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About Family Health Insurance

Nothing is more important than your health and that of your loved ones. Leading a healthy life is an underrated privilege. And even though you might consume a balanced diet, a disciplined workout routine, and an overall decent lifestyle, life-threatening illnesses and emergency hospital visits can arise at any time. In these unprecedented times, you cannot solely depend on your life savings to overcome the medical expenses. Here’s when health insurance plans for you and your family come to the aid.

The rise of chronic illnesses and medical inflation along with the growing imbalance in work-life routines has reiterated the importance of having adequate health insurance coverage. When it comes to buying health insurance plans for your family, it is best to take a policy at an early age. The reason being that you pay low premiums and have to manage a single policy.

Besides, as you grow older, buying health insurance entails higher premiums in addition to stringent medical check-ups, longer waiting periods for pre-existing illnesses, and exclusion of some critical diseases. Hence, getting a health insurance plan that covers you and your loved ones early on is a wise financial and lifestyle choice.

Family health insurance plans at Finserv MARKETS are highly flexible and some of the most cost-effective policies in the market. Let us take a quick look at the different health insurance plans for your family available on our platform.

Best Health Insurance Plans for Family at Finserv MARKETS

Instant Renewal of Your Family Health Insurance Plan

Renewing health insurance is as important as buying one on time. Just a few easy steps and your renewal policy will reach you. Get your family health insurance policy renewed and enjoy continuity benefits. Experience the one-click renewal process today!

Health Combo Plan

Finserv MARKETS presents the 'Health Combo Plan', a unique health insurance policy that combines the features of two products, the Health Insurance Base Plan & the Health Insurance Top-up plan.

Now you can manage medical uncertainties & rising health expenses easily, with dual benefits in the form of the Health Combo Plan. Get extensive medical coverage at affordable costs, that too without undergoing any tedious paperwork!

Why Choose Finserv MARKETS?

With so many family health insurance plans available in the market, choosing the right plan can be overwhelming. So, what makes us the right choice for you and your loved ones? Let’s find out.

Trusted Companion

We are the entrusted financial partner for 100 million+ customers all over India. It’s time you join the family too.

Swift Claim Settlement

No third party involved, no delays and a claim settlement rate of 94% - why wouldn’t you choose us?

Reinstatement Benefit

Is your sum insured exhausted? Well, don't worry! You can get reinstatement benefits for the same illness.

Bespoke Insurance Plans

Get a family insurance plan that is best suitable for you and your family’s medical needs. Moreover, Bajaj Allianz Family Health Insurance is a flagbearer for Bariatric surgery in India.

Extensive Coverage

You get medical coverage from INR 1.5 Lakh to INR 50 Lakh. We also have over 6000+ network hospitals across India.

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 plans for your family with the help of illustrations.

Illustration 1: You have a lovely family with spouse and one child

Ramesh, along with his wife and one child, 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 cover 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.

Illustration 2: You just got married and will be starting a family soon

Janhavi recently got married and plans to have a baby in a few years. In this situation, having taken a family health insurance plan in advance (before getting married) will benefit her in multiple ways. She will not only be paying low premiums, as she took the policy early in life, but can also seek maternity benefits when needed.

Along with this, the family health insurance plan also provides coverage of approximately Rs. 25,000 for normal delivery and Rs. 35,000 for caesarean section.

Besides, children between 90 days and 30 years of age can be added to this plan.

Illustration 3: You have significant financial responsibility

Sometimes, a health insurance plan for the family can be an excellent financial investment, especially for those in their early 20s. They can seek family health plans to avail tax benefits and provide extra medical coverage to their parents.

For instance, Ketki, who is 22-years-old, has 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.

Illustration 4: You have young children and old parents to take care of

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.

On the other hand, if you plan to purchase individual health insurance plans for each family member, the premiums would be costly. This is because individual plans are mainly based on the age of the policyholder. In such a situation, health insurance plans for your family comes in handy as all your loved ones are covered under a single plan.

Benefits of Family Health Insurance Plans

The illustrations above highlight the following benefits of family health insurance plans:

  • Having a family health insurance plan ensures that yours and your family’s medical expenses are covered whenever needed.

  • The hospitalisation and treatment expenses for any lifestyle diseases will be taken care of under the family health insurance plan (unless the condition is specifically excluded from the policy).

  • You can avail high-quality medical facilities at any of the network hospitals.

  • Buying family health insurance at an early stage in life will allow you to save money through lower premiums.

  • The policy allows you to add a new family member to the existing plan at a nominal, additional premium.

  • You have to pay a single premium towards your family health insurance plan every year, which will cover all the beneficiaries.

  • You can avail additional benefits such as maternity cover, accidental death cover, etc., to enhance the scope of your family health insurance plan.

  • The policy offers several tax benefits as well. We have discussed the family health insurance tax benefits in detail below.

Tax Benefits of Family Health Insurance Plans

Health insurance is one of the most powerful tax-planning instruments. Whether you buy an individual health insurance plan or family health insurance plan, you can avail several tax benefits along with other financial/medical coverage.

Here’s a quick walkthrough of the same.

 

Family Health Insurance Premium Paid for

Self, Spouse, and dependent children (Self + Family)

Self + Family along with the Parents

Everyone is below 60 years

Up to Rs. 25,000

Up to Rs. 50,000

If you are a senior citizen

Up to Rs. 50,000

Up to Rs. 1 Lakh

Note: The deduction for parents is over and above the maximum deduction allowed for an individual and his/her family. 

Additional Deductions:

  • For Preventive Health Check-Ups: You can claim an annual deduction of up to Rs. 5,000 for expenses incurred on health check-ups. This includes check-up expenses of all family members – self, spouse, children, and parents.

  • Under Section 80DDB: You can claim additional tax deduction on expenses incurred by self, family, or parents towards the treatment of specific illnesses. The deduction amount can be availed on the expenses incurred or Rs. 40,000, whichever is lower (for self and family members). Senior citizens can avail up to Rs. 1 lakh under this section.

  • Under Section 80DD: You can avail tax benefits of up to Rs. 75,000 for the nursing, training, medical treatment, preservation, and rehabilitation of a dependent with a disability. The amount is Rs. 1.25 Lakh in cases of extreme disability.

Family Health Insurance Coverage

Family Health Insurance – Inclusions

Choosing an appropriate family health insurance plan is an overwhelming task. It begs the question, “What must a good health insurance plan cover?” Here are a few things that your family health insurance plan should include.

  • Organ Donor Benefit

    Covers expenses incurred during organ donor treatment.

  • Reinstatement Benefit

    Applicable on the same illnesses with 100% coverage of the sum insured.

  • Ayurvedic/Homeopathic Hospitalisation

    Coverage for Ayurvedic/Homeopathic hospitalisation across the country for up to INR 20,000.

  • Convalescence Benefit

    Provides convalescence benefit up to INR 7500 for more than 10 days of continuous hospitalisation.

  • Free Health Check-up

    Free health check-up at least once in 3 years (even if you made any claims or not).

  • In-Patient Hospitalisation Expenses

    Covers expenses incurred due to treatments and diagnosis, ICU charges, fees of specialists, medical consultants, and practitioners.

  • Pre & Post Hospitalisation

    Coverage includes costs incurred during pre and post hospitalisation.

  • Maternity & New Born Baby Coverage

    Coverage of up to INR 25,000 for normal delivery and INR 35,000 for cesarean section.

Family Health Insurance – Exclusions

Every good policy has certain limitations. Here’s what is not covered under family health insurance plans:

  • Any medical issue or complication that existed before seeking coverage or for which the doctor recommended care or treatment.

  • Routine physical or other examinations where there is no objective indication of impairment of normal health.

  • Medical expenses after the health plan expires.

  • Routine physical or other examination where there is no objective indication of impairment of normal health.

 

Now, before we proceed to the application process for health insurance plans for your family at Finserv MARKETS, let us do a quick comparison of the two policies available on the platform.

Comparison of Family Health Insurance Plans at Finserv MARKETS

Here’s a quick overview of what’s covered in the family health insurance plans.  

 

Bajaj Allianz Health Guard Plans

Aditya Birla Family Floater Plans

Eligibility Criteria

Entry Age: Proposer /Spouse : 18 Years – 65 Years | Dependent Children: 3 Months – 30 Years

 

Policy Term:1, 2, 3 years

Sum Insured:Rs. 1.5 to 50 Lakhs

Entry Age: Proposer /Spouse : 18 Years – 99 Years | Dependent Children: 3 Months – 25 Years

Policy Term:1, 2, 3 years

Sum Insured: Rs. 3 to 25 Lakhs

No. of Network Hospitals

6500+

8126+

Claim Settlement Ratio

87%

 

94%

Pre- and Post-Hospitalisation Cover

Daycare Treatment Cover

Pre-Existing Illnesses

( Waiting Period: 36 months)

(Waiting Period: 48 months)

Reinstatement Benefits

OPD Cover

X

X

Maternity and Newborn Benefits

X

Personal Accident Cover

X

X

How To Apply For Family Health Insurance?

No rocket science here! Follow 5 simple steps and you’re done.

  • Visit us online and choose your coverage

  • Fill the application form

  • The insurer will assess your file

  • Proceed to make an online payment

  • The policy will be issued to you in no time

For information on your health insurance policy, refer to the 'Process' section below.

Things to Consider When Buying Family Health Insurance Plans

Below, we have enlisted a few factors that you must consider when buying health insurance for family members. We believe that considering these things will allow you to choose the right medical insurance for your family.

  • Coverage Offered

Before you buy any health insurance policy, it is best to list down your medical necessities and expectations from the plan. For instance, if you are planning to start a family soon, look for a health insurance policy that offers maternity and newborn cover. Also, be mindful of the pre-existing illnesses covered under the policy along with its waiting period.

  • Flexibility to Increase Coverage

The sum insured at the time of buying a family health insurance plan cannot suffice as your family grows and as healthcare costs rise. Therefore, when buying a mediclaim policy for your family, it is best to choose an insurer that offers reinstatement benefits. That way, you can enhance your policy coverage when it nears exhaustion.

  • List of Network Hospitals

Nowadays, most insurers provide cashless claim settlements at their network hospitals. When you are on the lookout to purchase a family health insurance plan, look for an insurer that has a wide range of affiliated network hospitals. That way, in case of medical emergencies, you can avail best-in-class healthcare facilities from the nearest network hospital and avail cashless claim settlements.

  • Hassle-Free Claim Settlements

Whether you avail a cashless claim settlement facility or opt for a reimbursement claim settlement, what’s important is that the entire process is seamless. Those who purchase a health insurance policy for their family need to ensure that everyone involved in the plan is well-versed with the claims process. You certainly do not want your family to be clueless during a medical crisis. Besides, it is imperative to look for an insurer that offers hassle-free claim settlements and has a high claim settlement ratio. Today, you can easily compare claim settlement ratios and durations online.

How To Renew Family Health Insurance at Finserv MARKETS?

Follow these steps to renew health insurance for family –

  • Visit us online

  • Enter policy details as requested

  • Enter personal information as required

  • Review the new policy before agreeing to the terms and conditions

  • Proceed to make an online payment

  • After successful payment, your policy will be renewed and functional to avail all the health insurance benefits in no time

Claim Process for Family Health Insurance

People usually avoid taking health insurance due to longer claim processes. But filing claims with us is straightforward. Just follow these steps, and you are done.

  • 1

    Register your claim online

  • 2

    Upload the requested documents

  • 3

    The insurer will assess your claim

  • 4

    Check claim status online

  • Process
  • Download
  • Emergency Contact
  • Cashless Claims
  • Claim Intimation
  • Claim Reimbursement
  • Cancellation Process
  • You need to approach the network hospital along with your policy details.

  • The network hospital verifies the details provided by you and sends a pre-authorization form to the network hospital.

  • The insurance provider verifies the pre-authorization request and informs the network hospital about your policy's coverage. If needed, the insurance provider may send a query letter to the network hospital requesting more details. The network hospital needs to respond to this query with the information requested for.

  • Once the network hospital receives approval from the insurance provider, treatment begins. Upon discharge from the network hospital, the final bill along with the discharge papers are sent to the insurance provider. The insurance provider will settle the final amount with the network hospital after deducting co-payment (if applicable) and other consumable expenses.

  • Should the pre-authorization request get rejected; you will have to bear all treatment expenses which can be reimbursed later.

  • Claim Intimation

    • Claims should intimated within 48 hours in case of emergency hospitalization*
    • Claims should be intimated within 24 hours in case of planned hospitalization*

  • Claims can be intimated on the following platforms:

    • Contact the executes at the Call Center- 1800 209 5858 (Main Toll Free) and dedicated health toll free (1800 103 2529)
    • Email on health.admin@bajajallianz.co.in
    • Branch walk-in at the customer care desk
    • Visit the website- https://general.bajajallianz.com/BagicHCM/cstprtl/getCustDtls.do
    • Download the Caringly Yours App on App store/Play store

  • Following details are required for claim intimation:

    • Policy Number
    • Name of the Patient
    • Hospital Name
    • Hospital Address
    • Date of Admission
    • Diagnosis
    • Mobile Number
    • Email Id

    *Note: Relaxations in the timelines mentioned above may be considered in the extreme cases of hardship where it is proved to our satisfaction that under the circumstances in which you were placed, it was not possible for you or any other person to give notice or file claim within the prescribed time limit.

  • Once discharged from hospital, you need to collect all original documents and bills and submit them to the insurance provider.

  • The insurance provider initiates scrutiny of all claim-related documents. If additional documents are needed, you will be intimated about the additional documents required.

  • Once all necessary documents are received, the insurance provider approves the claim.

  • Payment will be released to you based on what is admissible under the insurance policy.

  • Company Cancellation

    The insurance provider may cancel your insurance policy providing a written notice 15 days prior to cancellation date. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis.

    Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.

  • Customer Cancellation

    As a customer, you may cancel your insurance policy by providing a written notice 15 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period as per the rates detailed below.

    Period of Risk Premium Refund - 1 Year Policy Period
    Exceeding 15 days but less than 3 months 65.00%
    Exceeding 3 months but less than 6 months 45.00%
    Exceeding 6 months but less than 12 months 00.00%
    Period of Risk Premium Refund - 2 Year Policy Period
    Exceeding 15 days but less than 3 months 75.00%
    Exceeding 3 months but less than 6 months 65.00%
    Exceeding 6 months but less than 12 months 45.00%
    Exceeding 12 months but less than 15 months 30.00%
    Exceeding 15 months but less than 18 months 20.00%
    Exceeding 18 months but less than 24 months 00.00%

  • Cashless Claims
  • Claim Reimbursement
  • Other Health Insurance Related Claims
  • Links for Claim Settlement Forms
  • List of Network Hospitals
  • Brochure
  • Policy Wordings

Link to redirect customers to links category.

  • Cashless Claims Request Form
  • Reimbursement Form
  • Self Declaration of KYC Document Submission - For Individual Partner
  • Non-Medical Expenses List of Exclusions
  • Personal Accident Claim Form
  • Cashless Claims Request Form
  • Reimbursement Form
  • Self Declaration of KYC Document Submission - For Individual Partner
  • Personal Accident Claim Form
  • Non-Medical Expenses List of Exclusions
  • List of Network Hospitals
  • Health Guard Brochure
  • Family Health Insurance - Gold Plan Wordings
  • Family Health Insurance - Silver Plan Wordings

Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to connect with an insurance expert.

Best Health Insurance Plans Available at Finserv MARKETS

Manage all your queries here

  • ✔️What is meant by family health insurance plans?

    A health insurance plan for family is one single policy that takes care of the medical expenses of your entire family. The Sum Insured can be used by any member of the family or by everyone covered in the policy, multiple number of times, till the time the limit is exhausted. It is far better than a family Mediclaim policy and is always a good choice.
  • ✔️Who all can be covered under a Bajaj Allianz family health insurance plan?

    A health insurance for family available on Bajaj Finserv MARKETS covers self, spouse and up to 4 dependent children.
  • ✔️If I have a kid who is 3 years old, can I take a Bajaj Allianz family health insurance policy for her?

    Children can be covered with either of the parent in a policy but are not covered individually in our health insurance plans. Dependent children from the age of 3 months up to the age of 30 years are covered under our family health insurance plans.
  • ✔️Is it important for me to take a family health insurance policy for my child?

    As compared to adults, children are way more sensitive and therefore prone to falling ill a lot more. Since kids tend to fall ill more frequently, it is important for children to be covered under one of the best family health insurance plans. It helps you deal with the medical and hospitalization expenses better.
  • ✔️My wife and children are residing in Pune while I am residing in Mumbai. Can all of us be covered under one policy?

    Yes, you can cover your family residing anywhere in India under one policy. You can use your Bajaj Allianz family health insurance plan in India across all cities and states.
  • ✔️When can I enhance the Sum Insured of my Bajaj Allianz family health insurance policy?

    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.
  • ✔️What are the Sum Insured options available to me under Bajaj Allianz family health insurance policy?

    The following Sum Insured options are available to you under this family health insurance plan: 1) Health Guard Silver Plan: Rs.1.5/2 lakh. 2) Health Guard Gold Plan: 3/4/5/7.5/10/15/20/25/30/35/40/45/50 lakh.
  • ✔️What additional benefits do I get if I renew my Bajaj Allianz family health insurance policy with you?

    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 up to Rs. 50,000 from his/her taxable income for Bajaj Allianz Medical Insurance premium paid for self and dependents in the family.

Health Insurance Reviews

Health Insurance Reviews

3.9out of 5

7 reviews

Great Service. Keep up The Good Work

The best Health Insurance Company, which has no lengthy process to clear the claims. I applied for a Bajaj family health insurance, my policies got renewed immediately, and the claim is also done in a stipulated time.

The Best Health Insurance Plan for Your Family

Already referred to various family members. I would never change my policy even if I have to pay a few extra bucks. Undoubtedly the best place to get a family health insurance. Thank you so much for your support.

Trustworthy Health Insurance Plan

The Bajaj Allianz health insurance team responded to the initial claim request within hours and the final approval was done in no time. They have customer friendly policies and the customer support team is very good. Overall service was very good, keep it up.

Great help during emergencies

My family health insurance helped me a lot when my daughter was hospitalized for an emergency. The quick response and support is really appreciated.

Customer Support is great!

Finserv MARKETS is a very easy platform. When I explored the family health insurance plans available and applied for one, the executive explained the process very nicely, making it easier.

Happy with the customizable family health insurance plan

The Family Health Insurance policy by Bajaj Allianz is a very extensive coverage plan, which made it easy for me to pay my medical bills during my recent hospitalization. With such customization available at affordable premium, I would definitely recommend it to my friends and relatives.

Excellent service provided!

The Bajaj Allianz family health insurance plan was a right choice when I was looking for a complete medical coverage. The cashless claim facility offered with the family health insurance plan was something that caught my attention!