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Everything You Need to Know About Family Medical Insurance Plans in India

Posted On : 23 May 2023, 11 Months Ago. Health-Insurance
Family Medical Insurance Plans

When it comes to shielding your family, nothing is too much. You work tirelessly to provide their loved ones with the comfort they require. From ensuring that your children receive the best education possible to caring for your elderly parents and adoring spouse, you leave no stone unturned. This is why, when it comes to your family's safety, you should settle for nothing less than the best. There are numerous insurance products on the market, but a family healthcare insurance policy stands out above the rest. Family health insurance policies provide coverage for the entire family.

 

In contrast to individual plans, the family plan covers all members of your family for a single premium. This means you don't have to pay separate premiums for each person, regardless of age. Under a single policy, the best medical policy for family cover spouses, children, parents, and even your in-laws.

 

The Need for Medical Policy for Family

Healthcare costs has risen dramatically. In today's world, inflation and increased material needs make covering the costs of doctor visits, hospitalisation, and medications nearly impossible. The modern era has also shown that a health emergency can strike at anytime and affect people of all ages. This is why having health insurance is so important. It protects your elderly parents and young children while also providing you and your spouse with the financial cushion you need in these difficult and exceptional times. You can use a family medical insurance premium calculator to determine an appropriate amount that covers your entire family, giving you peace of mind that your family will be financially secure in the event of a health emergency.

 

Benefits of Family Medical Insurance Plan

Medical insurance plans in India provide various benefits such as tax savings, easy hospitalisation and many more. Some of them are explained as follows:

 

  • In hospitalisation, the insured family member can receive cashless treatment in an insurer's network hospital, like in individual health plans. This way, you can ensure that all your family members are eligible for medical care without compromising treatment.
  • Several healthcare insurance companies allow people to include parents and parents-in-law in a family health plan at no extra cost. Under one plan, you can protect your parent's and your spouse's parents' health.
  • Family insurance plans do not require you to pay individual premiums for all family members. However, because of age-related health issues, it is recommended that you purchase individual health insurance for your parents.
  • Under family health plans, various add-on benefits are available, such as critical illness coverage, maternity coverage, and so on. Before purchasing the best health insurance plan for your family, remember to carefully read the policy terms to learn about any waiting periods that may apply to add-on covers.
  • Section 80D of the Income Tax Act exempts health insurance premiums from taxation. If you pay the health insurance premiums for your family and parents, you are eligible for tax exemptions.

 

What to look for while Buying a Medical Policy for a Family?

It is tough to find the best medical policy for a family. You must look for several aspects before deciding the best medical insurance plan for your family. Here are the following parameters you should look at before deciding which family plan you must buy:

 

  • Examine the coverage provided by the family health insurance plan.
  • Select a plan that includes the sum insured enhancement option.
  • Check to see if cashless hospitalisation is available.
  • Choose a plan that has a quick claim settlement procedure.
  • Select a family health insurance plan that allows you to renew your policy for the rest of your life.

When comparing medical insurance plans in India, you will notice that a family plan is exceptionally cost-effective and straightforward to manage. It alleviates your concerns and provides the best benefits to every family member. Investing in a family medical insurance plan is essential, so ensure you get one as soon as possible.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
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OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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