Due to the growing awareness of healthcare in India among the middle-class population, India’s health insurance market is expected to grow at a CAGR of 29% by 2025. Considering the increasing number of individuals struggling with severe diseases every year, insurance aggregators are coming up with multiple affordable plans to help the policyholders bear high medical costs.
Family health insurance policies are specially designed to provide monetary coverage to both the insured and the family members. Since these are more economical than availing separate insurance policies for each family member, a higher number of individuals are inclined towards availing them.
In this regard, comparing different insurance companies is required to find the maximum features under an affordable price range.
Necessary features to look for in health insurance plan for family
When it comes to personal, and family health insurance comparison, the advantage of availing multiple facilities for both the policyholder and his/her family members make the latter more useful.
Nonetheless, before going forward with this, make sure to check the features your preferred insurance aggregator is offering you. Following is a list of necessary aspects that should be present in your family health insurance plans.
- Additional funds on top of the sum insured
The way medical treatments are getting more expensive, it is wise to have family medical insurance in place to smoothly handle unexpected health expenses. Depending on your coverage requirements and a few additional factors, some of these policies also offer a top-up, which is an additional sum over the basic sum assured. Both the sum insured under these plans and this additional amount depending on the insurance aggregators you are choosing and the eligibility parameters set by them.
- Lifetime renewability
Generally, it gets quite challenging to find the best family health insurance in India after a certain age, mainly after 65 years. Individuals with a lifetime renewability feature under the insurance plan can easily utilise all of its benefits in their golden years. In this regard, one needs to make sure that the renewal premium charges are paid on time and the policy has been carried out throughout.
- Daycare and OPD expenses
According to medical insurance norms, minimum of 24 hours of hospitalisation is required in order to avail the reimbursement of these expenses. However, individuals also need to know which expenses are generally covered under these plans.
More than 140 OPD and day-care treatments are generally covered under family insurance policies, including eye surgery, lithotripsy, chemotherapy, etc. Since your main intention is to take care of your family, it is advisable to look for schemes that offer a maximum number of OPD expenses.
- Tax benefits
Apart from the usual facilities and monetary coverage, one of the key advantages one can avail from such policies is the convenience to claim a tax deduction every year. Under Section 80D of the Income Tax Act, individuals can avail tax benefits up to a certain amount on such policies. The exemption claimed under thesehealth insurance policies can amount to Rs.1 lakh. However, this amount varies depending on the policyholder or family member’s age.
- Add on covers
While looking for the best medical insurance in India for family, individuals also focus on some additional features apart from instant financial coverage. Make sure to check whether your preferred insurance aggregator is offering extra features like medical check-up facilities, a fixed amount annually for wellness services, ambulance charges, etc., under your chosen family health insurance plan.
Apart from the impeccable benefits family health insurance policies offer, the affordability aspect makes it even more convenient for policyholders. One can simply pay a single premium to enjoy monetary coverage and the aforementioned facilities for all the family members during health emergencies.