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A family health insurance plan is a policy that insures the health of your entire family. You can include your spouse, children, dependent siblings, parents and parents-in-law in these plans. You need to pay a single premium and the sum assured is shared across all members. The coverage is generally extended to up to six members of the family.
Types of health insurance plans for your family
You can buy 2 types of health insurance plans for family:
- Individual family health insurance policies that cover each family member separately.
- Family floater health insurance policy where the entire family is covered under a single policy.
If you buy individual plans for each member of your family, the total premium would be quite high. However, if you buy a family health insurance plan, then the premium will generally be much lower and the entire family will be covered under one plan, making it a simpler process.
Health insurance for parents
You can either include your parents in the family health insurance plan or buy a separate plan for them. However, do note that the maximum entry age for most plans is 65. If they are senior citizens, then customised policies for senior citizens are also available.
It’s important to remember that the premium value increases with the age of the eldest insured family member. So, depending on their age, it might be more cost-effective to buy a separate health insurance for parents rather than include them in the family floater policy.
Companies offering best family health insurance plans in India
Here is a comparative analysis of some of the best family floater health insurance plans in India.
Company | Coverage | Waiting period | Range of sum assured | Maximum entry age |
HDFC ERGO – Health Suraksha Plus Regain- Gold& Silver | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, restore coverage | 30 days for any claim, 2 years for certain ailments, 4 years for pre-existing | 3 – 10 Lakh | No limit |
TATA AIG – Mediprime | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit | 30 days for any claim, 2 years for certain ailments, 4 years for pre-existing | 2 – 10 Lakh | 65 years |
Bajal Allianz – Health Guard Family Floater Gold | Hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, convalescence benefit, restore coverage, bariatric, | 30 days for any claim, 2/3/6 years for certain ailments, 3 years for pre-existing | 3 – 50 Lakh | 65 years |
Universal Sompo – Complete Health Care | Domiciliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, convalescence benefit | 30 days for any claim, 2/3 years for certain ailments, 6 years for pregnancy and related issues 3 years for pre-existing | 1 – 5 Lakh | 65 years |
National Insurance –Parivar Mediclaim | Domicilliary, hospitalisation, day care, donor expenses, ambulance, AYUSH, hospital cash benefit, infertility | 30 days for any claim, 1/2/4 years for certain ailments 4 years for pre-existing | 1 – 10 Lakh | 65 years |
Star Health – Family Health Optima | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, infertility | 30 days for any claim, 2/4 years for certain ailments 3 years for infertility | 1 – 25 Lakh | 65 years |
Oriental Insurance – Happy Family Floater Policy | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, infertility, restore coverage, life hardship survival | 30 days for any claim, 1/2/4 years for certain ailments | 1 – 20 Lakh | 65 years |
New India Assurance Company. – Family Floater Mediclaim | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, restore coverage | 30 days for any claim, 2/4 years for certain ailments | 2L-5L | 65 years |
Apollo Munich Health Insurance – Optima Restore | Domicilliary, hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit, restore coverage, stay active discount | 30 days for any claim, 2 years for certain ailments 3 years for pre-existing diseases | 3 -50 Lakh | 65 years |
Max Bupa – Health companion family floater | Domicilliary, hospitalisation, pre and post hospitalisation, day care, ambulance charges, donor expenses, AYUSH, health check-ups, hospital cash benefit | 30 days for any claim, 2 years for certain ailments 4 years for pre-existing diseases | 5 – 12.5 Lakh | None |
Benefits of family health insurance
Here are the benefits which you can avail if you invest in the best family health insurance plan in India –
Covers all family members: You can buy a single policy for the entire family, making sure that everyone gets the best treatment possible. Parents and parents-in-law can also be included. A new member can be added to the existing family floater health plan with ease. This helps you avoid paying multiple premiums for multiple policies.
Cashless hospitalisation for family: Cashless hospitalisation is extended to all family members covered under the family health insurance plans.
Save money: The premium for a family floater policy generally works out to be lesser than the total premium on separate policies for individual members.
Claim tax benefit: The premium paid for family health insurance plans is eligible for tax exemptions under Section 80D of the Income Tax Act.
Restore coverage: These days, most companies offer a special benefit called restore benefit. This is particularly useful for family health insurance plans. Under this, if the entire sum insured is exhausted by one family member, the entire sum insured is again reinstated so other family members still stay covered. Restore coverage can be availed by the same family member too, but only for unrelated claims.
Enhancement of sum insured: A flexible family health insurance plan allows you to increase sum insured during renewal.
Higher coverage for each member: This is easier to understand with an example.
Let’s assume you have 4 members in your family. You can do one of the following 2 things.
- Buy individual policies with sum insured of Rs 1 lakh for each. In this case, the maximum coverage amount for each person is Rs 1 lakh. So if one member is hospitalised and the expenses are 1.5 lakh, you will have to pay the difference of Rs 50,000 yourself.
- Buy a health insurance plan for family with sum insured of Rs 4 lakh. In this case, the maximum coverage amount for the entire family is Rs 4 lakh. So, if one member is hospitalised and the expenses are 1.5 lakh, the entire cost will be borne by the insurance company, provided the amount has not been exhausted by other members in the policy year.
So, even the cheapest health insurance for family offers higher coverage to each member, at a lower overall premium.
Common Inclusions under best family health insurance plans
Category | Description |
In-patient Hospitalisation | Medical expenses if the insured is hospitalized for more than 24 hours. |
Pre and post-hospitalization | Prescribed tests, medications, treatment etc for a certain defined period before and after hospitalisation |
Emergency ambulance charges | Expenses for ambulance needed for an emergency situation |
Day-care | Medical expenses if the insured is hospitalized for less than 24 hours. |
Domiciliary treatment | Medical expenses for certain ailments when the insured is being treated at home |
Organ donor expenses | In case an organ donation is required, then expenses incurred by the organ donor |
AYUSH | Medical expenses if the insured undergoes Ayurveda, Yoga, Unani, Siddha or Homeopathy treatment |
Vaccinations | Vaccinations that result from an animal bite |
Common Exclusions under best family health insurance plans
Category |
Any claim raised within 30 days of purchase of policy, unless caused due to an accident |
Pre-existing illnesses are not covered before a pre-defined duration |
Sexually transmitted diseases |
Treatment for problems aesthetic or cosmetic in nature |
self-inflicted injury |
illness caused due to drug or alcohol abuse |
Experimental or unapproved treatment |
Any OPD treatment unless specified in the policy |
Any other exclusions specified in the policy document |
What is the importance of family health insurance?
Medical emergencies can happen anytime, anywhere. Moreover, the growing number of lifestyle diseases and the rising cost of healthcare has made it necessary to have health insurance plans for all members of your family. Though most organizations these days have health insurance facility for their employees, quite often the coverage is inadequate. Therefore, you need to buy a personal health insurance policy that is customized based on your family’s requirements.
Why Choose Turtlemint?
Turtlemint makes your entire decision-making process fast, simple and convenient when you want to buy best family health insurance plan. Starting from research to the final purchase, it’s a single destination for all your requirements.
- Compare all family health insurance planswith one click and find the best family floater health insurance plansin India.
- Calculate the premium using our free premium calculator to understand the cost.
- Contact our experts to resolve all your queries through online chat or telephonic discussions.
- Download all brochures and policy documents from one place.
Once you have decided on the policy that best fits your requirements, buy and renew health insurance plans for family quickly.
FAQ’s
There is a waiting period before family health insurance plan can become active. This differs for every insurance company and can be 15, 30 or even 90 days. Waiting period for pre-existing diseases is usually 3 to 4 years.
Family health insurance policies can be renewed online or offline, at least 15 days before expiry. Some basic details like policy number, expiry date etc. need to be provided. Once the payment is done, a digitally signed copy of the renewed policy is generated. The details of the renewed policy can also be checked online at the insurer’s website.
The primary policyholder should be between 18-65 years of age. However, lifelong renewal of policy is provided by most insurance companies. Medical tests of the members of the family is usually necessary after the age of 45.
A family health insurance plan is for the entire family. The sum assured covers all members and only a single premium needs to be paid annually. This premium is much lower than the sum of premiums of individual health insurance policies for each member of the family.
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