Top 8 Health Insurance Plans for Family in India 2024

Introduction

Securing the health and well-being of your dependents—whether they be parents, siblings, spouses, or children—with a dependable health insurance policy is essential. By covering your immediate or extended family under a single policy, family floater health insurance policies provide a great alternative. In addition to providing financial security, these plans offer a number of advantages, such as income tax deductions under Section 80D of the Income Tax Act.

In this comprehensive guide, we will explore the top 5 health insurance plans for family in India, their key features, and how they can safeguard your loved ones’ health.

HDFC Optima Restore- Family Plan

One of India’s top family floater health insurance plans is HDFC Optima Restore-Family Plan. It provides coverage for a broad spectrum of people, with a minimum entry age of 18 and a maximum entry age of 65. This plan offers sum assured coverage ranging from INR 3 lakh to INR 50 lakh. Furthermore, more than 13,000 institutions nationwide offer cashless hospitalization under the scheme.

Pros:

• Wide range of sum assured coverage options
• Extensive network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Care Family Health Insurance

Another highly regarded family floater health insurance plan is Care Family Health Insurance. It is appropriate for families with adult members because it provides coverage for people who are 18 years of age or older. This policy’s amount assured coverage is between INR 5 lakh and INR 6 crore. Your entire family will have easy access to medical care because to its network of more than 19,000 cashless institutions.

Pros:

• High sum assured coverage options
• Large network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Niva Bupa Health Companion Policy

Niva Bupa Health Companion Policy is a reliable family floater health insurance plan. With an entry age starting from 18 years, it offers coverage for individuals of different age groups. The sum insured coverage for this plan ranges from INR 4 lakh to INR 1 crore. The best family health insurance policy provides cashless hospitalization at over 8,600 hospitals across the country.

Pros:

• Adequate sum insured coverage options
• Access to a wide network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Royal Sundaram Family Plus Health Insurance Plan

Families’ healthcare requirements are the focus of the Royal Sundaram Family Plus Health Insurance Plan. It provides coverage for people of all ages, with an admission age of 18 years old. This plan offers amount insured coverage between INR 3 lakh and INR 50 lakh. More than 11,800 institutions nationwide offer cashless hospitalization under the concept.

Pros:

• Comprehensive coverage for families
• Extensive network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

ICICI Lombard Complete Health Shield Plan

A complete health insurance plan that is appropriate for families is the ICICI Lombard Complete Health Shield Plan. The policy provides coverage for people of all ages, with an entrance age of 18 and up. This plan offers sum assured coverage ranging from INR 3 lakh to INR 50 lakh. More than 6,700 institutions nationwide offer cashless hospitalization under the concept.

Pros:

• Wide range of sum assured coverage options
• Access to a large network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Tata AIG Medicare Premiere

Tata AIG General Insurance Company offers a family floater health insurance plan called Tata AIG Medicare Premiere. It provides coverage for persons of various age groups, with an entry age of 18 and a maximum entry age of 65. This plan offers amount insured coverage between INR 5 lakh and INR 50 lakh. More than 7,000 institutions nationwide offer cashless hospitalization under the scheme.

Pros:

• Comprehensive coverage options
• Access to a significant number of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Bajaj Allianz Family Health Insurance Plan

One popular family floater health insurance plan is the Bajaj Allianz Family Health Insurance Plan. It offers coverage for people in a variety of age categories, with an entry age of 18 and a maximum entry age of 65. This plan offers amount insured coverage between INR 1.5 lakh and INR 1 crore. More than 8,000 institutions nationwide accept cashless hospitalization under the policy nation.

Pros:

• Adequate sum insured coverage options
• Access to a wide network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Star Family Health Optima Insurance Plan

A complete health insurance plan tailored for families is the Star Family Health Optima Insurance Plan. It provides coverage for persons of various age groups, with an entry age of 18 and a maximum entry age of 65. This plan offers amount insured coverage ranging from INR 3 lakh to INR 25 lakh. More than 12,000 institutions nationwide offer cashless hospitalization under the scheme.

Pros:

• Comprehensive coverage options for families
• Wide network of cashless hospitals

Cons:

• No specific cons mentioned in the reference article

Compare The Best Family Floater Insurance Policies

When choosing a family floater health insurance policy, it is essential to compare the available options and select the one that best suits your family’s needs. Here is a comparison of the top 5 health insurance plans for family in India:

Methodology

Forbes Advisor India examined more than 40 family floater policies offered in India to identify the top 5 family health insurance plans. A number of factors were considered during the selection process, including as the range of sum insured, the network of cashless hospitals, eligibility requirements, sub-limits and capping, claim co-payment, benefit availability, policy terms and conditions, and waiting period.

How Does A Family Floater Insurance Policy Work?

Multiple members of the same family can be covered by a family floater insurance policy for a single premium, making it an affordable choice. All family members receive a portion of the sum insured, which covers their medical costs. For instance, a policyholder can claim coverage for any medical costs associated with their spouse and parents if they obtain a family floater insurance with a sum assured of INR 20 lakh and include them in the plan. The remaining family members are still able to use the remaining coverage if one of them uses up some of it.

What Is Covered In A Family Floater Insurance Policy?

Family floater insurance policies typically offer coverage for a wide range of medical expenses. Some of the common coverages include:

• Pre-and post-hospitalization expenses
• Maternity and newborn cover
• AYUSH related expenses (Ayurveda, Yoga, Unani, Siddha, and Homeopathy)
• In-patient and outpatient expenses
• Surgeon, medical practitioner, consultant, specialist’s fees
• Day care treatment
• Modern surgeries cost
• Ambulance expenses
• Room and boarding expenses

What Is Not Covered In A Family Floater Insurance Policy?

Family floater insurance plans may have several exclusions even though they offer extensive coverage. Depending on the policy, these exclusions could change. The following are some typical exclusions in family floater insurance policies:

• Self-inflicted wounds
• Cosmetic procedures like Botox or plastic surgery
• Unintentional harm sustained during defensive activities
• Obesity treatment
• Dental care
• Purchasing external equipment such as hearing aids, artificial limbs, artificial teeth, or glasses
• Admission to the hospital as a result of drug and alcohol misuse

Eligibility Criteria To Buy A Family Floater Insurance Policy

There are requirements that must be fulfilled in order to qualify for a family floater insurance policy. Adults must normally be between the ages of 18 and 65 to enter and exit. The minimum entry and exit ages for dependent children vary from 91 days to 25 years. It is crucial to remember that different plans may have different eligibility requirements. Before making a purchase, it is essential to thoroughly read the policy’s terms and conditions.

Documents Required While Purchasing A Family Floater Insurance Policy

When purchasing a family floater insurance policy, certain documents need to be submitted for all the family members to be covered under the same plan. The required documents include:

• Identity proof such as Aadhar card, voter ID, passport, PAN card, and driving license.
• Age proof such as voter ID, birth certificate, passport, or driving license.
• Address proof such as utility bills, driving license, PAN card, rent agreement, or Aadhar card.
• Passport-sized photograph for all the covered members.

How To Raise A Claim Under Family Floater Insurance Policy?

The claim procedure for a family floater insurance policy varies depending on whether it is a cashless claim or a reimbursement claim.

Cashless Claim Settlement Procedure:

• Provide the policy number and the family member against whom the claim needs to be filed to the insurance company.
• Give this information 24 hours in the event of an emergency or at least 48 hours prior to hospitalization.
• Notify the network hospital and turn in the health card as soon as the insurance company sends the claim confirmation letter.
• After that, the network hospital will deal directly with the insurance provider to settle the amount.

Reimbursement Claim Settlement Procedure:

• A reimbursement claim needs to be submitted if care is received at a hospital that is not part of the network.
• Inform the insurance of the reimbursement claim and settle the medical bills.
• Complete the hospital’s pre-authorization claim form and attach pertinent records, including prescription drug bills, test results, ambulance receipts, and the necessary identification of the family member being claimed.
• The insurance company will begin the claim settlement process and pay the cash back as soon as they receive the claim form and required paperwork.

Conclusion

Selecting the appropriate family floater health insurance plan is essential for your loved ones’ financial stability and general well-being. A large network of cashless hospitals and comprehensive coverage are provided by the top 5 family health insurance plans in India, which include the HDFC Optima Restore-Family Plan, Care Family Health Insurance, Royal Sundaram Family Plus Health Insurance Plan, Niva Bupa Health Companion Policy, and ICICI Lombard Complete Health Shield Plan.

By understanding the coverage options, eligibility criteria, claim procedures, and other important factors, you can make an informed decision to protect your family’s health and future. Remember to carefully review the terms and conditions of each policy before making a final selection.

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