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Health Insurance 1329 views April 16, 2021
If you are the sole breadwinner in your family, the hospitalization of any family member can wipe out your savings drastically. A Family Health Insurance plan protects the health of your family along with yourself at an affordable premium. You can include your spouse, children, dependent siblings, parents and parents-in-law. Before choosing a family health insurance plan, you should know how much it costs so that you can choose according to your coverage requirements and affordability.
Here, the cost refers to the premium of your family health insurance plan that you pay every year to get coverage against treatment expenses. On this page, we will provide you the cost of some family health insurance plans in India, their features, and factors affecting the premium amount for the same. So, let’s start!
Table of Contents
The below table can give you all the necessary information about the sum insured of top family health insurance plans in India along with their premium amount.
Family Health Insurance Plan | Sum Insured (in INR) | Annual Premium Amount (in INR) |
---|---|---|
Star Health Comprehensive Insurance Policy | 5 lakh - 1 crore | Starting from 7,105 ( For Sum Insured of INR 5 lakh) |
HDFC ERGO Health Optima Restore | Up to 50 lakh | As specified by the Insurer |
Star Health Family Delite Insurance Policy | 2 lakh/ 3 lakh | Starting from 2,800 (for sum insured of INR 2 lakh) |
Niva Bupa Go Active | 4 lakh - 25 lakh | Starting from 13,352 |
Care Family Health Insurance | 5 lakh - 6 crore | As specified by the Insurer |
Niva Bupa Health Companion | 3 lakh - 1 crore | Starting from 5,085 per year |
ICICI Lombard iHealth Plan | 2 lakh - 50 lakh | Depends on the Sum Insured |
Now that you have the necessary information about the premium of some top family health insurance plans, you should know about the factors that affect the same. We are mentioning them below. Please check!
The premium amount of a family health insurance plan with a higher sum insured will be more as compared to the premium of a plan with a lower sum insured. The reason being a plan with a higher sum insured can give you comprehensive coverage against treatment expenses. So, choose a sum insured according to your affordability and coverage requirements.
Insurers mainly provide two types of health insurance plans – Individual Family plan (individual sum insured for each family member) and Family Floater plan (overall sum insured floats among all the insured family members). The premium amount depends on the type of health insurance plan chosen by you. If you purchase an individual family health insurance plan for each family member, the premium amount will be higher as compared to the floater plan for your family.
The insurer will also check the age of the eldest member in your family before fixing the final premium rate of your policy. If you include a senior citizen (above 60 years of age) in your family health insurance, the premium amount will be higher as they are more likely to fall ill as compared to young people.
If members in your family have certain medical conditions or past medical history (heart diseases, cancer, etc.), the premium amount can be higher. That’s why insurers ask for the family medical history when you purchase a family health insurance plan.
Your premium amount for a family health insurance plan also depends on the location where you are taking this plan. The premium amount in metro cities will be higher as compared to the premium of a family health insurance plan in Tier 2 or 3 cities.
In the below table, you can check the top features of family health insurance plans in India. Have a look!
Family Health Insurance Plan | Features |
---|---|
Star Health Comprehensive Insurance Policy |
|
HDFC ERGO Optima Restore |
|
Star Family Delite Insurance Plan |
|
Max Bupa Go Active |
|
Care Family Health Insurance |
|
Max Bupa Health Companion |
|
ICICI Lombard iHealth Plan |
|