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Medical expenses incurred due to the treatment of any ailment, surgery, hospitalization, etc. are covered under a health insurance plan. The cost can be reimbursed by the insurance company by submitting supportive required documents or by using the cashless service offered by the insurance company. Family health insurance plan is a type of health insurance plan (also known as family floater plan), which covers all the members against various diseases and illnesses. Health insurance plan for family covers your family with lowest premium depending on the age of the family members.
Policy term: Health insurance plan for family offers options for policy term. You can opt for 1, 2 or 3 years as the policy term.
Save money: You can cover whole family in a single family floater insurance, you save ample of money instead of buying individual health insurance plan for each member.
List Of Best Family Floater Health Insurance Plans in India in 2018
Mentioned Below Is The List Of The Best Family Floater Health Insurance Plans in India Year 2019
Being a comprehensive health insurance plan, Religare Care offers coverage for your medical expenses incurred due to an accident, illness or an injury. It also offers coverage for pre and post hospitalization expenses, day-care treatments, health check-up, etc. Some of the best features of Religare Care are daily allowance to meet incidental expenses, flexibility to lower the pre-existing diseases waiting period, non-increment of premium in case of filing a claim, etc.
Star Family Health Optima Plan offers protection to your entire family simply by making a single premium payment. This plan is trusted by most of the people since it offers a host of benefits such as domiciliary hospitalization expenses for the treatments that exceed 3 days, 100% automatic facility to restore the entire sum insured, coverage for new-born from the 16th day of birth, etc.
This is a unique and innovative health plan that is tailor-made for a family that includes spouse, dependent children, dependent parents as well as parents-in-law. Some of the unique advantages that this family floater plan includes are Multiplier, Restore and Stay Active. This plan offers a benefit of automatic re-instatement of the sum assured in case the basic sum assured gets exhausted. However, do remember that this can be done only during the policy period. This plan offers a superb benefit of increasing the sum assured by 50% in case of a claim-free year.
HDFC ERGO has customized this plan keeping ‘the medical inflation’ in mind. The motive of this plan is to offer maximum coverage with a continuous and better medical treatment. The HDFC Health Suraksha Plan focuses mainly on ‘no limit for the entry age, no sub-limits on room-rent, option to add critical illness cover as well as the maternity cover. It also offers coverage for around 144 day care procedures. AYUSH benefits and wide range of sum insured are few other benefits that the HDFC Health Suraksha offers.
This family floater health insurance plan offers coverage to self, spouse, children, parents as well as parents-in-law. The Oriental Insurance Happy Family Floater Policy can pay for your injury/ ailment/ accident that would require hospitalization, besides, 24 day-care procedures, no claim benefits, organ donor cover, pre & post-hospitalization, restore benefit, etc.
Eligibility Criteria for Family Health Insurance Policy is as follows:
In family health insurance, the eldest person becomes the policyholder. The entry age for a policyholder/proposer is from 18 to 65 years, while some insurance company may allow it up to the age of 70 years and above.
For Adults: The minimum entry age is 18 years and the maximum 65 years, while some insurance company may allow it up to the age of 70 years and above. For Dependent Children: The minimum age to children under the family health insurance is from 90 days (this may vary, some insurers may allow it from 30 days and some may have different entry age) to 25 years.
Few insurers ask for medical tests to be carried out at their nominated centers. While few insurers offer family health insurance policy up to certain age, say, 45 years without any medical tests. In some instances, insurers may make medical check-up as mandatory.
Almost all the insurance companies offer lifelong renewal. You need to renew your family health insurance policy every year to keep in force and renew before it expires. After the due date of renewal the insurance company gives a grace period of 30 days. If you want to keep the policy in force, you must renew before grace period ends or else the policy terminates.
All About Mediclaim Policy for family
The rising cost of modern medicine and healthcare treatment has made a mediclaim policy for your entire family a necessity. In case of emergency hospitalization, a mediclaim policy will help you by covering your family’s health care expenses.
A mediclaim policy for family is an insurance (health) plan under which the policyholder and his/her family gets health cover of a certain amount available for the entire family. In case of a medical emergency or accident, the policyholder will receive medical care and the expenses will be deducted/reimbursed from the amount insured, as per the health plan. A mediclaim policy can be taken on an individual or a family floater basis.
Note: Purchasing a mediclaim policy on an individual basis means buying a separate insurance for each member with a defined medical cover. In case of a family floater plan, the mediclaim policy can be utilised by any of the family members.
The benefits of a mediclaim policy are as follows:
The inclusions of a mediclaim policy for family are:
Hospital expenses – Expenses incurred due to hospitalization like medicines, oxygen, blood, OT charges, medical tests and diagnosis, chemotherapy, radiotherapy, organ transplantation, etc. Hospital accommodation expenses – Expenditures towards hospital room, ICUs are either addressed through cashless hospitalisation feature or are reimbursed by the company. Day-care hospitalization – Expenditures towards tech-driven medical treatments that do not involve 24-hour hospitalization. Pre and post-hospitalization expenses – Expenses incurred for up to 30-60 days before and till 60-120 days after hospitalization. It may also include medical assistance for emergency services like ambulance, etc. Charges for medical experts – The fees for medical professionals involved during hospitalization like doctor, surgeon, nurse, etc. are also provided by mediclaim policies.
Note: These are common inclusions of a mediclaim policy for family. The inclusions also vary from one policy to another.
The exclusions of a mediclaim policy are:
The eligibility criteria is as follows:
The documents required to purchase a mediclaim plan are:
The details have to be provided for each and every family member.
Top Health Insurance Plans for Family
|Yes, Rs.10,000||No deductible|
|In patient hospitalization||Up to Sum Insured||Up to Sum Insured|
|Pre-hospitalization||30 days||30 days||Post-hospitalization||60 days||60 days|
|Day Care Treatments||Yes||Yes|
|Room Rent||1% of SI per day||Single Private Room|
|ICU charges||2% of SI per day||No Limit|
|Ambulance Cover||Rs.1,500/ hospitalization||Rs.2,000/ hospitalization||Daily Allowance||Rs.500/ day up to 5 days||NA|
|Domicilliary hospitalization||Up to 10% of SI||Up to 10% of SI|
|Up to 10% of SI||Yes, all members||Yes, all members|
|Recharge of SI||Yes||Yes|
|No Claim Bonus||Yes||Yes|
|Organ Donor Cover||Rs.50,000||Rs.100,000|
|Alternative Treatments||Up to 15,000||Up to 20,000|
|Min Age||91 days|
|Renewal||Lifelong Renewability. The Policy can be renewed under the then prevailing Health Insurance Product or its nearest substitute approved by IRDA.||Renewal premium||Premium payable on renewal and on subsequent continuation of cover arc subject to change with prior approval from IRDA.|
|Co-payment||No Co-payment in policy, if age of the eldest member insured with the company at the time of first policy is below 61 years. 20% Co-payment will be applicable in policy, if age of the eldest member insured with the company at the time of first policy is 61 years or above 61 years i.e. you will have to pay 20% of the claim amount under the policy, if any. The company will pay the rest.|
|Waiting period||30 days for any illness except injury|
|Waiting period for pre-existing illnesses||Four years of continuous coverage|
|Change in sum insured||You can enhance your sum insured under the policy only upon renewal|
|Grace period||30 days from the date of expiry to renew the policy|
|BASIC SUM INSURED PER INSURED PERSON PER POLICY YEAR (RS. IN LAKHS)||3.00 - 5.00 - 10.00 - 15.00 - 15.00 20.00,25.00,50.00|
|Pre-hospitalisation||Covered, up to 60 days|
|Post hospitalisation||Covered up to 180 days||Day Care procedures||All Day Care Treatment Covered|
|Daily cash for Choosing shared accommodation||Rs.800 per day, Maximum Rs.4,800 (Rs.1000 per day, Maximum Rs.4,800)|
|Emergency Ambulance||Up to Rs. 2000 per hospitalisation||E-opinion in respect of critical illnesses||Covered||Emergency Air Ambulance Cover||Not Covered (Covered up to Rs.2.5 Lacs per hospitalization and maximum up to sum insured in an year)|
|Restore Benefit||Equal to 100% of basic sum insured|
|Multiplier Benefit||Bonus of 50% of the Basic Sum Insured for every claim free year, maximum up to 100%. In case of claim, bonus will be reduced by 50% of the basic sum insured. However, this reduction will not reduce the Sum Insured below the basic Sum Insured of the policy.|
|Health Checkup||Not covered (Up to Rs. 2,500, 5,000, 8,000, 10,000)|
|Critical Advantage Rider||Offered (where base Sum Insured is Rs.10 lacs & above)|
|Age||91 days to 65 years|
|Eligibility||● 18-65 years of age|
● 65+ for renewals
● Child from 16th day of birth can be covered as part of the family
|Pre-Hospitalization expenses||Up to 60 days|
|Post-hospitalisation expenses||Up to 90 days||Lump-sum for Treatment in Preferred Network Hospital||In the event of a medical contingency requiring hospitalization, if the insured seeks advice from the Company, Up to 1% of Basic Sum Insured, subject to maximum of Rs.5000/- per policy is payable as lump sum.|
|Automatic Restoration of Sum Insured||3 times at 100% each time, during the policy period.|
|Bonus||Following a claim free year bonus of 25% of the expiring basic sum insured in the second year and additional 10% for subsequent years (max.100%) would be allowed.|
|Sum Assured||● Rs. 3 Lakhs, Rs. 4 Lakhs, Rs. 5 Lakhs, Rs. 7.5 Lakhs, Rs. 10 Lakhs & Rs. 12.5 Lakhs, Rs. 15 Lakhs, Rs. 20 Lakhs, Rs. 30 Lakhs, Rs. 50 Lakhs & Rs. 1 Crore. |
|NCB||Increase in Sum Insured @20% of Base Sum Insured subject to the maximum of 100% of Base Sum Insured for each claim free year with no penalization in case of a claim|
|Health Check-up||Avail Heath Checkup for yourself and your family once in two years (for variant 1) or annually (for variant 2 & 3), so that you live a healthier and happier life.||Policy Term||Default policy term for all plans is one year. You can choose a 2 year term as well and thereby avail a discount of 12.5% on the second year’s premium.|
|Refill Benefit||Under this benefit, you are entitled for an additional sum insured equal to the base sum insured for a subsequent claim in the same year, provided it is for an unrelated illness.|
|AYUSH||Avail In-patient treatment under AYUSH (Ayurveda, Unani, Siddha, and Homeopathy) up to the base sum insured.|
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
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.
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:
An Initial Waiting Period: This refers to the waiting period of 30 days but may vary from insurer to insurer and may have even 90 days of waiting period from the date of policy issuance. However, any medical expenses arising due to an accident will be covered from day one.
Check for Specific Waiting Period: Every family floater insurance provider specifies a list of specified illnesses for which any claim shall not be admissible during the first 1 or 2 years, which is called specific waiting period. For example, arthritis, benign ear, nose, and throat disorders, cataract, hernia, kidney stone, etc.
Pre-existing waiting period: If any of the family member insured under a family floater plan is suffering from any pre-existing diseases such as hypertension, diabetes, any heart ailments or any other ailment at the time of purchase of family health insurance plan is not covered for a specific time period. The treatment for a pre-existing disease is covered after the waiting period. The pre-existing waiting period may vary from 1 year to 4 years depending on the insurer. But, mostly the waiting period for pre-existing diseases under a family floater plan is 4 years.
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.
Family Health Insurance Claim Process
The claim process of Family Health Insurance can be understood as mentioned below.
Reimbursement Claim Process
Top Family Health Insurance Companies in India? What is Incurred Claims Ratio?
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.
|MANIPAL CIGNA||46.29||MAX BUPA||50.19|
Unfortunate incidents that require timely medical treatment can bring you and your family financially down. The burden of the rising medical expenses takes a toll not only financially but also emotionally. In such a scenario, having a family health insurance plan to support you financially at the time of medical emergencies can be a saviour.
Family health insurance policies are customizable. There are two ways you can cover your family members:
You can opt for individual policies for each family member or opt for a family floater health insurance, wherein you and your family together are covered in a single policy on a shared basis. A family floater health insurance protects your entire family – spouse, parents, and children in a single plan. Itis also commonly called as family floater plan.
Let’s see the difference between the two.
Cover each family member individually having different coverage (sum insured)
The benefit of family floater is that your whole family is covered and sum assured is shared across all the family members. Plus, family health insurance plans also offer to restore benefit, which helps to restore the sum insured to its full coverage value once it gets exhausted.
Here's an example how these health insurance policies work:
God forbid, if something happens to any of the family members, say you yourself get hospitalized and the medical expense sums up to Rs.2.5 lakh.
Suppose, you bought individual health insurance policy for each of the family members. You are covered with a sum insured of Rs.1 lakh. Under such a case, the maximum amount that the health insurance company would pay is Rs.1 lakh, while the rest of the amount you need to pay from your pocket.
Despite having a health policy, you will be paying Rs.1.5 lakh from your pocket.
Suppose, you bought a family floater health insurance policy having the sum insured of Rs.5 lakh. Under such a case, the health insurance company will pay the full incurred medical expenditure. That means you won't have to pay any extra money from your pocket. Moreover, the rest of the coverage of Rs.2.5 lakh can be utilized by the other insured family members, if the need arises during the policy period.
Thus, the insurance advisor suggests to opt for a family floater insurance plan to cover the whole family instead of having different individual policies.
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. What is the best health insurance plan for a middle-class family?
Ans: The best health insurance plans for a middle class family are
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.