family health insurance plans from leading insurance companies on our platform, with their claim settlement ratio, Starting premium prices in tabular form.
Plans Available |
Hospitalisation Cover |
Starting Rate of Premiums |
Check Plans |
Bajaj Allianz Health Guard Gold |
Rs. 3 Lakh to Rs. 50 Lakh |
Rs. 9156 |
|
Bajaj Allianz Extra Care |
Rs. 3 Lakh to Rs. 50 Lakh |
Rs. 4238 |
|
Aditya Birla Activ Assure Diamond Plan |
Rs. 3 Lakh to Rs. 50 Lakh |
Rs. 6065 |
|
Care Health Insurance Plan |
Rs. 4 Lakh to Rs. 50 Lakh |
Rs. 7923 |
|
Disclaimer: Premiums rates mentioned for the above health insurance plans are not constant and subject to change over time.
Today, we have multiple insurers in the markets, and every insurer offers a diverse range of health insurance plans. With endless options to choose from, picking the best family medical plan can be overwhelming. So, why are we the right choice for you and your family? Let’s find out.
We know that not everyone understands medical and financial terminologies. You, too, will have your fair share of doubts regarding family health insurance, especially if you are single and yet to start a family. So, how about we solve some common doubts when buying health insurance for family with the help of illustrations.
Along with his wife and one child, Ramesh seeks to purchase health insurance. He is thinking of purchasing individual health plans for each family member–wherein he will have to pay premiums for three people differently.
Instead, he can simply secure himself and the remaining two family members under a single policy–family health insurance. It not only becomes easier to manage the plan, as it is a single policy but also becomes an affordable option for Ramesh.
Sometimes, health insurance for family can be an excellent financial investment, especially for those in their early 20s. It helps you seek family health insurance plans to avail tax benefits and provide extra medical coverage to their parents.
For instance, Ketki, who is 22-years-old, recently started working at a multinational company. Now, she can seek family health insurance for herself and her parents. This way, she can avail tax deductions under Section 80D of the Income Tax Act, 1961. Also, when she decides to start a family later in life, she can add her spouse and children to the plan by simply paying extra premiums thereon.
As your parents grow older, their health issues are likely to rise. Similarly, infants and toddlers are bound to fall sick more often. Therefore, if you are someone who just had a baby and also has old parents to look after, your hospital visits might be frequent. In this case, you cannot always rely on your savings to overcome the medical expenses.
Choosing an appropriate family health insurance plan is an overwhelming task. You must double-check factors like ‘what is covered’ and ‘what is not covered’. Medical insurance for family must include multiple factors like pre-hospitalisation expenses, maternity coverage, ayurvedic treatments, and more. Here are a few things that your family health insurance plan should cover:
Organ Donor Benefit
Covers expenses involved in organ donor treatment.
Reinstatement Benefit
Applicable on the same illnesses with 100% coverage of the sum insured.
Ayurvedic/Homoeopathic Hospitalisation
Coverage for Ayurvedic/Homoeopathic hospitalisation all over India for up to ₹20,000.
Convalescence Benefit
It provides convalescence benefit of up to ₹7,500 for 10+ days of continuous hospitalisation.
Free Health Check-up
You can avail free health check-ups at least once in 3 years, irrespective of whether you have made any claims.
In-Patient Hospitalisation Expenses
It covers expenses incurred due to medical treatments and diagnosis, ICU charges, fees for specialists, consultation charges, etc.
Pre & Post Hospitalisation
Costs incurred in the pre and post hospitalisation procedures.
Maternity & Newborn Baby Coverage
The plan offers coverage of up to ₹25,000 for normal delivery and ₹35,000 for caesarean section.
Every good policy has certain limitations. Here’s what is not covered under family health insurance plans:
Pre-Existing Health Issues
This is any medical issue or complication (pre-existing disease) that existed before seeking coverage or for which the doctor recommended care or treatment. That’s because healthcare plans are formulated to tackle unforeseen emergencies and not something that already prevails. Even if a policy covers pre-existing health conditions, you will have to go through a waiting period, which is different for different policies.
Cosmetic Treatments
Medical procedures like dental surgeries or plastic surgeries are not covered.
Self-Inflicted Injuries
Family health insurance plans do not cover injuries caused as a result of self-harm.
Health insurance is one of the most effective tax-saving instruments. Family health insurance plans and individual covers allow tax deductions under Section 80D. Here’s a quick walkthrough of the same.
Scenario |
Maximum Deduction Under 80D |
Self + Family (All below 60 years) |
₹25,000 |
Self and Family + Parents (All below 60 years) |
₹25,000 + ₹25,000 = ₹50,000 |
Self and Family (all below 60 years) + Senior Citizen Parents |
₹25,000 + ₹50,000 = ₹75,000 |
For Self and Family (with eldest member over 60 years) + Senior Citizen Parents |
₹50,000 + ₹50,000 = ₹1,00,000 |
Note: Deductions for parents are over and above the maximum deduction allowed for an individual and his/her family.
Here are a few additional deductions you can enjoy with medical insurance plans for family:
You can claim an annual deduction of up to ₹5,000 for expenses incurred on regular health check-ups. It includes check-up expenses of the entire family, including self, spouse, children, and parents.
You can claim additional tax deduction on expenses incurred by self, family, or parents towards treating specific illnesses such as chronic renal failure, dementia, ataxia, chorea, etc. The deduction can be availed up to ₹40,000 (for individuals below 60 years of age). Senior and super senior citizens can avail tax deductions up to ₹1 lakh.
You can enjoy tax benefits of up to ₹75,000 for the nursing, training, medical treatment, preservation, and rehabilitation of a dependent with a disability. The amount is ₹1.25 lakh in cases of extreme disability.
Most insurance companies have now moved online. While you can still buy insurance policies by visiting the insurer’s office, the online process is more streamlined and quick. Here’s how you can purchase or renew the best family health insurance plans in India online:
Step 1: Scroll up to the top of this page and click on ‘Buy Now’
Step 2: Provide the necessary details about the family members you wish to insure and your personal information.
Step 3: Pick from the list of available health insurance plans for families. You can also select add-on covers to enhance your coverage.
Step 4: Finally, upload the required documents and make instant health insurance premium payment online.
Step 5: And voila! Your insurer will send the policy document via email shortly.
Step 1: Scroll up and click on the ‘Renew Now’ button.
Step 2: Enter details about your existing health insurance for family and other necessary information. Now, check the renewal quote.
Step 3: Upload the necessary documents and make your renewal premium payment.
Step 4: Your renewed plan will be sent to your registered email shortly.
Before deciding on a health insurance plan, it is imperative to get an estimate of the premium you will have to pay. When it comes to a health plan, nobody wants to go for a lower coverage, especially with health insurance plans for family. After all, it covers not only you, but also those close to you. Multiple factors like age, number of family members, area of residence, etc., influence the cost of your health insurance plan. Hence, there is no way that you can calculate your family health insurance premium manually.
Here’s good news:
Calculating family health insurance premiums is now easy! Firstly, visit our Health Insurance Calculator page. Then, enter relevant information such as your age, gender, weight, amount of coverage needed, and other important details. The premium calculator uses this data to estimate the premium amount you will have to pay for a family health insurance policy.
Now that you have a family health insurance plan, how should you raise a claim during medical emergencies? There are two types of claim settlement processes–cashless and reimbursement claims. Here’s a complete guide on how to file health insurance claims.
Step 1: Inform your insurer about the situation and visit a partner hospital.
Step 2: Submit family health insurance plan details and take the pre-authorisation form.
Step 3: The insurer then verifies the form, and the hospital is notified about the policy details.
Step 4: Once discharged, the hospital will share documents like bills and discharge papers with the insurer.
Step 5: The claim will then be directly settled with the hospital after reducing the co-payment (if any).
Step 1: Share all original medical documents, hospital bills, and insurance claim forms with the insurer.
Step 2: The insurer evaluates the details and may ask for any additional information if required.
Step 3: Your claim decision is made post verification.
Step 4: You will receive the claim amount based on the policy terms and conditions.
Here’s a list of documents you need to submit for raising an insurance claim:
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),
Family health insurance is a healthcare policy that covers you and your entire family under one plan. So, instead of paying multiple premiums for different plans, you can make a single payment to protect yourself and your loved ones.
Family health insurance plans come at a higher premium rate since it covers the whole family. On the other hand, the best family floater health insurance plans in India cover the insured, spouse, and children. However, a few plans extend for parents and parents-in-law as well.
Yes. Despite having a corporate health policy, you must buy health insurance for your family. Your corporate health policy most likely covers only you. In case it covers your family as well, the coverage offered by your workspace can be insufficient. Moreover, with a corporate health plan, you do not get the option of customising the policy as per your family's needs.
Yes. You can easily add family members to the existing plan.
Sons can legally remain under their parents’ family health insurance plan until they turn 26 years old. Unmarried or divorced daughters can avail their parents’ health plan for endless years.
Yes, family medical insurance comes with a waiting period of 30 to 90 days.
Yes. You can avail income tax deductions under Section 80D towards family health insurance premiums.
The maximum limit on the number of members allowable in a family health insurance plan differs from insurer to insurer.
A health insurance for family available on Bajaj MARKETS covers self, spouse and up to 4 dependent children.
Children can be covered with either of the parents in a policy but are not covered individually in health insurance plans. Dependent children from the age of 3 months to 30 years are covered under family health insurance plans.
Children are way more sensitive and prone to falling ill compared to adults. Since kids tend to fall ill more frequently, children need to be covered under one of the best family health insurance plans. It helps you deal with the medical and hospitalisation expenses better.
Yes, you can cover your family residing anywhere in India under one policy. You can use your Bajaj Allianz family health insurance plan across all cities and states here.
You can enhance the sum insured of your family health insurance policy only at the time of renewals. The enhancement would be subject to underwriting approval based on the declaration on the application.
The following sum insured options are available to you under this family health insurance plan:
1) Health Guard Silver Plan: ₹1.5/2 lakh
2) Health Guard Gold Plan: Ranges from ₹3 to ₹50 lakh
If you renew your family health insurance plan with us without any break and there has been no claim in the preceding year, Bajaj Allianz will increase the sum insured amount by 10% of the base sum insured per annum. However, the maximum cumulative increase in the sum insured amount will be limited to 10 years and 100% of your first health insurance policy with us. There are tax benefits under the Income Tax Act, 1961 (in India); every taxpayer can avail an annual deduction of up to ₹50,000 from their taxable income for Bajaj Allianz Medical Insurance premium paid for self and dependents in the family.
