Preferred Language

Preferred Language

health insurance

Benefits of family medical insurance plan

Benefits of family medical insurance plan

A family health insurance plan ensures comprehensive coverage against medical expenses for all family members under one policy. With this single plan, you can cover your dependent children, spouse, parents, and even parents-in-law.

The total sum insured is shared among all the insured individuals registered in this family medical insurance policy. Thus, your claim within the policy period must not exceed the sum insured limit.

Top advantages of a family health insurance plan

Here are the significant benefits that one can get from the best family health insurance policy:

• Cost-effective

You can cover all your dependable family members under one family health insurance policy. So, you need to pay a single premium to enjoy all its benefits. Thus, reducing your burden of paying high premiums for separate plans for all the dependants.

• High coverage for insured individuals

A health insurance policy for family comes with a higher sum insured, which all the covered individuals of the family share. So, if any of the insured members fall sick, the coverage limit will be the same as the sum insured. This will facilitate getting effective treatments from reputed hospitals without worrying about the expenses.

• Effortless new member addition

You can conveniently add new members, including your newborn babies, within this family insurance plan. You need to approach your insurer requesting the same and pay the additional amount. This way, you can avoid purchasing a different policy for a new family member.

• Tax benefits

You also get tax deduction benefits under Section 80D of India's Income Tax (IT) Act for paying the premiums of the family health insurance policy. You can reduce your taxable income up to Rs. 25,000 under this section. In the case of senior citizens, the tax deduction limit goes up to Rs. 50,000.

• Add-on coverage

You can also personalise your family floater insurance policy with add-ons such as hospital cash cover, maternity cover, critical illness cover, etc. All these ensure maximum protection for all your family members. However, you need to pay an extra premium to avail of the add-on facilities.

• Effortless hospitalisation

Insured individuals can now get effective treatment without paying any upfront cash. For this, you need to visit the network hospitals of insurers. In this way, one can get desired medical treatment without the burden of arranging funds during emergencies.

You can now get a comprehensive health insurance policy for your family through Bajaj Finance and enjoy all the above benefits. It provides an accessible platform for various health insurance plans extended by different partnered insurance providers at affordable premiums. You can access the details of those insurance policies to choose a suitable one according to your preference.

• Final Words

In conclusion, you can ensure coverage for your dependent ones by availing a family health insurance policy. So, you do not need to buy separate health insurance plans for all of your family members. You get a substantial sum insured against this plan that you can use to cover the treatment expenses of any of the covered individuals. This lets you get effective treatment from reputed hospitals without worrying about depleting your hard-earned savings. Remember to compare and check all inclusions and exclusions while choosing the best family health insurance policy.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?