Selecting the best family health insurance in India is a step-by-step process that aims at considering policy features such as coverage, benefits, premium, and claim settlement ratio to name but a few. Healthcare expenses are on the rise in a country and hence it is only wise to have adequate health insurance coverage. To make a sound decision based on accurate information, read on to learn about the best family health insurance plans in India.
Understanding Family Health Insurance
The family health insurance plans offer insurance benefits in the health sector regarding the family members as a unit. Generally, they outline the policyholder, the spouse, the children, and the parents depending on the policy. This is because the sum insured is divided among all the family members and the policy caters to the entire family in case of an illness, or disease among other complications without having to purchase individual policies.
Key Factors to Consider
Before diving into specific policies, it’s important to understand the criteria for selecting the best family health insurance:
- Coverage: Make sure the policy offers coverage for various ailments, the major illustration being critical illnesses in addition to pre-existing conditions, but they come with waiting periods.
- Sum Insured: Choose the sum insured that is sufficient for your family taking into account the increased cost of medical treatment.
- Network Hospitals: Find out whether the cashless treatment is available in many hospitals or limited to a certain network of hospitals of the insurance company.
- Claim Settlement Ratio: A lower claim settlement ratio reflects less dependable or less timely settlements, and vice versa.
- Waiting Periods: Observe the time required to wait for the pre-existing diseases and specific treatments.
- Add-on Benefits: Valuable benefits which include maternity cover, operation expenses, and wellness programs elevate the policies’ value.
- Premiums: Compare the premiums to the coverage and benefits provided.
Top Family Health Insurance Plans in India
Here are some of the best family health insurance plans in India that stand out based on the above criteria:
1. HDFC ERGO Health Suraksha Gold
HDFC ERGO Health Suraksha Gold is a comprehensive policy offering extensive coverage:
- Coverage: Comprises hospitalization expenses, expenses prior to and after hospitalization, day care procedures and domiciliary therapy.
- Sum Insured: It varies from ₹300000/- to ₹1000000/- per annum.
- Network Hospitals: More than 10,000 network hospital.
- Claim Settlement: Easy and quick claim processing rate and with the high claim settlement ratio.
2. Star Family Health Optima
Star Family Health Optima is designed to cater to the diverse needs of an Indian family:
- Coverage: The insurance also includes hospitalization, air ambulance, newborn, and organ donor costs.
- Sum Insured: Starts at ₹ 1 lakh and goes up to ₹ 25 lakh.
- Network Hospitals: Network of over 9,900 hospitals in the country.
- Claim Settlement: Praised for a seamless customer-oriented approach to claim settlements.
3. Max Bupa Health Companion Family Floater Plan
Max Bupa’s Health Companion is a highly flexible plan offering varied options:
- Coverage: These are among inpatient services, maternity benefits, and other modern treatments such as robot-mediated surgeries.
- Sum Insured: Right up to one crore of Rupees.
- Network Hospitals: More than five thousand network hospitals.
- Claim Settlement: More number of claim settlements and direct claims from the network hospitals.
4. ICICI Lombard Complete Health Insurance
ICICI Lombard’s plan is noted for its wide coverage and additional benefits:
- Coverage: Hospitalization, day care treatments, AYUSH treatments and even well-being programs.
- Sum Insured: Priced between ₹3 lakh and ₹50 lakh.
- Network Hospitals: About 4500 network hospitals are there.
- Claim Settlement: They offer fast and transparent claim settlement process.
5. Religare Care Health Insurance Plan
Religare Care offers comprehensive protection with a focus on high sum insured options:
- Coverage: Includes inpatient care, outpatient services, domiciliary care, and annual health check-up services.
- Sum Insured: Up to ₹ 6 crores.
- Network Hospitals: More than 8000 health care facilities.
- Claim Settlement: Company enjoys high claim settlement ratio and the reputation of handling claims quickly.
How to Choose the Best Plan?
The selection of the best family health insurance will involve assessing strengths and weaknesses touching on costs. Here are some tips:
- Assess Your Needs: Identify the health requirements of each family member and select a policy with relatively good coverage.
- Compare Policies: This can be done by using online comparison tools that can enable you to compare various policies and make comparisons between them.
- Read Reviews: This is because the reviews and ratings couriered by customers can give an insight into the process taken by the insurer to settle claims and the level of customer service offered.
- Consult an Advisor: Legal and financial advisors are wise at explaining options for the various types of plans and determining the best option for the family.