Top 5 Reasons To Buy Mediclaim Insurance For Family In India

A family mediclaim policy is like an umbrella that shields you and your whole family, whereas an individual personal insurance policy will only safeguard you. One can avail of two broad policy categories: a family floater plan or an individual mediclaim policy. 

A family floater plan is a type of insurance that protects your whole family. You get one family mediclaim policy, which covers the whole family. An individual personal mediclaim policy is a single cover for yourself and your dependents.

Family health policies are cheaper and easy to manage as people have to pay a single insurance policy. In contrast, if you take individual policies for each family member, it is costlier, plus these are difficult to track.

Family floater plan or individual mediclaim policy is like an umbrella that shields you and your whole family to buy medical insurance for a specific period of time. You can avail of different options as per your needs and requirements.

We have discussed a few reasons below to help you understand why it is suitable to buy mediclaim insurance for your family:

Uncertainty 

Life is uncertain, and one cannot forecast the future. However, we can undoubtedly stay prepared to deal with adverse circumstances.

A family floater plan or a family mediclaim policy will safeguard all members of your family, whereas an individual personal insurance policy will protect only you and your immediate family members.

Adverse circumstances such as sudden accidents, alarming pollution, and mushrooming diseases like Covid-19 add to this uncertainty. Even little ones are hospitalised due to acute breathing issues from rising pollution and Covid.

No one is secure, from the family’s eldest to the youngest.

Consequently, opting for a family mediclaim policy for everyone in the family is a must nowadays.

Corporate Health Insurance is not adequate

Employees usually get the perks of corporate insurance from the company, which may include their spouse and kids.

However, there are some concerns with corporate health insurance listed below.

  • There is a cap on the sum insured decided by your respective company, which may or may not be sufficient for your whole family.
  • One major drawback of corporate health insurance is once you switch your job, you lose all the benefits. You are back to square one, beginning to research the health insurance policy best suited for your family.

              Hence the best idea is to take advantage of both worlds. 

  • One should take a family insurance plan directly from the company. Hence the decision of the sum insured is in your hands, and you can set the limit required for you and your family.
  • One must take benefit of corporate insurance policies but opt for a separate medical insurance policy for the family directly from the company.

With this combination, one always has a backup, even if one loses his job. 

  • In addition to this benefit, you get the perk of combining the sum insured. If the sum insured in one policy exhausts, one can always utilise the additional policy.

Cost-effective and easy to manage

Purchasing a family mediclaim plan is always a better idea as it is reasonable on the pocket and effortless to manage.

  • One plan for the whole family implies only one premium will be debited from your bank account. 
  • Since the insured requires to pay only one premium for the whole family and not various premiums for all the members for distinct policies, it becomes hassle-free and comfortable to manage.

Easy to add new family members

The perk of purchasing a family mediclaim policy is adding all your family members. This includes your parents, parents-in-law, spouse, and dependents like your kids at any time. You don’t need to take another policy for them; no add-on cover is required.

When you have a family, who else will take care of your family if you don’t? A mediclaim policy is like an umbrella that shields you and your whole family from financial loss.

Aditya Birla health insurance provides senior citizens with comprehensive insurance plans where they even get a personal health coach to guide them through their golden years. They suggest to them the right kind of lifestyle, medication, nutrition, and much more.

Benefits of tax saving

Tax saving is an integral part of financial planning. There are various tax benefits if you take a family mediclaim policy.

  • Under section 80d, you can fetch a 25000 tax deduction on the premium paid for yourself, your spouse, and your kids.
  • One can get an additional 30000 tax deductions if they add their parents to the policy. The only requirement is that their parents’ age is more than 60 years. 

Should I opt a single policy for the family?

There are many benefits of taking a family mediclaim policy rather than investing in an individual policy. 

One should undoubtedly take a family insurance policy but include only the immediate family members, you, your spouse, your dependent children, and not your parents, in the policy. 

One reason is age. If the age of parents is more than 55 or 60 years, when they are included in the policy, the premium is calculated according to the senior most member in the policy.

The other reason is that with increasing age comes pre-existing diseases, and there is either a waiting period or higher premiums to cover pre-existing diseases. 

A family floater plan provides all members of a family group with one medical expense payout. It is ideal for parents and children, siblings, nieces or nephews, or any three people or more of the same generation.

Therefore despite having no illness, your family might be paying a very high premium because of the inclusion of parents.

Nowadays, insurance companies like Aditya Birla health insurance provide such promising senior citizen mediclaim policies. Some of these even offer an optional cover for the nurse. Under this benefit, one gets a qualified nurse to look after your parents after they are discharged from the hospital.

Hence it is always suggested to take two separate policies, one for your immediate family and the other for your parents.

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