Medical insurance in India is an evolving sector. Initially, it consisted of only government schemes. But now it is populated by many private players as well. The rising incidence of diseases coupled with high medical costs has led to this development. If you are looking for private health insurance in India, you have various alternatives like – individual plans, family insurance, group policy, senior citizen medi claim, etc.
Family health insurance is the one in which the entire family is covered and shares the sum insured amount. If you are worried about the high premium for health insurance in India, it is a good option as it is more economical.
This article will guide you through selecting the best family health insurance in India. But first, let’s discuss the benefits of family medical policies.
What are the Benefits of Family Health Insurance in India?
Buying a family health insurance plan is a significant investment. But it is worth it because of the following advantages it offers.
Comprehensive
It takes care of the needs of all your family members. You can include yourself, your spouse, your children, your parents, and your in-laws, etc., under one plan.
Affordable
Family plans are less costly than individual ones as only a single premium is to be paid for multiple members.
Tax Benefit
Tax savings is an additional cost benefit of family health insurance in India. The premium paid is eligible for deduction under section 80 D of the Income Tax Act.
Flexible
You may decide to expand your family in the future. Family health insurance takes that into consideration and makes it easy to include new members in the policy.
Convenient
One policy is taken to cover all members. So you don’t have to grapple with multiple procedures, document requirements, premium payment dates, etc. The entire process becomes hassle-free.
What is the Best Family Health Insurance in India?
Many options are available for family health insurance in India. The following points should be kept while making a choice.
Right Coverage
You should select a policy that covers a wide range of pre and post-hospitalization expenses. But, the coverage should not exceed your family’s needs, as that will unnecessarily increase the premium rates.
Affordable Premium
Medical insurance is taken to aid you financially in difficult times. A plan with an unreasonably high premium will do the opposite and instead burden your budget. Thus, look for rates that are within your paying capacity.
Renewability Clause
You should check whether the policy offers lifetime renewability or limited renewability. Lifetime renewability is a crucial element of the best family health insurance in India. It will allow you to continue with the same policy even in old age when it is the most required. On the other hand, with limited renewability, you will have to buy a new policy after a certain period.
High Flexibility
You should ensure that the plan allows you to add or remove family members in a simplified manner without compromising on the plan’s benefits. Ideally, the process should include minimum documentation.
Adequate Sum Insured
The correct amount of sum insured will depend on the number of your family members, their age profile, the area of location, etc. For example, medical expenses would be higher in a metro city; thus, you will need a higher policy amount.
Conclusion
There isn’t a single best family health insurance in India. It is subjective and is based on your requirements. However, it can be said that a plan that satisfies you on the above parameters is the one you should go for. You should also review the co-payment provision, waiting period clause, the company’s network of hospitals, and claim-settlement ratio. For complete beginners, it is always a safe option to go with the plans offered by reputed companies like Niva Bupa. Still, comparing the quotes online and choosing for yourself is advisable.
