An Individual’s Health and Financial Security
An Individual’s Health and Financial Security

An individual’s health and financial security, as well as that of their family, are of utmost importance. A family health insurance plan gives you peace of mind during health emergencies. Furthermore, with the rise in medical costs in India and around the world, high-quality healthcare services have become increasingly expensive. An adequate health insurance family allows you to access quality healthcare without burning a hole in your wallet. Having a family health insurance policy means you don’t have to take out separate health insurance policies for your family members. One key advantage of family health insurance is that it is less expensive than getting separate health policies for your family members.

There is one claim per family and the policy covers your spouse, two children, and parents and in-laws. In some cases, the policy covers other members of your extended family.

Those who are insured under a family health plan have equal access to this sum assured amount. In the event of the death of any member of the family, the policy will not terminate. Those who survive will be able to continue getting health insurance benefits.

Benefits of health insurance for your family:

All members covered under one plan: All members of the family are covered by family health insurance plans. That includes yourself, your spouse, children, parents, parents-in-law, and even extended family. Moreover, there are plans which provide coverage for your extended family members as well. Therefore, family medical insurance plans are a smart choice if you want affordable health insurance for your entire family. They also offer health insurance to parents who need it.

High coverage for every family member: In comparison to individual medical insurance plans for family members, a family medical insurance plan has a much lower premium cost. This allows for more affordable coverage while being easier on your pocket. Any family member can access the sum insured under the family floater policy if they become ill. The family floater policy provides families with an option to select an optimal coverage level and give each family member access to the sum insured.

Easy addition of new members: If you become a parent, you can easily add a new member to your family after the child is born. If you add a new family member due to the birth of a child, you can readily get coverage for the child starting from the middle of the terms of the policy. Adding a child to your insurance policy would require paying an additional premium, but it would be hassle-free since you would have just to inform the insurance company.

Get access to tax benefits: Getting a family floater policy can also provide you with tax benefits. When you buy a family floater policy, you can get a tax deduction of up to INR 25,000. If you’re a senior citizen, the deduction increases to INR 50,000. If you have a separate family wellness policy for your parents, you can also claim an additional deduction of INR 25,000, which increases to INR 50,000 if they’re senior citizens.

Cost-effectiveness: Taking out a family health policy is more economical than getting an individual policy. The premium payments are, on average, 15-20% less than regular policies, making it the strongest advantage of family health policies. The digital revolution has made it possible for a policyholder to effectively settle claims on a floating health policy. Before choosing a family health plan, one can compare the claim settlement ratio of various insurers.

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