Best Health Insurance Plans in India for Family

Best Health Insurance Plans in India for Family


Due to modern lifestyle and unhealthy food habits, many of us are getting hospitalized. High hospital bills show hell to us and ruin your financials. Here come health insurance plans in India that protects us from the financial burden and helps us to avoid ruining our financials. There are several health insurance plans in India for family. However, each of them have unique features, premiums based on features and several terms and conditions for payment of medical bills. We have analyzed some of the Best Health Insurance Plans in India for family with good features and low premiums. What are the features of these Top Health Insurance Plans for Family in India? What are the key features of such Top Health Insurance Plans for 2019 in India to be considered for your family?

Also Read: Should you opt for HDFC Click 2 Protect Health Insurance Plan?

Some tips about choosing a good Health Insurance Plan in India


There are some key parameters one should consider in choosing a good health insurance policy. Here are some tips.

1) Premiums – Lower the health insurance premiums, better for the us.

2) Co-payment – Co-payment is where an individual need to pay amount from his pocket when the person insured is hospitalized. It could be zero or 10% or 20% of the total hospitalization expenses.

3) No claim bonus – Higher the no claim bonus, better the health insurance plan. NCB could be like reduction in premium or adding basic sum insured every year.

4) The waiting period for pre-existing medical conditions – Lower the waiting period, the better the plan is.

5) The waiting period for specific diseases – Lower the waiting period, it is better.

6) Incurred Claim Settlement Ratio of Insurer – Higher the claim settlement ratio means, higher the chances such insurance company would settle your future claims.

7) Maximum Age Period – Insurance plans are good that protect for a maximum age period of say 65 years or 70 years or 80 years.

8) Hospital Network – Wider the hospital coverage network, better for us.

9) Critical Illness Riders – Additional coverage of critical illness, diseases means good policy.

However, we can’t find a health insurance plan which has all above features. Hence, one can consider health insurance plans in India for family which covers maximum features indicated above and that comes with appropriate premiums.

Best Health Insurance Plans in India for Family


1) Religare Health Insurance – Care Plan


Religare’s Health Insurance Policy “Care” comes with an entry age of 91 days with no upper age limit. This means any individual can buy this at any time. Here the unique features of this plan.

The minimum sum assured is Rs 5 Lakhs and maximum sum assured is Rs.40 lakh.

Waiting period of 4 years for pre-existing medical conditions.

Sum insured would be restated if exhausted during the year.

It offers free health check-ups every year for all members of the family.

No claim bonus would help to increase 10% sum insured every year up to a maximum of 50% in 5 years.

This plan covers ambulance expenses.

One can avail treatment anywhere in the world and no restriction.

Lifelong renewal, means, there is no maximum age limit.

Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.

The Premium for 2 adults would be Rs 12,800 per year. If it is for 2 adults and 2 kids, it would be Rs 20,700 per annum. One can check the premium applicable to them based on age, sum assured and term of the policy. 

Incurred claims settlement ratio (ICR) is 51% for FY2016-17 (which is the latest available).

Drawbacks in this plan

4 years waiting period for pre-existing disease coverage.

Co-payment of 20% of the claim amount if the insured person is more than 61 years of age.

Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Religare Care is one of the good health insurance plans in India for a family that provides unique features.

2) Apollo Munich Optima Restore Family Plan


Apollo Munich Optima Restore Family Health Insurance PlanApollo Munich Optima Restore is a unique health insurance plan where if the sum assured is exhausted before the end of the policy term, it would be restored afresh without any additional premiums. Here are the key features of this plan.

Minimum age of entry is 5 years (proposer should be 18 years) and the maximum age of entry is 65 years. New born kids can be added from 91 days provided both parents are enrolled.

The minimum sum assured is Rs 3 Lakhs and maximum sum assured is Rs 50 lakhs.

Total of 6 family members are covered as part of the family floater insurance plan. This includes, husband, wife, 2 dependent children, 2 parents/2 parent in laws.

Pre hospitalization expenses covered for 60 days before hospitalization.

Post hospitalization expenses are covered up to 180 days.

This plan covers ambulance expenses.

There is no co-payment to be done for any claim to be made.

There are no sub-limits on room rents.

Daily cash benefit in case of hospitalization and when utilized shared accommodation for Rs 800 per day for maximum of Rs 4,800 per hospitalization.

Rider available with this plan that provides additional benefit payouts on the diagnosis of a critical illness like Cancer, heart diseases, liver donor organ transplant etc.,

No Claim Bonus is available which is 50% of basic sum assured for every claim free year up to a maximum of 100%.

Offers 7.5% discount on premium if the policy term is 2 years.

Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses, increased sum assured on each claim free year and income tax benefit u/s 80d is available in this plan.

Lifelong reliability of the policy.

The premium is as low as Rs 11,000 per annum (husband and wife). One can check the premium applicable to them based on age, sum assured and term of the policy.

Incurred claims settlement ratio (ICR) is 55% for FY2016-17 (which is the latest available).

Drawbacks in this plan

Waiting period of 3 years for pre-existing disease coverage.

Sum assured would be restored only if the insured member hospitalizes for new illness. Means if one member utilizes full sum assured and gets hospitalized for the same illness or other member gets hospitalized with similar illnesses, they would not get benefitted.

Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Apollo Munich Optima Restore is one of the best health insurance plans in India for a family that provides highest post hospitalization expenses upto 180 days. 

#3 – Max Bupa Health Companion


Max Bupa health campanionHere are the key features of this plan.

Minimum age of entry is 91 days and there is no maximum age of enrollment.  

The minimum sum insured is Rs 3 Lakhs and maximum sum assured is Rs 1 Crore.

There are 3 variants in the plan. Variant-1 covers Rs 3 to 4 Lakhs. Variant-2 covers Rs 5 Lakhs to Rs 12.5 Lakhs and Variant-3 covers Rs 15 Lakhs to Rs 1 Crore.

Total of 6 family members are covered as part of the family floater insurance plan. This includes, husband, wife, 2 dependent children, 2 parents/2 parent in laws.

This plan covers ambulance expenses.

Pre hospitalization expenses covered for 30 days before hospitalization.

Post hospitalization expenses are covered up to 60 days.

There is no co-payment to be done for any claim to be made.

There are no sub-limits on room rents.

There is refill benefit for the sum insured. In case you have exhausted your Base Sum Insured and No Claim Bonus partially or completely, under this benefit, you are entitled for an additional sum insured equal to the base sum insured for a subsequent claim in the same year, provided it is for an unrelated illness.

Offers 12.5% discount on premium if the policy term is 2 years.

Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.

Lifelong renewability of the policy.

The premium is as low as Rs 8,500 per annum (husband and wife). One can check the premium applicable to them based on age, sum assured and term of the policy.

The Incurred claims settlement ratio (ICR) is 52% for FY2016-17 (which is the latest available).

Drawbacks in this plan

Waiting period of 4 years for pre-existing diseases coverage for variant-1 and 3 years for variant-2 and variant-3.

Sum assured would be restored only if the claim is for an unrelated illness in the same year.

Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Max Bupa Health Companion is one of the top health insurance plans in India for a family that provides a unique feature of a variant approach based on low sum assured, medium sum assured and high sum assured. 

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#4 – ICICI Lombard – iHealth Plan


Here are the key features of this plan.

Minimum age of entry is 91 days and there is no maximum age of enrollment. 

The minimum sum insured is Rs 3 Lakhs and maximum sum assured is Rs 50 Lakhs.

Total of 6 family members are covered as part of the family floater insurance plan. This includes, husband, wife, 2 dependent children, 2 parents/2 parent in laws or dependent brother or sister.

Pre hospitalization expenses covered for 30 days before hospitalization.

Post hospitalization expenses are covered up to 60 days.

This plan covers ambulance expenses.

Waiting period of 2 years (e.g. Cataract, Hernia, Dialysis, Joint replacement, etc.,) / 4 years (Others) for pre-existing disease coverage.

No medical tests required or adults below 46 years of age to enroll into this policy.

There is no co-payment to be done for any claim to be made.

There are no sub-limits on room rents.

There is reset benefit of 100% sum insured in case it is exhausted. In case you have exhausted your Base Sum Insured and No Claim Bonus partially or completely, under this benefit, you are entitled for an additional sum insured equal to the base sum insured for a subsequent claim in the same year, provided it is for an unrelated illness.

Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.

You can submit diagnostic reports to ICICI Lombard and earn wellness points which can be redeemed for doctor fees or any other medical expenses which are not covered under medical insurance.

Lifelong reliability of the policy.

You can get a 10 % discount if you take the 2 year plan.

The premium is as low as Rs 6,000 per annum (husband and wife). One can check the premium applicable to them based on age, sum assured and term of the policy.

The Incurred claims settlement ratio (ICR) is 90% for FY2016-17 (which is the latest available).

Drawbacks in this plan

4 years waiting period for pre-existing disease coverage.

Sum assured would be restored only if the claim is for an unrelated illness in the same year.

Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

ICICI Lombard health is one of the unique health insurance plans in India for a family that provides coverage for a brother and sister of the insured individual, family and provides health insurance plan without medical check-ups upto 46 years of age. 

#5 – Star Family Optima


star health family optimaHere are the key features of this plan.

Minimum age of entry is 16 days and 65 years. Renewals can be done beyond 65 years if enrolled before this age.

The minimum sum insured is Rs 3 Lakhs and maximum sum assured is Rs 25 Lakhs.

Total of 4 family members are covered as part of the family floater insurance plan. This includes, husband, wife and 2 dependent children.

Pre hospitalization expenses covered for 60 days before hospitalization.

Post hospitalization expenses are covered up to 90 days.

This plan covers ambulance expenses.

Waiting period of 2 years (e.g. Cataract, Hernia, Dialysis, Joint replacement, etc.,) / 4 years (Others) for pre-existing disease coverage.

There is no co-payment to be done for any claim to be made. Co-payment of 20% of the claim amount if the insured person is more than 60 years of age.

No claim bonus benefit available here where 25% of the additional basic sum insured would be added in 2nd year and 10% every year there on till the time there is claim free year.

There is a sub limit for room rent upto Rs 5,000 per day.

There is a benefit available if shared accommodation is taken.

Regular features like in-patient hospitalization expenses, pre and post hospitalization expenses, day care expenses and income tax benefit u/s 80d is available in this plan.

Lifelong reliability of the policy.

You can get a 5% discount if you opted this plan online.

There is recharge benefit available where Sum assured would be restored for Rs 75,000 to Rs 1.5 Lakhs depending on the sum insured.

The premium is as low as Rs 8,000 per annum (husband and wife). One can check the premium applicable to them based on age, sum assured and term of the policy.

The Incurred claims settlement ratio (ICR) is 61% for FY2016-17 (which is the latest available).

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Drawbacks in this plan

4 years waiting period for pre-existing disease coverage.

There is a sub limit for room rent for Rs 5,000.

Other regular drawbacks like exclusions for self inflicted injury, alcohol/drug abuse, dental care, AIDS etc.,

Star Family Optima is one of the best health insurance plans in India for a family that comes with unique features and lowest premium. 

Conclusion: Above listed plans are best health policies in India for family. I have provided only basic points such as sum assure, entry age, pre-post hospitalization expense, etc. But you are advised to read the fine print of the policy before buying.

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Suresh

Best Health Insurance Plans in India for Family

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