Family Health Insurance Of TATA AIG

Health Insurance Plans For Family 

The world of health insurance plans is a diverse and vast one. There are several types of plans, features, services, and pay-out methods that might be suited to the distinct and unique needs of every individual. These plans are also designed keeping in mind the age and financial limitations of people as well as their health concerns and medical requirements. Typically, health insurance plans can be categorized into two main categories. The first is an individual health insurance plan, and the second is a mediclaim policy for the family. Get complete coverage for your family with Tata AIG health insurance plans for the family.

Family Health Insurance

An individual health insurance policy aims at securing one person under the plan. In such plans, the insurance coverage is extended to one person alone. For instance, if you buy an individual plan for yourself, you will be able to raise a claim for your medical expenses like hospitalization, doctor’s consultation, ambulance costs, surgery costs, diagnosis costs, AYUSH treatment, and more.

Now, if you get married and have children, your existing policy will not cover them. In this case, you will have to buy a health insurance plan for the family to cover your dependents. Individual health insurance plans are typically ideal for youngsters who do not have any dependent family members. However, as you age and have more responsibilities, you may find such a plan inadequate. This is where family insurance plans come in.

Family health insurance is a type of health insurance that secures the entire family. This includes the spouse, dependent children, and dependent parents. Such insurance plans cover all members of your family with unified protection. There is only one premium and one insurance amount. This implies that the insurance company does not charge you a separate premium for all members of your family. So, you pay only one premium, and in return, the insurance company offers insurance protection to all the individuals insured under the policy. The sum insured of a medical policy for the family is shared between all the insured family members.

This is how this works: Consider a scenario where you purchase a family medical insurance plan. There are four people insured under this plan, including you, your spouse, and your dependent children. The insurance cover or the sum assured for this health plan is ₹8 lakhs. Now, you undergo surgery and require an insurance claim amount of ₹2 lakhs. This money will be deducted from the sum assured (₹8 lakhs – ₹2 lakhs), and the rest of the family will be able to claim ₹6 lakhs for their medical expenses.

Family health insurance plans are more suitable for families as they help reduce the additional cost incurred on individual plans. They also help organize your finances greatly as you no longer have to remember the premium payment dates or renewal dates of each individual policy. Moreover, it becomes easy to cover dependent members who may not be able to afford a health insurance plan on their own.

Benefits Of Buying Health Insurance Plans For Family

Here are some benefits of buying a medical policy for the family:

Tax benefits: Health insurance income tax deduction can help you save money. You can claim a tax deduction of up to ₹25,000 (under the age of 60) or ₹50,000 (over the age of 60) under Section 80D of the Income Tax Act, 1961 for a policy for yourself, your spouse, or your children. You can claim another tax benefit of up to ₹50,000 if you’ve bought a health insurance plan for your parents, taking the total allowed health insurance tax deduction limit to ₹1 lakh. To know more, check our resource on Tax Benefits with Health Insurance.

Peace of mind: Since a single policy covers all your loved ones, you have nothing to worry about. A family health plan helps you protect your peace of mind by protecting all members of your family.

Preventive health insurance check-up: The best mediclaim policy for family offers coverage for preventive health check-ups. This helps you detect a disease in its nascent stage and get the right treatment in time. Medical check-ups also help you stay fit by motivating you to adopt a healthier lifestyle in general.

Comprehensive coverage: You get comprehensive coverage with a health policy for the family. These plans take care of diverse expenses like pre and post-hospitalization, ambulance costs, organ donation, AYUSH treatments, and more.

Affordable Premium: The best family health insurance policy can offer you cost-effective premiums that are light on the pocket but heavy in features and benefits. This lets you secure your loved ones without hampering your present lifestyle and other future financial goals.

Discounting: Compared to individual health plans, health insurance plans for the family help you save money. You pay one premium as opposed to several. The money spent is greatly reduced, and there are no comprises on the benefits. So, if you want to save some money, you should consider purchasing the best family health insurance.