Family health insurance should be the first financial defense line. Since employee insurance is increasingly offered as a benefit, which also covers the family, many can see it as a replacement for many, but it can be wrong. First, family health insurance is consisting of coverage and does not falter with a change in work. Coverage in family health insurance and characteristics are also customizable. Employee insurance can also be flexible, but it will lack depth to cover serious complications.
Market options for family floats have been exhausted in recent years that can meet any priority from low cost to world coverage. The main concern in family policies is an amount of coverage for all members who have also been addressed. The large policies of millions of rupees are now a common offer among insurers. Only basic coverage comes with renewal bonds and restoration benefits that amplify basic coverage.
We list some of the product options in space to serve everyone in family health insurance.
Product characteristics
For the following plans, we have considered a family with husband and wife at an age of 40-38 and two children of 5 and 10 years. We have considered a basic coverage of ₹ 10 Lakh, but as mentioned the plans of ₹ 1 crore, they have a price of a 40-70 premium for 40-70 by 40-70 by 40-70.
Coverage
Value plans begin from an annual premium of around ₹ 15,000 per year for the coverage of ₹ 10lakh for the four, sacrificed by Care Supreme Value or Tata Aig Medicare Plus. While the supreme value of care insists on a 20 percent copayment in hospitals that are not of network, Tata Aig sacrifices the plan in a lakheducible per year of ₹ 2 lakhheducible. A copayment is a payment made by the head of the policy for each claim, while a deductible is the amount payment by a head of the policy in a year before the claim was admitted.
As mentioned, most plans offer restoration of coverage and that too unlimited in a year and for related or unrelated claims. This is a good way to reuse the amount of cover despite exhausting it in a year. The renewal bonus as an option to improve coverage is also available in all policies. Most policies increase the amount of coverage to a maximum of 100 percent for 5-10 years of free periods of claims (and decrease it in the same way for a claim). But the main advantage of manipal CIGNA increases it by 200 percent irrepons or a claim.
The waiting period for pre -existing disease (PED) used to be four years earlier, but has recently decreased to 3 years and most policies offer the same. The integral policy of Star Health offers the reduction to one year and Icici Lombard, Tata Aig and Manipal Cigna Sacrifice 2 years of waiting in the base policy itself.
Coverage is also promoted from unlimited coverage. Star Super Star sacrifices a unique unlimited claim in the life of a policy and the policy of Sarvah Uttam of Manipal Cigna sacrifices the amount of unlimited claim, but for a specific disease agreed at the time of the issuance of politics.
Maternity, OPD and others
The outpatient roofs remain notable only as a rider in most policies, but most policies offer the creation of unlimited electronic equipment. The demand for OPD covers is not yet with the supply, but the main policy of Manipal Cigna sacrifices the coverage of ₹ 20,000 for the appearance per year in the base policy itself together with the electronic consultations. Optima Secure de HDFC Ergo offers specialized consultations for 51 listed therapies. Befit Rider of Icici Lombard is among the main options of Opdecultations that sacrifices, consultations, laboratories, medications and others through the optional pilot.
Similarly, maternity coverage is not a lawyer in the current market, with some sacrifices such as a rider. The health health of Niva Bupa and the activated Aditya Birla Fit, offer up to ₹ 70,000/₹ 40,000 for a maximum of 2 pregnancies/terminations, but after a waiting period of 2/3 years and in the base policy.
In terms of discount on the annual premium, Care Ultimate Care offers the return of the first year premium in five continuous years of free claims and the health gain sacrifices of the general insurance of confidence insurance of 30 % discount on the premium. In other rewards formats, HDFC Ergo’s sacrifices, doubling the roof along with a 400 percent increase in coverage after 2 renovations and the absorbs activation adjustment doubles the cover from the first day.
Some of the policies also offer worldwide coverage. The health of Niva Bupa sacrifices ₹ 30 Lakh per person insured in a year by a base coverage of ₹ 10 Lakh. And Tata Aig Medicare sacrifices the sum insured for the treatment outside of India if the diagnosis is made in India.
Compared to the unique coverage plans that cost about half of the reward of a family plan and consult the continuous health network for the family, a floating policy must be part of the financial planning of a family. The wide option of options and scope for greater coverage are also positive factors.
Posted on April 12, 2025
