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Family health insurance coverage policy is also popularly known as family floater health plans. They are one of the most common types of health care plans available in the Indian insurance market. The purpose of the plan is to cover each and every member of your family under a single umbrella policy.
The cover is provided in the form of the sum insured, which is divided on the basis of the number of family members or as a whole amount for the entire family. The cover is available in the form of financial aid utilized to pay off hospital bills, treat illness, doctor’s fees, cost of medical treatment, and accidental emergency injury.
Under a family floater plan, you can include yourself, your spouse, dependent children, parents, and in some cases, even parents-in-law. Each member of your family can make a claim of up to the total sum insured. In addition to the basic cover, family health insurance policies also include cover for expenses/hospitalization bills related to COVID-19.
If you are a family guy, you must purchase a comprehensive health insurance plan for yourself and your family. Here are the key benefits of a family floater health care plan:
You, your spouse, dependent children till the age of 25 years, senior parents, and in some cases, even parents-in-law can be covered under a family floater policy.
Here is a list of India's top family healthcare policies for 2021, along with the maximum age at entry and sum insured. Call us on 1800 209 9930 to learn more about each plan.
|Best Health Insurance Plans for Family||Minimum Entry Age||Maximum Age||Renewability||Sum insured|
|Care Health Plan||91 days||No Age Bar||Lifelong Renewability||NA|
|HDFC ERGO Optima Restore Family||91 days||65 years||Lifelong Renewability||NA|
|HDFC ERGO - my: Health Suraksha||Any age||Any age||Lifelong Renewability||Rs. 3 lakhs to Rs. 75 lakhs|
|Oriental Happy Family Floater Mediclaim Plan||NA||65 years||Lifelong Renewability||Rs. 2 lakhs to Rs.20 lakhs|
|Bajaj Allianz Health Guard Family Floater Plan||18 years||65 years||Lifelong Renewability||3 Lakh to 50 Lakh|
|Star Family Health Optima Plan||18 years||65 years||Lifelong Renewability||1 Lakh to 25 Lakh|
|SBI General Retail Health Insurance||Age of 3 months||18 years||Lifelong Renewability||2 Lakh|
|United India Family Medicare Policy||18 Years||80 years||Lifelong Renewability||Rs. 2 lakhs to Rs. 10 lakhs||New India Family Floater Mediclaim Policy||18 years||65 years||Lifelong Renewability||Rs. 2 Lakh to 15 Lakh|
|National Insurance National Mediclaim Policy||18 years||65 years||Lifelong Renewability||Rs. 50,000 to Rs. 5 lakhs|
Disclaimer: The information given above has been sourced from the official website of the respective insurance providers. (Last updated on 18th August 2021)
Here is a list of the best family floater policies in India along with their in-built features and annual premium amount
All information has been sourced from the official website of the respective insurers.
The premium mentioned above is subject to change depending on the number of family members, no pre-existing diseases, no smoking/alcohol habits, and the sum insured.
In Simple Words,
A family health insurance cover should be a must-buy for your family. There is nothing better than providing excellent healthcare to your family at all times. Know more about healthcare and mediclaim policy online on Coverfox.
Eligibility Criteria for Family Health Insurance Policy is as follows:
Health insurance plan for family covers in-patient hospitalization, pre-hospitalization, post-hospitalization, day care, health check-up, emergency ambulance service, etc. Let's see each in detail:
Here is the list of few exclusions of a family floater health insurance plan
Mentioned below is the Incurred Claim Ratio of the top 6 standalone health insurance companies of India. An Incurred Claim Ratio is the number of claims settled by an insurer from the given number of total claims in a single financial year. The higher the Incurred claim ratio, the better the company becomes with respect to settling claims. Therefore, you should always select an insurer with a high claim settlement ratio.
Documents Required to Buy Health Insurance Plans For Family
|KYC - Proof of Address and Proof of Identity for all family members.|
|Age Proof - Birth Certificate.|
|Photo - 2x Passport size photographs of each family member.|
|Medical Report - Medical tests/checkups/report for certain family members above the age of 45 years.|
|Process To Renew family health insurance Policy|
Since the advent of internet banking, all health insurance providers have enabled the online facility of policy renewal. You simply have the visit the official website of the respective insurer and log in with your registered user ID/password. Once logged in, select the option for renewal and make the payment online via net banking/credit/debit card etc.
The claim process of Family Health Insurance can be understood as mentioned below
|Cashless Claim Process||Reimbursement Claim Process|
Fast-paced life, junk food on the go, pollution taking deeper roots across the country, unfortunate incidents, road accidents, contagious diseases, heart attacks and diabetes in young age, and many more things may result in any kind of medical emergency.
Are you prepared?:
Rising medical inflation can wipe off your lifetime's savings. You don't want that. Since, a medical emergency comes without any prior notice to anyone irrespective of age, gender, and location, it is better to have a health insurance plan. Take care of your loved ones - spouse, parents, and children and cover their medical cost with the help of a family health insurance plan.
Family Health Insurance Premium Calculator
The incorporation of the health insurance premium calculator by most of the health insurance providers on their official portal has digitalized the process of the health insurance premium calculation. Earlier it was unavoidable to make manual errors but today due to the availability of the family floater health insurance premium calculator, life has definitely become hassle-free and easier for insurance companies as well as for the people looking for health insurance.
A family health insurance premium calculator is easy to use. In order to use the simplified health insurance premium calculator page, you can follow the below-mentioned steps:
Is There Any Waiting Period in a Family Health Insurance?
Frequently Asked Questions
Q. How to buy new family floater health insurance Plan?
Ans: The best way to buy a family health insurance plan is to log onto Coverfox, compare all the available options, select the best plan and fill in the required details, select sum insured, pay the premium. Your policy conveniently arrives in your mail box.
However, here are a few factors which you need to keep in mind when deciding on an insurance company.
Reputation: The company’s reputation plays an important role in deciding your investment. It is a good idea to go for a company with claim settlement ratio and a good brand image.
Quick Process for Claim Settlement: Consumers purchase insurance policies for their future emergencies and no doubt, you should be able to make claim on time.
Feedback from Customers: Before purchase, one must spot customer ratings and user opinions for the insurance company.
Q. How to renew family floater health insurance plan?
Ans: You can simply login to the insurer's website and fill in your family health insurance policy details, and pay the premium. Once the premium is paid, you will receive digitally copy of renewed family floater policy.
Q. Why Buy a New Family Health Plan online?
The best thing about purchasing a family plan online is that it gives the option to compare the charges of all the plans sold in market together with analysis opportunity of their policy features and benefits. Thus, online transactions ensure complete transparency in paying the right amount.
Besides, an online Health Insurance Plan is always cheaper when compared to offline plans since the agent’s role is removed leading to the removal of commission payment. The insurer is able to save on the commission and administration charges and therefore, low premium is offered to the customers.
Also, transations done online mean complete transparency of payment of the correct amount.
Q. Does family health insurance plans cover against OPD Treatment?
Ans: Most often under a health insurance plan treatment expense is covered for Day Care Treatments or in-patient hospitalisation which means that the policyholder needs to be hospitalised beyond one day. However, Certain Insurance companies have started to offer benefits for OPD treatments also such as Apollo Munich, ICICI Lombard, Bajaj Allianz and ManipalCigna.
Q. What Are Some Popular Individual Insurance Plans for Family?
Ans: Below are few plans offered on individual sum insured basis that can be taken into account.
Religare Care No Claim Super: With attractive features like 100% Recharge Benefit, No Claim Bonus unto 150% and a complementary annual health checkup, Religare's No Claim Super plan is definitely worth considering.
Apollo Munich Optima Restore: With the maximum individual sum insured of Rs.15 lakhs, Apollo Munich Optima Restore offers benefits like coverage of domiciliary treatment, pre-post hospitalization for 60 and 180 days respectively, Organ Donor and Restore Benefit.
L&T Medisure Classic: Strongly backed by a powerful brand like L&T, the Medisure Classic plan should be on your consideration list with features totally worth paying for. With maternity & new born cover along with hospital cash, ambulance charges and cover for Ayurvedic treatment, it also offers options like room rent waiver and double sum insured for critical illness at an additional premium.
Star Medi Classic: Automatic Restoration of Sum Insured and cover for non-allopathic treatments are just few of the many benefits offered by the plan. The premium pricing is also quite cost-effective in comparison to other plans offering similar benefits.
Q. How much is a family health insurance plan?
Ans: Different insurers provide family health plans at various quotes. It is advisable to check the exact price from the official website of the insurance company.
Q. How much does family health insurance cost per month?
Ans: The average cost of health insurance per family (4 members) comes up to Rs. 6000 to Rs. 8000 per month, and for an individual, it comes up to Rs. 2000 per month.
Q. What is the average cost of health insurance for a married couple?
Ans: The average cost of health insurance for a married couple stands at around Rs. 8,000 per year.
Q. Why is health insurance plan for family so expensive?
Ans: Since it covers more than one person and every family member has different requirements in terms of health and age, family health insurance is more expensive than regular health insurance.