We can compare your current insurance coverage against a variety of insurance companies to find out who offers the best deal.
We will also review your current coverage and advise you if we see that you are either over-insured, under-insured, or if we have other recommendations for your specific situation.
In India, the cost of medical facilities has embraced an ascending trend in the last few years. Consequently, it is becoming difficult for a common man to gather funds on an emergency basis. However, Family Health Insurance can save your money, relieve your tension, and provide funds during an emergency. Check out the following benefits of a family health insurance plan:
It reduces the task of selecting the individual health plan for each member of the family and manage the same. It reduces the need for paying the separate premium of health insurance for each member of the family separately.
The costs for hospitalization and medicines are going on increasing with the cost of living that makes a family health plan necessary to increase the amount of the sum assured for individuals as well as family members.
Under the family floater plan, you can get discounts and incentives as per the norms of the insurance company. It is one of the easiest ways to secure the health of your family.
In this medical plan, you can add a new family member easily. In case of the unfortunate death of the senior-most member of the family, other members can continue with the plan without losing any benefit. This is one of the most significant benefits of this plan.
Some insurers allow customers to add siblings and in-laws by paying a little extra cost.
There are multiple plans offered by insurance companies to its customers. Insurance Regulatory and Development Authority of India (IRDAI) listed some insurance companies and plans every year and rate them as per some crucial features such as claim settlement ratio, performance, benefits, different facilities.
Individual and Family health insurance are indemnity plans that give coverage during the hospitalization/ treatment process for a particular disease. However, the major difference between the both is that individual health plans offer a unique sum insured for each member of the family whereas family health insurance offers a single sum insured to all the family members included in the coverage.
• Each member has a separate sum insured.
• Premium is higher even after the discount and is calculated based on the age of individuals.
• This is best for young families and people carrying any critical illness/ailment.
• Suppose you have purchased an individual health plan and have included your spouse and a child. The sum insured opted is Rs 2 lakhs for yourself, Rs 1 lakh for the spouse, and Rs 1 lakh for your child. However, if you make a claim only your sum insured will get affected. Sum insured of spouse & child will remain unaffected.
• All the members are covered under single sum insured
• Premium is generally lower and is calculated by keeping the age of the eldest member in focus.
• This is suitable for families that large in number and are less prone to diseases.
• If you purchase a sum insured of Rs 5 lakhs for self, spouse and a child, then it is applicable to all the members. The single premium is paid and if you make a claim of Rs 1 lakh, the whole sum insured will squeeze to Rs 4 lakhs. The remainder sum insured can be used for future claims.
