Considering the current speedy lifestyle, several ailments are on the rise. Although medical science has progressed significantly in the past few years, the cost of medical healthcare treatments has also risen considerably. Under such circumstances, the only way to ensure efficient finance management is to maintain a befitting mediclaim policy. It acts as a financial safeguard during medical emergencies.
Cashless mediclaim policies for families are those insurance variants that offer coverage for medical costs incurred due to the treatment of any of the family members covered under the concerned plan while availing of treatment at any of the network hospitals. You need not have to settle the entire hospital dues upfront in cash. Your respective insurance provider will settle the approved amount directly with the hospital authorities. You just need to pay the remaining dues if required.
Since the trend of acquiring mediclaim policies has experienced a serious boost, especially after the COVID-19 pandemic outbreak, the Indian insurance market is loaded with several mediclaim products. Considering all the relevant aspects, we have listed some of the best cashless mediclaim policies for families:
| NAME OF THE INSURANCE COMPANY | NAME OF THE HEALTH PLAN | ELIGIBILITY CRITERIA | AMOUNT OF SUM INSURED (INR) |
|---|---|---|---|
| Niva Bupa | Reassure 2.0 | 3 months – 65 years; total 6 members with 2 adults and up to 2 children | 20 lakhs- 1 Cr. |
| HDFC ERGO | Optima Restore Health Insurance | 91 days – 25 years (for unmarried dependent children); entry age of financially dependent parents must be below 65 years during policy commencement; parents-in-law, as long as your spouse remains legally married to you | 5 lakhs – 1 Cr. |
| NCare Health Insurance | Care Supreme | The entry age for a child is 90 days -24 years; while for adults, it is 18 years – 99 years; the exit age for a child is 25 years, while it is lifelong for adults; covers up to 2 adults and 2 children | 7 lakhs – 1 Cr. |
| Manipal Cigna | Prime Advantage | The minimum entry age for a child is 91 days and for adults, it is 18 years. A child can be covered for up to 25 years | 5 lakhs – 1 Cr. |
| Reliance General | Health Infinity | For children, the age criteria is 91 days – 25 years; and for adults, it is 18 years – 25 years; a maximum of 8 members can be covered, including 2 adults and up to 6 children | 5 lakhs – 5 Cr. |
| ICICI Lombard Health Insurance | Health AdvantEdge | For children, the coverage extends from 91 days – 25 years, and for adults, the entry age is 18 years – 65 years | |
| Liberty General | Liberty Secure Health Connect | Dependent children between 91 days and 25 years are covered, provided either or both of the parents are covered; the minimum entry age for adults is 18 years, while the maximum is 65 years |
In India, cashless mediclaim policies work in a simple but unique manner. The working strategy of a standard mediclaim plan involves the following steps:
You must note that the cashless mediclaim policy is never entirely cashless and does not offer 100% coverage. You must remain prepared to share a part of the total hospital bill to settle the dues for the items that are excluded from mediclaim coverage.
It is evident from the discussion so far that cashless mediclaim policies for families in India are unique. It offers a holistic insurance solution ensuring financial assistance and coverage during medical contingencies. Some of the most striking characteristics of these plans are:
Mediclaim policies come with a host of benefits and advantages. Some of the most highlighting benefits of having a family mediclaim policy include:
Purchasing a mediclaim policy has become very easy nowadays. You need to click on your laptop, computer or smartphone at your convenience to visit the official website of your preferred insurance provider. However, you need to keep certain things in mind and consider them before making the final purchase.
Some of the most significant factors that you need to consider before purchasing are:
After considering all these factors, you make your final choice and follow the following steps for online purchase:
This is the process you use to online buy cashless mediclaim policies for your family.
For offline purchases, you need to visit the nearest branch of your chosen insurance company to acquire the purchase form. Enter all the relevant details physically, sign it, and submit it along with the premium amount. It is best to pay the premium amount using any method other than cash.
Once your application is verified, you will receive the policy documents at your registered address.
You must always consider keeping a mediclaim policy at hand to act as a safeguard for ensuring easy accessibility towards quality healthcare without many financial worries:
The list of documents that are essential for purchasing cashless mediclaim policies for families in India include:
Cashless mediclaim settlement is not a very complicated procedure. You need to follow these simple steps to ensure a smooth settlement:
Generally, there are two modes of renewing a health insurance policy - online and offline. Under offline renewal, one would need to contact their health insurance provider at least 30 days before the policy’s expiration and make a renewal request. Any change in the health condition has to be brought to the attention of the insurer during the time of renewal. For online renewal, the insured has to provide certain basic details along with insurance policy number on the insurer’s website. Once this is done, the individual needs to proceed with making the payment online via debit or credit card, or through net banking.
This is a comprehensive analysis of all the relevant aspects, pros, and cons of cashless mediclaim policies for families in India. Although it does not offer 100% coverage protection but still handles medical emergencies well ensuring efficient finance management. Considering all these facts provided and discussed here, you can make your choice and proceed accordingly.
This depends on the size of the family. Several family mediclaim policies are available in the market, each designed to suit a particular family size.
You can enjoy cashless coverage with a medical policy at any network hospital throughout the country. You have to ensure that your preferred hospital has a tie-up with your insurance provider so that you can enjoy this facility.
For a sum insured of INR 10 lakhs/year, the average family health insurance cost may range between INR 10000 and INR 35000 each year, depending on a wide number of factors including the total number of members covered, the age of the family members, coverage type, geographical location, etc.
Although the list of exclusions may vary from one insurer to another, certain standard exclusions include self-inflicted injury coverage, congenital disorders, ailments arising due to overuse or misuse of drug/alcohol, any treatment costs incurred within 30 days of policy commencement except for accidents, abortion or miscarriage costs, service charges, attendant costs, hygiene product costs for the patient, medical consumable costs, documentation costs, etc.
