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When it comes to your family, settle for nothing but the best health insurance plan

Author: Team Finapolis/Tuesday, February 27, 2018/Categories: Insurance

When it comes to your family, settle for nothing but the best health insurance plan

Choosing a good coverage health insurance plan must assume utmost importance when it comes to securing your family’s future. Having a good coverage plan goes a long way in putting your mind at ease. Buying individual covers for each family member turns out to be costlier in the long run as the premium has to be filed separately. The advantages of health insurance plan for family is that the entire family in covered at a lesser premium.

The family health insurance policy is also called the family floater policy. It provides cover for the entire family against numerous illnesses and diseases. There are several types of plans available and one can choose the best that suits their family’s needs.

Let’s take a look at a few of the best health insurance plans:

Family Floater Health Guard by Bajaj Allianz Health Insurance

Any individual between the age of 18 and 65 years is eligible to apply for this plan. After attaining 65 years of age, the policy can be further renewed up to the age of 80 years. Children from the age of 3 months to 25 years are effectively covered under this plan. A sum between Rs 2 lakhs and Rs 10 lakhs can be insured between the age bracket of 3 months to 55 years. The upper limit drops from Rs 10 lakhs to Rs 5 lakhs from ages 56 years to 65 years.

Pre-policy medical tests have to be conducted if the applicant is of the age 46 years and above. No tests are required up to 45 years, subject to a clean proposal form. In case the policy is issued after the pre-policy check up, 100% of the cost of the check up will be refunded to the applicant.

One can also obtain an income tax benefit on the premium paid as per section 80-D of the Income Tax Act. The policy holder can avail the benefit of heath check-ups in designated Bajaj Allianz Diagnostic Centers. It covers pre, during and post hospitalization expenses for all family members. For certain diseases like pre-existing conditions, hernia, cataract, etc there is a waiting period of 2-4 years.

Family Floater Mediclaim Policy by New India Assurance

This insurance can be availed by individuals between 10 and 65 years of age for their family. Children up to the age of 25 years who are financially dependent on parents are covered by this policy. In case of unmarried daughters and mentally challenged children, the upper limit of age doesn’t apply. The proposer will be covered beyond the age of 65 years provided they are insured under the same policy without any break.

The entire family can be covered under this policy including the proposer, the spouse, any children and the proposer’s parents of age 60 years or less provided they are dependent on the proposer. This policy covers a minimum of 2 people and a maximum of 6.

A pre-policy health check up is necessary if the applicant is above 50 years of age. Upon acceptance of the proposal, 50% of the check up expenses will be reimbursed by the company to the proposer.

This plan gives complete coverage against unforeseen hospitalization expenses. It covers all costs such as doctor’s fees, blood transfusions, room rent medication, etc. It, however, doesn’t cover outpatient department fees.

Illnesses like skin disorders, cataract, diabetes, ENT disorders are not covered under this policy. Pre-existing diseases are too excluded from the coverage of the plan.

Wellsurance Family Insurance Plan By Tata AIG 

Entry age for the policyholder is 18 years to 65 years with an option of lifetime renewal. Coverage for the children of the policy holder will be 50% of sum inured limits. Children are covered once they cross the age of 6 months.

There is a waiting period of 30 days, post which all the benefits will come into effect. However, the waiting period doesn’t apply to accident related hospitalisation.

The policy offers three variants including self, spouse, and 2 children; self and spouse; and self and 2 children. Each has their own premium rates depending upon the age bracket the policyholder belongs to.

This policy offers multiple benefits. It guarantees insurance cover at renewals. The policy offers the unique feature of children’s education benefit in case of accidental death or permanent total disability of the policyholder. It covers all hospitalisation and post-hospitalisation costs inclusive of admission, ICU and convalescence costs. Tata AIG has a network of 3000+ hospitals across the country which supports cashless claim settlement. An income tax benefit can be availed on the premium paid as per section 80-D of the Income Tax Act. This plan provides a facility of double claim, which enables the policyholder to apply for another claim in addition to already having filed one.

Any illness contracted from intake of alcohol/drugs will not be covered by this plan. Pre-existing conditions will be covered only after a waiting period of 2 years from the time of purchase of the policy.

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rajyashree guha

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