Ensuring family safety and security is one of the primary responsibilities of all. We all strive hard to provide the best security to them, and a good way to do this is to buy a family health insurance plan. Read on to know more about it and its benefits.
Family health insurance is a type of insurance plan that offers protection to you and your family members against all medical emergencies. You must pay a single premium and it ensures coverage for all the members. In a family health insurance plan, you can insure your parents, spouse and dependent children. Also, some insurance companies offer plans that have the provision to include your parents-in-law in the plan.
Buying a family health insurance plan is a more cost-effective solution to provide cover your family against medical emergencies rather than buying an individual plan for each member. Today, many insurance companies in India offer a variety of family health insurance policies, and it is important to choose the right plan that suits your needs.
Benefits of Family Health Insurance
- One of the primary benefits of buying a family health insurance plan is that it covers all the family members under a single plan. The family medical insurance is a single premium insurance solution for all the members of your family. One of the important things to know about a family health insurance plan is that the sum assured can be used by all the members covered under the policy.
- A lot of people tend to make their health insurance buying decision based on the premium. A family health plan has an affordable premium as compared to an individual plan for each member. Thus, the plan offers you coverage at an affordable price.
- A family health insurance plan comes with many benefits. You can compare the plans from different insurers and choose the one that offers the most inclusive coverage. When you can compare the plans, make sure to have the medical needs of your family members. It will not only ensure that your family members get quality medical care, but also will give you peace of mind that your finances are secured even in the event of a major medical expense.
- Another significant benefit of buying a family Mediclaim policy is that such plans give you the convenience of adding a new family member in the plan. You can add a child from the middle of the policy term. You must request the insurance company for the same and pay an additional premium to get the coverage without any hassles. Today, with most insurers in India offering online services, you can do this from the comfort of your home with just a click of a button.
- Apart from offering coverage against medical emergencies and being an affordable insurance plan, family health insurance plan is also an excellent investment option to avail tax benefits. Health insurance tax benefits are covered under Section 80D of the Indian Income Tax Act, 1969. You can get a maximum deduction of Rs. 25,000 INR on the premium paid if you are under 60 years. The deduction increases up to 50,000 INR if you are older than 60 years.
Thus, a family health insurance policy is a perfect solution to the health insurance needs for you and your family members. The plan is affordable, covers all the family members, and is easy to buy.