Compare & buy the best family health insurance plans and save tax upto ₹60,000/-

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:

1. Individual family health insurance policies that cover each family member separately.
2. 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. 

Compare Family Floater Plan & Individual Policy

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’s a list of some of the best Family health insurance plans & policies offered by various companies –

Compare & Buy Best Family Health Insurance Plans

Benefits of family health insurance 

Here are the benefits which you can avail if you invest in the best health insurance plans for family 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.

1. 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. 
2. 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

Common Exclusions under best family health insurance plans

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. 

Difference between family health insurance and individual health insurance

A mediclaim policy for family is quite different from an individual health insurance plan. The differences between these plans are as follows –

Thus, both family floater and individual health insurance plans are different from one another. You should, therefore, understand these differences and then choose the most suitable policy for your family.

Eligibility criteria for family health insurance

To buy mediclaim for family, you need to fulfil some specified eligibility criteria laid down by the insurance plan. While the exact eligibility parameters depend on the policy that you buy, some of the most common parameters are as follows –

• Members who can be covered

  All policies of mediclaim for family cover the policyholder, spouse and dependent children, both biological and adopted. Coverage for dependent parents, however, varies across plans of mediclaim for family. Some plans allow dependent parents to be covered under the policy while some don’t. In fact, some health insurance plans for family even extend coverage to siblings, grandparents, parents-in-law and other relatives that you might have.

• The sum insured

  Sum insured under plans of mediclaim for family range from INR 1 lakh to up to INR 6 crores. You can choose any sum insured depending on your coverage needs and the premiums are calculated accordingly. However, if any member of the family suffers from a severe medical condition, the insurance company might impose a limit on the maximum sum insured which you can avail under mediclaim for family.

• Policy tenure

  All health insurance plans for family have coverage duration of one year. Some plans also allow coverage for two or three years at once if you pay the aggregate premium upfront.

• Age limits

  Plans of mediclaim for family are available for adult proposers who are aged 18 years and above. Dependent children can be covered from 91 days onwards. The maximum entry age for adults is usually restricted to 65 years under most plans while some plans don’t have any such restrictions. Dependent children are covered under the floater policy for up to 23 or 25 years of age, depending on the policy terms and conditions, after which they should be covered under an individual plan.

Claim process for family health insurance

For making a claim under a mediclaim policy for family, the following steps should be followed –

• The insurance company should be informed immediately of the claim
• In case of cashless treatments, you should get admitted in a networked hospital
• A pre-authorization form should be filled and submitted to the insurance company to get an approval for cashless claims. This form should be submitted 3-4 days before planned hospitalisation or within 24 hours of an emergency hospitalisation
• Once the insurance company approves the cashless claim based on the pre-authorization form, you can avail cashless treatments
• Upon discharge from the hospital, fill up and submit a claim form and all medical documents pertaining to the claim
• The insurance company would verify the documents and settle the claim
• In case of a reimbursement claim wherein you were hospitalised in a non-networked hospital, get treated at the hospital and pay for the medical expenses that you incur. After being discharged, file a claim with the insurance company and submit all your original medical documents with bills. The insurance company would verify the documents and reimburse you for the expenses that you incurred.

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.