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How Important Is Health Insurance for Your Family?

Family health plans provide coverage for you, your spouse, kids, grandparents, regardless of their age. There are many reasons why you should buy a family floater policy visit to know more.

  • Sep 20, 2021

Health Insurance is a type of plan that specifically looks into the medical and surgical expenses of the insured person. These expenses generally cover hospitalisation costs, doctors’ consultation fees, and the cost of medicinal drugs. Depending on the terms and conditions of the chosen plan, the policyholders either pay the bills themselves, which are subject to subsequent reimbursement, or the insurance company settles the payment directly. Additionally, policyholders can add a critical illness rider to their plan that covers particular life-threatening diseases, requiring long-term treatments. The payout here is made on the diagnosis of the illness and does not require original bills.

Not just for you, but your Family too

There are health insurance plans in place that provide medical insurance for families, and you will also see options for medical insurance for parents. A medical insurance policy for a family is a scheme that covers your family members under a single premium policy. The sum assured here is generally fixed and provides full cover for your family members.

The Best Cover for your Loved Ones

This is probably one of the best advantages of buying Health Insurance. Family health plans provide coverage for you, your spouse, kids, grandparents, etc. - regardless of their age. There are many reasons why you should buy a family floater policy -

- Add New Members

In these policies, you have the flexibility of adding other dependents with much ease. The one thing you need to ensure is the cover amount - it should be a figure that covers all possibilities for everybody.

- Affordability

Medical insurance for family members comes at affordable premiums. Although, everything depends on the tenure and sum assured you choose.

- One Plan for many

One singular thing that stands out in these plans is that your spouse, your parents,your in-laws can all be covered under one single plan. You need not get separate plans based on your relationship.

-Additional Benefits

You have the option of adding additional benefits or rider benefits such as critical illness, newborn cover, maternity cover, etc. There are additional
clauses for the same, so it is advisable to go through them before adding any of these to your plan.

- Tax Benefits

If you are paying health insurance premiums for your family and yourself, then as per section 80D of the IT Act, you are eligible for tax benefits.

Ensuring a Good Choice

When you are choosing an ideal plan, there are certain things you need to consider so as to get the most out of it -

  • Add critical illness riders as they are beneficial in the long run
  • Your premiums should not increase during the tenure
  • Check if the policy covers your old age as well
  • Have a look at the network of hospitals

We do not know what life has in store for us. The best thing to do in such situations is to stay prepared for the unpredictable and protect yourself and your loved ones. What better solution than a medical cover that looks after all of you? Buy health insurance today!

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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