To safeguard your family’s welfare in today’s rapidly moving world, obtaining best health insurance for family of 4 is a must. Choosing an excellent plan is vital as healthcare expenses escalate to avoid compromising quality medical attention for your dear ones while straining your finances.In this easy-to-understand guide, we’ll explore the top health insurance plans for a family of four in 2023.
Best Health Insurance for Your Family of 4: Top Picks
When it comes to picking the best health insurance for your family, you need to look at a few key things like the coverage, the age at which you can start, the hospitals you can go to, and how often they settle claims. To help you make the right choice, here’s a list of some of the best health insurance plans available in India for 2023:
|Health Insurance Plan||Sum Insured||Entry Age||Network Hospitals||Claim Settlement Ratio|
|Bajaj Allianz Health Guard||Rs. 1.5 Lakhs to Rs. 50 Lakhs||18 to 65 Years||6500+||93.68%|
|Tata AIG Medicare||Rs. 3 Lakhs to Rs. 20 Lakhs||91 Days to 65 Years||4000+||96.43%|
|Aditya Birla Active Assure Diamond Plan||Rs. 2 Lakhs to Rs. 2 Crores||5 Years & Above||7100+||70.81%|
|Care Health Plan||Rs. 4 Lakhs to Rs. 6 Crores||91 Days & Above||7800+||92.23%|
|Future Generali CritiCare Plan||Rs. 1 Lakh to Rs. 50 Lakhs||18 to 65 Years||4800+||92%|
|HDFC Ergo: My Suraksha – Silver Smart Plan||Rs. 3 Lakhs to Rs. 5 Lakhs||91 Days to Lifetime Entry||10,000+||86.52%|
|Max Bupa Health Companion||Rs. 3 Lakhs to Rs. 1 Crore||91 Days||7000+||96%|
|IIFCO Tokio Health Protector Plus||Rs. 2 Lakhs to Rs. 25 Lakhs||18 to 65 Years||5000+||102%|
|Star Health Comprehensive Plan||Rs. 5 Lakhs to Rs. 1 Crore||3 Months to 65 Years||9,900+||63%|
|ICICI Lombard Complete Health Insurance Plan||Rs. 5 Lakhs and above||91 Days to No Age Limit||6500+||78.32%|
Disclaimer: The values mentioned above are sourced from the respective plan brochures and are subject to change. Make sure to verify the latest details with the insurance providers.
A Closer Look at the Top Health Insurance Plans
Now that you are cognizant of some of the best health insurance plans, let’s have a look at their features one by one.
1. Bajaj Allianz Health Guard
Bajaj Allianz Health Guard covers the costs of medical treatment if you are hospitalized as a consequence of a major illness or accident. The plan comes in three types: silver, gold, and platinum.
- Quick Claim: Quick claim payout up to INR 20,000 will be provided via Health CDC.
- 6500+ Network Hospitals: An extensive network of 6500+ Network Hospitals across the country is available.
- 60-Minutes Cashless Claim Settlement: The claim of the insured person is settled within 60 minutes.
2. Tata AIG Medicare
This cost-effective plan provides you with all of the benefits you’ll need to deal with any medical emergency that may arise. You can choose your sum insured based on your demands.
- Increase In Cumulative Bonus: Get a 50% increase in the cumulative bonus for every claim-free year.
- Global Coverage: The plan provides coverage regardless of the country or region of the insured person.
- Restoration Benefit: You can restore your sum insured to 100%.
3. Aditya Birla Active Assure Diamond Plan
This plan was created by Aditya Birla to protect your family in the event of a medical emergency as well as ensure that you live a healthy lifestyle in the future.
The company provides comprehensive coverage to policyholders under this policy, ranging from regular medical checkups to hospitalization care. Moreover, various incentives are also provided in the form of cashback, which is credited to the policyholder’s health account, and with which policyholders can earn up to 30% of the premium amount.
- Daily Cash Benefit: The insured receives a set amount for daily expenses incurred within 24 hours of being admitted to the hospital.
- Medical Check-Up Program: Every covered person is entitled to a free routine health checkup once each policy year under this plan. It is tailored to the insured’s age and the sum insured chosen.
- Pre-Hospitalization & Post-Hospitalization Coverage: Pre-hospitalization charges are covered for 30 days, while post-hospitalization expenses are covered for 60 days.
4. Care Health Plan
Care health insurance is a comprehensive plan that provides a wide range of coverage and benefits, ensuring that you are well equipped to deal with any medical emergency.
- Daily Hospital Allowance: This plan provides a daily allowance to cover day-to-day hospital expenses.
- Organ Donor Coverage: The plan will reimburse the organ donor for any medical expenditures incurred during the organ transplant surgery.
- Pre-Hospitalization & Post-Hospitalization Coverage: This plan covers all pre-hospitalization and post-hospitalization charges for up to 30 days and 60 days respectively.
5. Future Generali CritiCare Plan
The Criticare Insurance plan from Future Generali offers a wide range of benefits to help policyholders cover a variety of expenses incurred during difficult times. It is a critical illness plan that protects a person from financial hardship and ensures that they are completely prepared for treatment.
- Individual & Family Floater: Benefits of individual and family health insurance, including children and spouse.
- Cashless Treatment: The policyholders can leverage cashless treatments in the network hospitals.
- 12 Critical Illness with Tax Benefits: Tax advantages are available for 12 serious illnesses, such as cancer and kidney disease.
6. HDFC Ergo: My Suraksha
HDFC Ergo: My Suraksha seeks to provide you with all-around protection against rising medical costs. The plan is a delight for individuals, families, and elderly citizens looking for the correct health cover ranging from 3 lacs to 5 lacs. It is designed with a solid idea and strong base coverage.
- Additional Sum Insured: Even if your present sum insured is exhausted, you will receive an additional sum insured up to the base sum insured.
- Free Health Check-Up: Under the plan, the insured person can enjoy the benefits of free health check-ups every year.
- Cashless Claim: Cashless claim service is available at 10,000+ network hospitals.
7. Max Bupa Health Companion
Max Bupa Health Companion is a cost-effective health insurance plan that covers your entire family’s medical expenses. The plan comes in three types, each with its own set of advantages. They are: ‘Individual’, ‘Family’, and ‘Husband & Wife’.
- Alternative Treatment Coverage: Covers alternative treatments, such as Ayurvedic, Unani, Siddha, and Homeopathic treatments.
- Refill Benefits: The plan provides an amount equal to the base sum insured as an additional amount for a subsequent claim against any unrelated disease under this benefit.
- No Claim Bonus: For each claim-free year, the base sum insured is increased by 20% up to 100% of the base amount covered.
8. IIFCO Tokio Health Protector Plus
IFFCO Tokio Health Protector Plus coverage covers the costs of hospitalization for you and your family members as a result of an injury or physical illness. You can set a mandatory deductible amount with this health insurance policy, which you must pay either via your existing health coverage or from other sources.
- Transferable Policy: You can change your insurance policy from another company to IFFCO Tokio.
- Optimal Coverage: The plan provides optional coverage in the event of job loss or change.
- No Need for Other Basic Health Insurance: The coverage can be purchased without the purchase of any other basic health insurance policy.
9. Star Health Comprehensive Plan
It’s a full-featured family health insurance plan with no sub-limits or caps. The policy covers all members of the family for a single sum insured. The plan includes a wide range of advantages that help to alleviate healthcare concerns.
- Free Health Check-Up: The plan offers free health check-ups for every claim-free year.
- Total Disability & Accidental Death Coverage: It also covers the permanent total disability and accidental death of the insured person.
- Star Wellness Programs: Through different wellness activities, this program aims to promote, incentivize, and reward Insured Persons’ healthy lifestyles.
10. ICICI Lombard Complete Health Insurance Plan
The Complete Health Insurance policy from ICICI Lombard provides comprehensive coverage in the event of a medical emergency. The medical plan allows you access to a large number of cashless hospitals across the country.
- Pre-Existing Illness Cover: Any pre-existing disease is covered under the plan.
- Reset Benefits: You can leverage unlimited reset benefits.
- No Cap on Room Rent: The plan covers hospital stay expenses without a cap on room rent.
Each of the policies listed above has its own set of perks. You must first determine the benefits and understand what is covered and what is not, before choosing the finest health insurance policy. You can do some internet research or speak with any of the insurance company’s customer service representatives to choose the one that best meets your needs.
Factors To Consider While Buying a Health Insurance Plan
Health insurance is a preventative measure taken to protect your cash in the event of a medical emergency. Read on to learn 8 things to consider before purchasing a health insurance policy.
- Premium, Coverage, & Sum Insured
To acquire a health insurance plan with specific coverage, you must pay a premium. When it comes to the sum insured, which is the maximum amount your insurer would pay out in the event of hospitalization, the amount of premium you pay is also important. As a result, premiums, coverage, and the amount covered are all linked. When evaluating health insurance packages, pay close attention to the details around these three points.
- Cashless Network Hospitals
Always check with the insurance company about the cashless network of hospitals. The hospitals in the network offer a cashless alternative in the event of a medical emergency or hospitalization. The insurer settles the medical bills directly with the insured. Therefore, choose insurers with a large network of hospitals.
When it comes to health insurance, age is one of the most important criteria to consider. Keep in consideration the age of the family members who need to be covered when acquiring a medical policy. The premium cost would be determined by the age of the eldest family member, just as it would be in a family floater insurance.
When purchasing health insurance, you should also consider the age restriction criterion. For example, some health plans have a minimum age requirement of 91 days and a maximum age requirement of up to 60 years.
- Lifetime Renewability
Look for health insurance that can be renewed for a lifetime. When you’re older, you’re more likely to contract diseases and illnesses than when you’re younger, so you should invest in a health plan that can be renewed for the rest of your life.
- Pre/Post Hospitalization
You go to the doctor, get medicines, and have tests done before being admitted to the hospital. After you’ve been admitted to the hospital, you’ll have to pay for follow-up visits with the doctor, medications, and other costs. Choose an insurance plan that includes these features as well.
- Maternity benefits
Pregnancy costs have increased in tandem with rising medical costs. Women must have a health insurance plan that includes maternity coverage. When it comes to maternity benefits, it’s important to check the waiting time for claiming maternity expenditures as well as the sub-limit.
- No Claim Bonus
What happens if you get health insurance but don’t get sick, don’t go to the hospital, and don’t file a claim? To avoid your money going to waste, choose a health insurance plan that offers no claim bonus. Every year that you go without filing a claim, your health insurance carrier will give you the no claim bonus.
- Claim Process
Examine the policy’s terms and conditions, as well as the insurance company’s claim procedure. When it comes to paying health claims, a smooth claim procedure is a godsend. You can conduct some research, check online customer reviews, and choose a health insurance carrier with a reputation for quick claim settlement.
Frequently Asked Questions
Most frequent questions and answers about best health insurance plans in India.
1. What Affects Health Insurance Costs?
Well, a few things come into play here. First off, your age – the older you are, the more you might need to pay because health risks tend to increase with age. Then there’s your medical history; if it’s squeaky clean, your premiums might go down. Plus, if you’ve had years without making any claims, that can also help reduce the cost.
2. What Happens If I Forget to Renew Before Expiry?
Don’t worry, there’s a grace period of 30 days. If you pay your premium within this window, your policy will get renewed. But during the time when your premiums weren’t coming in, your coverage won’t be active. So, don’t let it lapse!
3. Do I Really Need Health Insurance?
Absolutely. Having health insurance is like having a safety net. It’s there to catch you and your family if you ever face unexpected medical bills. Without it, you could end up draining your savings or even getting into debt.
4. What’s a Cashless Facility and How Does It Work?
Think of it as a neat perk. Insurance companies team up with certain hospitals across the country. If you have a cashless health insurance policy, you can get treatment at any of these network hospitals without forking out the money upfront. The hospital bills are settled by the Third-Party Administrator on behalf of your insurer. Just remember, any costs beyond what’s covered by your policy, or those exceeding the limits, will be on you. And if you go to a hospital that’s not in the network, the cashless facility won’t apply.
5. Is There a Deadline for Making a Claim?
Yes, there’s usually a 30-day waiting period from the start of a new policy. During this time, the insurance company won’t cover hospitalization costs. However, if it’s an emergency hospitalization due to an accident, this waiting period doesn’t apply.