family health insurance plans

Benefits of Having Health Insurance Plan for Family in 2024

Health Insurance Insurance

Last Updated on 25/12/2023 by Deepak Singla

Health insurance in today’s time is a necessity, keeping in mind the exorbitant cost of healthcare in India. If you have a family and you happen to be the sole breadwinner, family healthcare is indisputably one of the most important priorities of your life. Therefore, family health insurance is the most appropriate health insurance plan which you must avail for the following reasons.

  1. Protects your family’s health– By availing a best health insurance plan for family, one can cover one’s family healthcare needs adequately. This health insurance plan is designed to include routine medical expenditures ranging from doctor consultation fees, surgeon fees, hospitalisation costs, medicine or drug cost to anaesthesia, ambulance charges, and room charges. There are also numerous health insurance policies which offer free health check-up facility.
  2. Cashless facility-   Most family health insurance policies possess this special feature called cashless facility which helps in scaling down anxiety levels of family members during a case of emergency. One can avail cashless facilities while undergoing special medical treatments. Such health insurance policies also tend to be beneficial, in case of planned hospitalisation.
  3. Affordable premium rates- Generally, the premium payable for family health insurance plans is cheaper than most individual premium plans. This essentially allows affordable coverage for the entire family and lightens the financial burden of the breadwinner. 
  4. Offers tax benefits- Health insurance premiums are eligible for tax deductions under Section 80D of the Income Tax Act. Tax deductions under Section 80D of the Income Tax Act can be availed by purchasing family health insurance. One can claim deductions of up to Rs. 25,000 till the age of 60 for health insurance premium. Spouse and dependent children can also be included. Up to Rs. 30,000 can be claimed as a tax deduction if you have parents who are also senior citizens.
  5. New family members can be added- This is one of the most convenient features of family health insurance plans. One can add new family members in this insurance policy. If there is childbirth in your family, you can easily add your child in your existing health insurance plan from the middle of the policy term by paying an additional amount of premium and informing your health insurance company.
  6. Uniform coverage- The family health insurance plans offer almost identical coverage for every individual family member. The sum insured can be entirely used by any member of the family who falls ill. Every family member covered under the policy has full access to the sum insured and can avail a higher coverage if he/she chooses an optimal sum insured level. 
  7. Comprehensive cover can be opted- Family members can enjoy full coverage and this ensures a sense of mental satisfaction for the breadwinner. As a breadwinner, you can choose a family health plan with various coverage benefits.

Read More: Top 10 Health Insurance Companies in India

The benefits of health insurance plans and policies can be compared online enabling you to opt for the most comprehensive and suitable cover benefit. 

Health insurance policy, especially if you avail a family insurance plan, is replete with several benefits. It acts as a shield against rising medical costs in our country. With a family insurance policy, you can secure your family’s future efficiently and effectively.

Family insurance plans are not just cost-efficient essentials, but they also invariably help in strengthening the unity of the family under adverse circumstances. Such policies allow you to have fewer worries about your family’s health.

Bajaj Finserv, in its bid to help the masses avail insurance benefits, has launched a pocket-friendly solution to major healthcare problems. Pocket Insurance has a range of products that cater to the unique needs of customers. Dengue Cover, Tuberculosis Cover, Kidney Stones Insurance, Sports/Fitness Injury Cover, Water Borne Disease Cover, and Infection Cover are some of the products offered under the category.