Not Found
Suggestion
Try Searching
Not Found
Suggestion
Search Not Found
Try Searching
We're here to help you find the perfect insurance plan. our team will get in touch.
We respect your privacy. Your details are safe with us.
Our team will contact you shortly to provide personalized assistance with your insurance plan.
You can also reach out to us on 1800 266 1112
Ensuring the well-being of the family should be a top priority. However, unexpected medical expenses can be financially draining. Thus, having a reliable health insurance policy has become a necessity. When buying a health insurance policy, it is crucial to consider some factors before deciding. A few primary factors are:
• Age
• Current health
• Medical history
• Financial strength
Some of the best health insurance plans for a family available in India are:
1. Family Floater Health Insurance
2. Individual Health Insurance
3. Senior Citizen Health Insurance
5. Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PM-JAY)
In this article, however, we will focus on the top two health insurance plans, i.e. family floater policy and individual health plans.
Floater Family Health Insurance: A Safety Net for All
Don't you think there should be a family health insurance to cover all your members under one plan? There's where a family floater policy steps in. This policy will have one sum insured, which will be shared with your family. All the family members can claim under this insurance policy. Consider that a family has four members and a floater family health insurance policy with a sum insured of ₹5,00,000. Then, all the members of this family are insured for up to ₹5,00,000 for medical expenses in a year. Sounds like a steal deal, doesn't it?
However, if one of the members of this family makes a claim, some part of the insurance sum is used up. Only the unused sum will be available to the rest of the members to claim within the same year. For instance, if one member claims ₹3,00,000, the other three would only have ₹2,00,000 left to be claimed for that year. Notably, the premium depends on the eldest member of your family.
Pros
1. All the members will be covered under one health insurance. It is convenient and easy to manage.
2. You only have to pay one single premium.
3. Each member of your family will have access to the total sum of the policy.
4. Almost all family floater plans allow you to add immediate family members, which include you, your partners, and your children. Some plans may even allow you to add your parents, in-laws, and siblings.
Cons
1. Once a family member claims the policy, the sum is used up. The next family member wanting to claim will only get the remaining amount.
2. If any one of the members makes a claim, a no-claim bonus will be lost.
3. The older family members are more likely to use a chunk of the insurance money, which might leave the younger members with low coverage.
Your Health, Your Way: Individual Health Insurance
There are instances when you don't want your whole family to be covered under one insurance but just you. In this scenario, what should be your ideal choice? Definitely, an individual health policy that meets the specific healthcare needs of one person. These policies offer many benefits, including hospitalisation coverage, doctor consultations, diagnostic tests and prescription medications. The coverage is not shared with other family members. Hence, the policyholder can use the entire insurance sum for their medical expenses. The premium will depend on the age of your family member insured.
Pros
1. You will have complete control of your health insurance.
2. It is more suitable for the older members of the family who are at a greater health risk.
3. You can make multiple claims yearly until your sum is used completely.
4. You will receive a no-claim bonus if you do not make any claims in a year.
5. Lifelong renewals are also available if you renew the policy yearly.
Cons
1. If you buy individual insurance for each member, the total premium cost will be high.
2. As the premium increases, your chances to avail of an optimal sum are lower.
3. Managing halth insurance for each family member becomes tedious.
So, which one to go for?
Choosing the best health insurance for your family between a Family Floater Plan and an Individual Policy depends on your needs and circumstances. You can consult a financial advisor or expert before deciding.
Consider Family health insurance is not just a policy but a strong pillar to rely on during unforeseen medical emergencies, offering peace of mind and financial stability. It’s a proactive step towards your family's healthier and happier future.
If you wish to create a health insurance plan for your family, Generali Central has you covered with D. I. Y. Health. It will be tailor-made to your specific needs. Not only physical but mental health is also important when it comes to your family. With Generali Central’s Health Absolute, you can get a physical and mental health policy for your family. You can enjoy exclusive benefits with Generali Central Health Elite if you are a premium member.
High or Low Deductible in Medical Insurance
Choosing between a high or low deductible in medical insurance depends on your medical condition and needs. Understand the fundamentals, so you can make an informed decision while purchasing medical insurance. ...
Read MoreDifference Between Riders and Add-on Covers in Health Insurance
When exploring health insurance, you may have come across riders and add-ons. While these sound similar, they are quite different in terms of the benefits that they...
Read MoreWhy Consumables Coverage Matters in Health Insurance
Health insurance provides financial security and peace of mind- until the real hospital bill arrives. Along with medicines, room rent, and surgery expenses, there is always an...
Read MoreCan I Get Health Insurance for a New Born Baby
Sakshi and Shantanu Pandey, both IT professionals from Bangalore, were overjoyed to welcome their newborn. Due to some complications, however, the little one needed to be admitted...
Read MoreTop 5 Benefits of Family Health Insurance | Generali Central
As a responsible provider for your loved ones, ensuring their well-being is likely your top priority. One crucial aspect of this is having a reliable health insurance...
Read MoreGST on Health Insurance: Key Changes Every Policyholder Must Know | Generali Central
The recent exemption of Goods and Services Tax (GST) on health insurance premiums marks a significant shift for policyholders in India. Earlier, premiums carried an additional 18%...
Read MoreSenior Citizen Health Insurance Inclusions & Exclusions | Generali Central
As we age, our healthcare needs evolve, often requiring more frequent medical attention and specialised treatments. For India's growing elderly population, having the right health insurance coverage...
Read MoreHow to Get Free Health Check-Up With Your Health Insurance | Generali Central
When was the last time you went for a preventive health check-up? If you cannot recall, you are not alone. Many of us neglect our health until...
Read MoreWhat is Automatic Recharge in Health Insurance: Benefits, How it Works | Generali Central
Ever wondered what would happen if your health insurance coverage runs out mid-year? Medical emergencies don’t follow a schedule and sometimes, even a high sum insured isn’t...
Read MoreIs Multi-Year Health Insurance a Smart Choice? Pros, Cons & Tips Explained | Generali Central
When it comes to securing your health and finances, choosing the right health insurance is crucial. While most people opt for annual renewals, multi-year health insurance plans...
Read MoreWhat Is Senior Citizen Health Insurance & Why Is It Important | Generali Central
As we step into our golden years, safeguarding our health becomes more vital than ever. With advancing age comes a greater likelihood of chronic conditions, hospital visits,...
Read MoreChemotherapy duration: How long treatment typically lasts | Generali Central
When faced with a cancer diagnosis, one of the most pressing questions for patients and their loved ones is: How long will chemotherapy last? The duration of...
Read MoreHow to Choose the Best Health Insurance Plan for Women | Generali Central
As a woman, your healthcare needs are distinct and evolve through different life stages. With rising medical costs and women's unique healthcare needs, choosing the best health...
Read MorePrivate vs Government Health Insurance Plans | Generali Central
As healthcare costs continue to rise in India, having reliable health insurance coverage is more important than ever. However, with both private medical insurance and government health...
Read MoreHow to Download Ayushman Card Online
Are you struggling to figure out how to download your Ayushman card for availing free health insurance coverage? Many eligible beneficiaries face challenges in obtaining their Ayushman...
Read MorePradhan Mantri Surakshit Matritva Abhiyan
The pregnancy journey is not easy, and thus, women need extra care with regular health checkups and antenatal care. This process can be costly for many, due...
Read MoreWhy It's Never Too Late to Get Health Insurance | Generali Central
Picture this: You're in your 40s, 50s, or even 60s and have been fortunate enough to enjoy good health without any major medical issues. You may think...
Read More: Exploring Health Benefits & Risks of Intermittent Fasting | Generali Central
Explore intermittent fasting for weight loss & better health. Learn its benefits, risks, and types, and see how health insurance supports your wellness journey....
Read MoreTop Cancer Hospitals In Mumbai
Introduction From supporting the maternal duties to establishing the sacred emotional bond with the child, maternity leave in workplaces is necessary for every soon-to-be mother. The Maternity...
Read MoreLeaving too soon!
Didn’t find what you are looking for? Let our experts guide you.
