For the sake of keeping your loved ones secure, no measure is too extreme. Thus, you should focus on quality when protecting your loved ones. A family health insurance plan stands out among the many insurance options now on the market.
The Basics of Family Health Insurance
Family health insurance refers to policies that cover a whole household. In contrast to individual plans, family plans cover everyone in your household for just one payment. This means that it is optional to pay separate premiums for each family member, regardless of age. In India, the most comprehensive family health insurance policies include coverage for in-laws as well as spouses, children, and parents.
Having a health insurance plan for the family has several benefits:
Among various types of health insurance plans, a health insurance plan that covers your whole family can be beneficial. These are a few examples:
It’s more pocket-friendly
The likelihood of contracting a life-threatening illness grows daily. Stress is present even in the lives of children, and pollution levels are rising rapidly. Investing in sufficient health insurance for one’s dependents is not a luxury but a requirement. Covering your loved ones with a family health insurance plan is more cost-effective. You can save money on insurance premiums by purchasing a group policy that covers everyone in your family. ##
It’s pretty easy
Keeping track of all your policy payments might take a lot of work. There is no standard timetable for insurance policies. You can pay some monthly, while others have yearly payment options.
It might be challenging to juggle these responsibilities with your regular work and life obligations. A family plan fills in the gap and streamlines payments to make the whole thing much less stressful.
Tax breaks are made easier as a result
Under Section 80D of the Income Tax Act of 1961, the premium for a family health insurance plan may be deducted from your taxable income. During any fiscal year, you may deduct up to 55,000 – 25,000 for yourself and an extra 30,000 for your parents. **
New family members can be safely accommodated
If you have a newborn, you can include them in your current family plan without signing up for a new one. You can keep your current insurance and not have to buy a new one every time you have a child. Your in-laws can join your parents and you in protecting a family health insurance plan.
Savings and supplementary insurance
Depending on the size of your family and its members’ ages, you may be eligible for perks like maternity coverage or group rates. Because of these extras, family plans are preferable to single ones. ##
Types of Coverage Found in Health Insurance Policies for Families:
Insurance packages for families are tailored to meet the needs of individuals and their households. The plan includes the following:
Expense-free medical care
Hospitalization costs for an entire family can be covered by their plan. It provides excellent liquidity and alleviates a chaotic situation. *
Security during pregnancy
Pregnant women can add maternity coverage to their family plans. Additionally, the policy will cover fertility procedures for the parents. The policy covers termination, C-sections, and hospital bills incurred during childbirth. *
Assist in the event of an accident
A family health insurance plan will pay for medical expenses in case of an accident. In the event of permanent disability, the premium will be waived. *
Insurance in case of a serious illness
Payment is made upon the initial medical diagnosis of a covered catastrophic illness. Additionally, you can get this payment without presenting any medical invoices. *
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.