Top 5 Health Insurance Plans for Family in India 2023

Introduction

If you have dependents such as children, parents, siblings, or a spouse, it is crucial to secure their health and well-being with a reliable health insurance policy. Family floater health insurance plans offer an excellent solution by providing coverage for your immediate or extended family under a single policy. These plans not only offer financial protection but also come with several benefits, including 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

HDFC Optima Restore- Family Plan is one of the leading family floater health insurance policies in India. With a minimum entry age of 18 years and a maximum entry age of 65 years, it offers coverage for a wide range of individuals. The sum assured coverage for this plan ranges from INR 3 lakh to INR 50 lakh. Additionally, the policy provides cashless hospitalization at over 13,000 hospitals across the country.

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

Care Family Health Insurance is another top-rated family floater health insurance plan. It offers coverage for individuals aged 18 years and above, making it suitable for families with adult members. The sum assured coverage for this policy ranges from INR 5 lakh to INR 6 crore. With a network of over 19,000 cashless hospitals, it ensures easy access to medical treatment for your entire family.

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

Royal Sundaram Family Plus Health Insurance Plan is designed to cater to the healthcare needs of families. 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 3 lakh to INR 50 lakh. The policy provides cashless hospitalization at over 11,800 hospitals across the country.

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

ICICI Lombard Complete Health Shield Plan is a comprehensive health insurance plan suitable for families. With an entry age of 18 years and above, it offers coverage for individuals of different age groups. The sum assured coverage for this plan ranges from INR 3 lakh to INR 50 lakh. The policy provides cashless hospitalization at over 6,700 hospitals across the country.

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 Medicare Premiere is a family floater health insurance plan offered by Tata AIG General Insurance Company. With an entry age starting from 18 years and a maximum entry age of 65 years, it offers coverage for individuals of different age groups. The sum insured coverage for this plan ranges from INR 5 lakh to INR 50 lakh. The policy provides cashless hospitalization at over 7,000 hospitals across the country.

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

Bajaj Allianz Family Health Insurance Plan is a well-known family floater health insurance policy. With an entry age starting from 18 years and a maximum entry age of 65 years, it provides coverage for individuals of different age groups. The sum insured coverage for this plan ranges from INR 1.5 lakh to INR 1 crore. The policy offers cashless hospitalization at over 8,000 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

Star Family Health Optima Insurance Plan

Star Family Health Optima Insurance Plan is a comprehensive health insurance policy designed for families. With an entry age starting from 18 years and a maximum entry age of 65 years, it offers coverage for individuals of different age groups. The sum insured coverage for this plan ranges from INR 3 lakh to INR 25 lakh. The policy provides cashless hospitalization at over 12,000 hospitals across the country.

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

In determining the top 5 health insurance plans for family, Forbes Advisor India analyzed over 40 family floater policies available in India. The selection process took into account several parameters, including the sum insured range, network of cashless hospitals, eligibility criteria, sub-limits and capping, co-payment on claims, availability of benefits, policy terms and conditions, and waiting period.

How Does A Family Floater Insurance Policy Work?

A family floater insurance policy is a cost-effective option that covers multiple members of the same family under a single premium. The sum assured amount is shared among all the family members, providing coverage for their medical expenses. For example, if a policyholder purchases a family floater policy with a sum assured of INR 20 lakh and adds their spouse and parents to the plan, the coverage can be claimed for any medical expenses related to the insured individuals. If one family member exhausts a portion of the coverage, the remaining family members can still utilize the remaining amount.

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?

While family floater insurance policies provide comprehensive coverage, they may have certain exclusions. These exclusions may vary depending on the policy. Some common exclusions in family floater insurance policies include:

• Self-imposed injuries
• Cosmetic surgeries such as plastic surgery or botox
• Accidental injuries caused in defense operations
• Treatment of obesity
• Dental treatment
• Purchase of external devices like spectacles, hearing aids, artificial limbs, or artificial teeth
• Hospital admission due to alcohol and drug abuse

Eligibility Criteria To Buy A Family Floater Insurance Policy

To be eligible for a family floater insurance policy, certain criteria must be met. The minimum entry and exit age for adults typically range from 18 years to 65 years. For dependent children, the minimum entry and exit age ranges from 91 days to 25 years. However, it is important to note that eligibility criteria may vary from plan to plan. It is advisable to carefully review the terms and conditions of the policy before purchasing.

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:

• Notify the insurance company with details of the policy number and the family member against whom the claim needs to be initiated.
• Provide this information at least 48 hours before hospitalization or 24 hours in case of an emergency.
• Once the claim confirmation letter is received from the insurance company, inform the network hospital and submit the health card.
• The network hospital will then settle the bill directly with the insurance company.

Reimbursement Claim Settlement Procedure:

• If treatment is taken from a non-network hospital, a reimbursement claim must be filed.
• Pay the medical bills and inform the insurer about the reimbursement claim.
• Fill out the pre-authorization claim form available at the hospital and upload relevant documents such as medicine bills, test costs, ambulance receipts, and required ID proof of the family member against whom the claim is made.
• Once the insurance company receives the claim form and necessary documents, they will proceed with the claim settlement process and reimburse the amount.

Conclusion

Choosing the right family floater health insurance plan is crucial for the well-being and financial security of your loved ones. The top 5 health insurance plans for family in India, including 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, offer comprehensive coverage and a wide network of cashless hospitals.

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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