Health is Wealth. Health is an Asset. We are happy, only if we are healthy. But, we all know that medical treatment has got more expensive, is getting more expensive and may continue to be more expensive. Health care has become a costly affair.
You should have health insurance to protect you and your family from extra financial burden during medical emergencies.
General Insurance Companies (or) Stand-alone health insurance companies like Star Health / Apollo Munich or Max Bupa, Religare Health) offer various types of health insurance plans. These can be individual Mediclaim pans or Family Floater Health insurance plans.
In this post let us understand – What is Family Floater Health Insurance Plan? Which are the best Family Floater health insurance plans? What are the factors to keep in mind before buying a family floater medical insurance policy? Individual Mediclaim Vs Family Floater, which one to buy?
What is Family Floater Health Insurance Policy?
Family floater is a policy that covers more than one family member for a fixed cover. The amount of sum insured floats over the entire family – that is, the limit can be used by any member of the family and for any number of times.
A Family Floater health plan is similar to individual health plan, the only difference is that is extended to cover your entire family. A Family Floater Plan acts as an umbrella of coverage for the entire family and therefore the name.
For example : If you buy a family floater plan with Rs 5 lakh as sum assured, for four members of your family. All four people put together can spend a maximum of Rs.5 Lakhs in one year. If one of your family members uses Rs 3 lakh of the sum insured then only Rs 2 lakh would be left for the rest of the family to use in one policy year.
Family floater health insurance plans usually covers the individual, spouse and children. However, some insurance providers do have provision to cover dependent parents, siblings and parents-in-law.
How to select the best Health Insurance Plan for Family?
When it comes to health insurance, there is no one-size fits-all plan that you can rely on. Medical Insurance is a contract based policy with legal jargon thrown in. Besides this, a Health Insurance policy has medical terminologies. Of the numerous medical insurance plans in the market, you may find that each one is unique in some way or the other, with its own benefits and limitations.
You have to do lot of research before you find the right and best health insurance plan for you. You have to make a comparison of health insurance plans offered by multiple companies.
Each family may have unique health insurance requirements. So, it is advisable and very beneficial to visit ‘best health insurance plans comparison portals’ and do your own research.
However, below are some of the important factors that you can keep in mind before buying a family floater health insurance plan.
- Premium: Insurance premium is generally the first thing that most of us evaluate while buying an insurance policy. A family floater plan provides health insurance to the whole family at a lower cost compared to individual Mediclaims.
- Co-Pay clause: Co-payment means the policyholder will bear a specified percentage of the claim amount. For example, in an 80%-20% clause, the policyholder will bear 20% of the cost and the remaining amount (80%) can be claimed.
- Sub-limits: Health insurance companies may specify limits for certain illnesses or treatments. For ex: the policyholder can claim only Rs 20,000 for a cataract operation but the policy sum assured might be Rs3 Lakhs. The policies without sub-limits are better but may charge higher premiums.
- Waiting period for Pre-existing diseases: You need to check if the existing diseases are covered by the policy. In some policies all the existing diseases may be covered and in some, the policy holder has to wait for few years before making a claim.
- Alternative Treatments : Some policies also cover non-allopathic or alternative treatments such as homeopathic, ayurvedic etc.,
- Waiting period for specific diseases.
- Disease wise capping (if any).
- Definition of family i.e., who and all can be included in a Family Floater plan with the insurance cover.
- Check if any of the (or) all day-care procedures are covered?
- Find out if any complimentary free-health check-ups are allowed?
- Maximum Renewal age : This criterion states up to what age the policy can be renewed.Find out If life-long renewal is allowed or not?
- No claim bonus: These are incentives provided by the company in case of a claim-free year. It varies from company to company.
- Check out the list of ‘exclusions’ provided in ‘Product brochure’ or consult the customer care of the concerned insurance company.
- Claim Settlement Record : Given the nature of the product, claims settlement is important. However, the data that is available in the public domain is not user friendly, but it’s important to include them in your evaluation. (Incurred Claims ratio of some of the best health insurance companies.)
- Restoration of Sum Assured : Make sure your health insurance has ‘restoration benefit’. For instance, you have a floater plan with a Sum Insured of Rs. 4 lakhs, and your spouse falls ill, and the entire coverage is consumed. If, unfortunately, another one of your family members get hospitalized later in the same policy year, this feature would help you in this situation by restoring your Sum Insured.
- For most health insurers, the total sum insured is restored only if the entire sum insured is exhausted under a single claim. But there are also some health insurers who offer restore benefit as soon as there is any hospitalization required. There are also some plans which can be restored unlimited times in the policy year. So, it is always advisable to check with your health insurer before opting for this benefit.
Latest Articles :
- ‘Enhanced Health Insurance Benefits – IRDA’s latest Guidelines (2019-20)’
- Corona Kavach & Corona Rakshak Health Insurance Plans | Details & Review
Top & Best Family Floater Health Insurance Plans 2020-21
Below are some of the popular & best Health Insurance Plans for Family (family floater medical insurance plans) based on affordability and key benefits;
- Apollo Munich’s Optima Restore
- Max Bupa Health Companion – Family Floater
- Star Health’s Family Optima Health Insurance Plan
- HDFC Ergo’s my:Health Suraksha
- Religare CARE Plan
(The above plans are for a family of four ie 2 Adults + 2 kids aged 35 years, 30 years, 8 years & 5 years respectively. Sum Assured is Rs 5 Lakh, with no pre-existing diseases)
Latest Update : Kindly note that Apollo Munich Health Insurance is now HDFC ERGO. The holders of Apollo Munich Health Insurance policies now become part of HDFC ERGO Health Insurance.
Below are my observations on the key features and exclusions of best family floater insurance plans;
- Star Health has one of the widest cash-less hospital networks.
- Max Bupa Health Companion plan has lot of features at affordable premium rates.
- Star Health Family Optima has a very comprehensive ‘Restoration benefit’ feature which is a key feature of a health insurance plan.
- If you are looking for ‘no room rent capping’ feature, HDFC Ergo and Apollo Munich plans have ‘no-cap limits’.
- Max Bupa’s Health Companion plan offers cover for Dental and Eyesight treatments as well.
- Max Bupa’s & Apollo Munich plans offer full Sum Assured for Alternate medicine treatment (non-allopathic).
- Most of the Insurers have started offering ‘reward amount or wellness benefit or discount in Premium’ for keeping yourself fit.
- For example : Apollo Munich’s Optima Restore plan offers a discount (2% to 8%) at each renewal if the insured member achieves the average step count target on the mobile application provided by the Insurer. The mobile app must be downloaded within 30 days of the policy risk start date to avail this benefit.
- Aditya Birla’s Active Care plans are also good but premium quotes are on the higher side for comprehensive package.
- Some of the important value added features that are offered by the Health Insurers are;
- Critical Illness optional rider
- Optional Maternity Cover
- Optional or in-built Personal accident cover
- Buy-back Pre-existing Disease : For example – Under Star’s Family Health Optima, the prospect has the option to opt for reduction of waiting period in respect of Pre-existing Diseases from 36 months to 12 months by paying additional premium.
- Global Coverage option offered under Religare Care plan.
Important Points & FAQs on Family Floater Health Insurance Plans
- Can I claim tax benefits on Family Floater plan? – Yes, you can claim tax deduction on the premium paid towards health insurance plan. Click here for more details on this point.
- Is portability allowed? – Yes, you can port your family floater plan from one company to another one. You can also port from an individual plan to family floater plan (subject to certain conditions).
- Can the policy be continued on the proposer’s death? – Yes, any other eligible floater member can write to the insurer, seeking to be the new proposer and the cover will continue. The premiums for other policyholders may come down. But, most policies are silent about renewal in case the proposer dies. So, it is better to get this clarified with the company directly.
- What other factors should I consider before buying a family floater plan? – The factors mentioned above are the basic ones. You may keep in mind certain other factors like – critical illness benefit, restoration of sum assured on full utilization, maternity cover applicability, pre & post hospitalization expenses covered or not, Domiciliary expenses covered or not etc.,
- What happens to the insurance cover on Kids becoming major? – Most of the plans provide insurance cover for kids till they attain 18 or 21 years of age. You can buy individual health insurance plans from the same company and you can get the benefits of policy continuity.
- Can I enhance my Family Floater Plan sum assured by buying another Super Top up plan? – Yes, some of the companies offer optional deductible. You may also buy a stand-alone Super Top up. To know more about Super-top up plans and their benefits, click here.
- Are medical tests compulsory? – For most of the plans they are not mandatory. However, some companies may ask for medical tests based on the age criteria.
- For example : Under HDFC Ergo’s my:Health Suraksha Plan, medical screening tests are mandatory for the prospects who are aged above 45 years.
Individual Mediclaim Vs Family Floater Health Insurance Plans – My Opinion
- The main advantages of Family Floater Health Insurance plans are – they are less expensive than Individual Policies and are very beneficial for younger families with members having low health risk.
- If one of your family members has an adverse health history then it is not advisable to include him/her in the family floater plan. You can buy an individual plan for that family member.
- It is advisable to buy a floater for individuals with no health risk factors and an individual policy for individuals with any health risks or with any pre-existing diseases.
- The premium is determined by the age of eldest member in the family. So, it may not be prudent to include your parents in the family floater plan. You can buy separate individual plan(s) or consider buying comprehensive plans for Senior Citizens. (Read – Best Health Insurance Plans for Senior Citizen parents)
- An elderly family, with higher medical needs will benefit from individual Mediclaim plans. Another option is, the elderly parents can buy a Family Floater plan and a separate family floater plan for the kids.
- You can only add your immediate family members like your spouse and kid Very few companies accept the extended family members to be part of a family floater plan.
- Some family floaters plans have a maximum renewable age limit of say 60 or 65 years. They may offer portability to a senior citizen mediclaim plan after the policyholder completes 60 years, but it is better to find a family floater that has maximum age of 75 years or life-long renewability.
- If you have an existing Family Floater Medical Insurance cover, you can enhance the cover by taking a stand-alone Super Top up plan.
- You can also consider buying both family floater plan as well as an individual plan for a family member based on his/her health and age profile.
Do not consider buying a Health Insurance plan as an additional expenditure. Having sufficient health cover is a must for both salaried and non-salaried individuals. Have a separate individual plan or family floater plan even if you are covered by your Employer’s group mediclaim plan.
It is very difficult to shortlist the best health insurance plan. There are multiple factors that should be considered before buying a family floater health insurance plan. The one that is easy on pocket may be restrictive on benefits, while the features in the expensive one may compensate for the cost.
So, I strongly recommend visiting ‘best portals for comparing health insurance plans’ to shortlist suitable and best health insurance plan for family (family floater health insurance policy) based on your requirements.
Continue reading :
- 11 vital factors to consider when choosing the Best Health Insurance Plan!
- Understanding Maternity Benefits of Health Insurance plans in India
- Health Insurance Tax Deduction FY 2019-20 / AY 2020-21 | Income Tax Benefits u/s 80D
- Should NRIs buy Health Insurance in India?
Kindly note that Relakhs.com is not associated with any of the above mentioned Insurance companies. This post is for information purposes only and we do not endorse any specific insurer. Please refer to product brochures and policy wordings documents before buying a Health Insurance Plan.
(Reference : Insurance Plan Product brochures) (Image courtesy of Master isolated images at FreeDigitalPhotos.net)
Please check latest plan from Max Bupa – Health Reassure .. launched recently from Aug 2020.. The features it has are First of its kind and unparalleled to others.. Request you to review and update your article on this.
Sure, thank you!
Is religare a safe option after recent developments in religare firm?
Dear Raju,
Considering their products’ features, premium rates, incurred claim ratio, cash-less hospital network etc added it to the list.
Insurance industry is a very well regulated one in India!
If one is not comfortable with it, may consider other options.
Your article mentions about Family Floater Plan which is excellent. Can you kindly inform us about list of good Personal (individual) health insurance plan in India.
Dear Arun,
It is very tough to say which health plan suits your requirements. So, you are the best person to identify the plan for self/family.
Suggest you to go through below articles;
* Best portals to compare health insurance plans.
* Health insurance plans for Parents & senior citizens.
* Evaluate these factors when buying health insurance .
what about, how are this companies
HDFC ERGO
Religare
Which are the best policy by them
Dear Kiran,
Suggest you to kindly go through below articles, can be helpful to you..
Best Health Insurance Comparison Websites / Portals
Latest Health Insurance Incurred Claims Ratio 2016-17 | IRDA Annual Report
thank you
Hi Sir,
I am 41 years and my wife is 38 years (Taking tablet for BP) and have 2 kids. I had applied for Apollo Munich’s Optima Restore for 5 lakhs . they said i need to pay extra 1500 since my wife has BP . premium comes to 20K per annum including the extra cost. Is this good plan ? if not please suggest a good plan ?
Dear Thirumal,
If this plan meets your requirement, you may kindly go ahead!
You may also consider taking two separate mediclaim (individual) policies considering the medical history of your spouse (if you can afford..).
“Kindly note that having a health insurance plan is not the end of your ‘medical insurance’ planning. In fact, it is your first-line of defense only. Considering the ever-increasing medical treatment expenses in India, you have to plan for a mediclaim /family floater + a Super top up plan + an Emergency fund for unforeseen consequences. Don’t depend entirely on health insurance plan alone!”
Kindly read :
Are you suffering from Diabetes or Hypertension? Let Health insurance take care of your worries
Best portals to compare health insurance plans
Latest Health Insurance Incurred Claims Ratio 2016-17 | IRDA Annual Report
Icici Lombard Health Insurance provide family medical
policy only Rs.9834 cover 6 lakh and cashless benefit all over india
call 9650941946
Icici Lombard Health Insurance india largest health insurance company provide Rs.6 lakh insurance cover only 9856 family cover
just one policy and cashless benefit all over hospitals and other benifit
1- Single policy, Floater cover for whole family at an affordable premium.
2- 24 Hrs. In Patient Hospitalization expense with Pre Hospital & Post Hospital are covered
3- Get extra sum insured (auto recharge) at no extra cost, up to 30% of sum insured.
4- Free Health Checkup costs up to Rs.5,000/- for every years of policy coverage.
5- Automatic restoration of entire Sum insured by 100%.
6- New-born baby cover from 16th day.
7- Donor expenses for organ transplantation.
8- Domiciliary Hospitalization Expenses for treatment exceeding 3 days.
9- Cover for over all day care procedures.
so harry up call now
Regard
Pramod Tiwari
09310467871
09650941946
Get in touch with me.
Hi Sreekanth,
Me and my wife both are working. My company provides health insurance for my family(for my wife, kids and dependent parent). In my wife’s company they don’t have health insurance. Now we want to cover her parents(my in-laws) having ages male 57, female 46 and no pre-existing diseases. Which policy is good? basically looking for a family floater.
I want to say thanks for your patience on replying to each and every comments and not like other bloggers. Salute 🙂
And also for providing good and detailed information.
Dear Ramesh,
Advisable not depend entirely on Company provided Group insurance cover, you may kindly consider taking stand-alone health insurance plan.
Suggest you to go through below articles;
Best portals to compare health insurance plans.
Health insurance plans for Parents & senior citizens.
Evaluate these factors when buying health insurance .
Hi Sree,
I am going to buy one Family Floater Health/Medical Insurance plan for my family of 3(36 yrs old Myself, Spouse, 7 yrs old son). Was comparing plans on PolicyBazar.com
PB executive recommended three plans as follows :
1. Religare – Care with Unlimited Recharge
2. Apolo Munich OPTIMA RESTORE
3. Max Bupa Health Companion
My requirement is to have
–> Sum Insured worth rs. 10Lacs with unlimited Recharge
–> Premium Annual Health Checkups permissible
–> All categories of Rooms allowed during Hospitalization
–> Not interested in NO-Claim Bonus
–> Not interested in Pre-existing Disease waiting period
Could you please suggest, which plans would be best suited to my requirements?
Regards,
Pratap
Dear Pratap,
You may compare them on portals based on your requirements.
Kindly read : Best portals to compare health insurance plans.
Kindly go through product brochures & Policy wordings of the selected plans, to cross-check if they meet your mentioned requirements or not..
Dear Sree,
I have two daughters, planned to take family floater..
came to know about New india asha kiran policy gives discount for girl children family
1. is it good option?
2. Public sector company is easy in claim process?
Dear kamal ..Besides discount/affordability, whether the plan meets your requirements?
Yes.. it gives 5 l health insurance + 5 l life insurance + CI of 50k + disability rider .. for 7.5k/annum. . My concern is about claim process of new India..?
Dear Kamal,
Life insurance??
Kindly read: Incurred claim ratio of Health insurance companies.
Dear Sreekanth,
Very Nice article. regarding Non Allopathic treatment coverage, i found majority of insurance companies put a clause like ” treatment should be done in a recognized Govt Hospital”. In India, all Govt hospitals are run free for patient, then what is the point in insurers saying Non allopathic coverage? I feel coverage for AYUSH is an eye wash by these insurance companies to lure customers. Is there any policy which covers exclusive AYUSH?
regards
RAJ
Dear Raj,
Agree to the fact most of the plans offer cover for non-allopthic treatments under AYUSH scheme only.
Kindly check out Start Health’s MediClassic plan. I believe it covers non-allopathic treatments of up to 25% Sum assured subject to a maximum of Rs 25,000 per policy period.
Chola Individual Healthline plan (advanced) offers cover for certain Ayurvedic treatments, Up to 7.5% of SI (specific treatments only) and 20% co-payment is mandatory. Click here to download chola plan and visit page number 34 of Policy wordings document.
Hi,
While purchasing policy, premium also increase or decrase based on your residence city.So rather than providing tier1 city address if we providing address proof of a samll city then would there be any side affect of this(considering the fact that we are living n tier1 city and if require claim would be done for tier1 city hospital only.)
Dear Rahul,
Always advisable to be honest and provide correct information in insurance proposal forms 🙂
Issue is this, I am having all address proof of my home town but residing in NCR.
Dear Rahul,
For insurer, place of your residence is of importance, to arrive at applicable premium rate. You may mention your current residential address as communication address and place of residence, and can also provide your permanent address.
You may check with them directly if this ok.
Hi
I am newly married and I want to buy a health insurance for me (30 yrs) and my wife(29 years) . After a week of extensive research we have zeroed on MAX Bupa Health companion and Apollo Munich Optima Restore.
1. Can u please suggest which one is better? and also the reason for the same.
2. What is the optimum cover for the medical insurance?
Thanks
Raj
Dear Raj,
Very tough to answer both your queries.It purely depends on your requirements, current medical condition, income profile etc.,
Suggest you to go through these article: Evaluate these important factors when buying a health plan
Dear Sir ,
Need your help urgently,my father passed away recently,please advise on a good mediclam policy for my mom.She is 59 years with no BP, sugar or any other issues and she will be 60 in the month of May 2017.Presently she has a cover of 4 lakhs for a premium of 20010 Rs /-under Indian bank retirees medical insurance scheme (united insurance tie up , paramount health is the TPA ,i feel it is very costly, is it worth continuing the same ?? please advise ..
Apart from this planning to take Rs 2 lakhs base policy + 5 lakhs super top up = 7 lakhs under V-Arogya Bima insurance policy for a premium of Rs 8000 , is this a good polcy ?? if nit please suggest a good health insurance cover for her asap.
Also please share a good health insurance cover for me 33 years and for my brother 26 years (both of us are unmarried) asap.
Dear Ananthalakshmi,
Having a base policy & a super top plan is a good strategy.
Kindly read : Best Super top up health insurance plans.
You may also have a look at ‘Senior citizen specific plans‘.
Your brother & self can consider individual mediclaim policies.
Kindly read:
Best portals to compare health insurance plans.
Evaluate these factors when buying a health insurance plan.
Hi Sree
I’m 26 earning and currently not married.I’m looking for a health insurance plan for my father and mother.
I’m residing in Kerala,India.
Now only i started exploring these health insurance policies, so im new to this.
Can you tell me which plan offers better OP and IP benefits currently?
Dear Vishnu,
May I know their ages? Do they have any health related challenges?
Are they dependent on you financially?
My father just turned 60
Mother’s age is 53
My father has some kidney related issues,worst case he may require a major surgery.(but current scan reports are okay and surgery not advised by any doctor now.)
My mother has some pain in foot due to flat foot issues, and had fibroid issues 6 months ago.If fibroid issue comes back then uterus removal surgery may be required.Still its medium possibility.
No they are not financial dependent on me.
Dear Vishnu,
You may suggest Senior citizen specific health insurance plan for your Father and an individual mediclaim for your mother.
Kindly disclose the current medical conditions in Proposal forms.
Read : Best portals to compare health insurance plans.
Hello Mr. Sreekanth,
I am 30 years old working in a private company, My wife is 30 years and my dependant mother is aged 62 years old. I was looking for a family floater health insurance for my family. Which one do you suggest?
Dear SUBIR,
You can consider individual mediclaim policy for your mother and a family floater policy for self & spouse.
Read:
Best Health insurance plans for Parents.
Best portals to compare health insurance plans.
i am 42 year old my wife 31 years sons 12 years and 1 year need to take health insurance with reasonable premium pls suggest best one
Dear sreenivas ..Kindly read the below articles;
Best portals to compare health insurance plans.
Evaluate these factors when buying health insurance plan.
Hi Sreekanth
I am Romy , 54 years old , having spouse & 2 kids ( aged 22 & 19 ) , would like to go for family floater health insurance policy of 10 Lac with yearly renewable policy period of age limit of 75 years for self
Please guide me which policy should i opt for
There is no major illness history in my family
Thanks !
Romy
Dear Romy Ji,
Considering the age profiles, advisable to buy stand-alone mediclaim plans instead of Family floater plan.
Read:
Best portals to compare health plans
Evaluate these factors when buying health insurance.
Hi Sreekanth
i am vinod reddy,working private job and having in ESI with my comp. i would like enquire about ake family floter health inusrence policy
me(32) and my wife(29) and my daughter(16 months) and my monther(52)
could you please provide best health insurnce police , i have seen web sites but littlie bit confusion can you please provide best health insurence comp
Dear VINOD,
You may consider taking a separate mediclaim policy for your mother.
Three of you can take Family floater plan.
My suggestions are: Star health / Max bupa / Cigna TTK / Apollo Munich.
Hello,
i am looking for liability insurance who all companies provides benefits comparison and premium and claim ratio so pz help me in this regards as early as possible
Dear priyanka ,
Are you looking at corporate professional liability cover or at individual level?
Kindly check out the Professional Indemnity plan offered by The New India Assu co, click here ..
Hello,
I am looking for a policy with existing disease cancer. I called up several insurers but none of them are ready to give me a policy that has cancer as the existing disease. Would you be able to help me to find any insurer who covers cancer? Appreciate it, thank you.
Dear Pradeep,
Yes, unfortunately, all the insurers have an exclusion regarding the pre-existing condition for cancer.
Kindly go through this article, can be useful to you;, click here..
” Health Swastham, a healthcare package offered by Health Impetus which is a renowned healthcare organization based in Mumbai. Health Swastham gets you discounts on health expenditures. But what makes this package relevant to cancer patients, is that it offers insurance covers to those cancer patients who are denied a coverage from insurance companies because of their pre-existing condition…”
We wish you speedy recovery and good health!
Hello Sreekanth,
I am looking for a policy for an individual with existing disease cancer. When I call these insurers who cover the existing disease, they say that they don’t cover cancer. Would you know anyone who covers cancer as well? I am ready to wait for few years of course for the coverage to start. Your help is highly appreciated. Thank you
Dear Friend,
We are five members in our family.
I want to choose a medicalim for my Father (69) and Mother (56). I am married and we both are working Me (29), Spouse (25) we are having our corporate medicalim policy and my mother-in-law (61) is also working and having a cover.
I dont have any option to add another member, but my wife can add one more member (my mom or dad). I am thinking what to do, whether to go a separate medicalim policy for them because if we get kids, again we need to remove anyone add.
Please suggest a best policy for my mom and dad.
Dear Sankara,
Consider buying two stand-alone mediclaim policies to your parents. For your father you can consider Sr Citizen plans. Read : Best health insurance plans for Parents or Sr Citizens.
And both of you (self + spouse) can consider opting for a Family floater health plan. Kindly do not depend entirely on the cover provided by your employers.
Read:
Best Health insurance portals to compare plans.
What are Super Top up plans and their benefits?
Hi, Last 2 year’s back I had “Half-Paralysis” Where I was recovered in a week, due to high-medicines. Now; I just want
“Mediclaim Plan for-Me(35yrs.),Spouse(33yrs.)&Daughter(3 yrs). And also let me know which Mediclaim Insurance Co’s will recover previous diseases after 2/3-yrs policy log-in?
Another one query:Shall I ask Advisor of Mediclaim Insurance Co’s to give me “Declaration-Previous Disease Covering letter”-Before Policy Log-In.
Pls.reply….
Dear Ashish,
Most of the mediclaim plans do cover the pre-existing illnesses (if any) after 24 to 48 months from the policy commencement date.
Suggest you to kindly compare the plans @ – Best portals to compare health plans and find the suitable one for you as per your requirements.
Read: Evaluate these factors when buying health insurance.
I am looking for a medicalim indluding my dad
age 65,34,34,7,4
and I am looking for annual health check up for all
pls suggest
Dear suryabahn,
You may consider taking a separate mediclaim cover for your father and a family floater plan for (self+spouse+kids).
Kindly read:
Best portals to compare health insurance plans.
Health insurance plans for parents.
Important factors to be considered when buying a health insurance plan.
Hello Sreekanth,
Please suggest a family floater for the family consisting of below mebwers.
Mother – Aged 75 years
Sibling – Aged 54 years
Myself – Aged 41 years
Thanks
Manoj.
Dear Manoj..Three of you can consider buying separate Mediclaim policies based on your health conditions, requirements & affordability.
Read :
Best Portals to compare health insurance plans.
Best Health insurance plans for Senior Citizens.
Dear All,
i am ankush goel from delhi & running my family business of all types of insurance and loans.
health Insurance
Personal Accident
…& Many More
We also deals in Stock Insurance, House Insurance & Scarity of Job insurance Etc.
Loan facility also available like Personal Loan , Business Loan, Home Loan , Lap and many More
Kinldy get touch with me if there is any query on 9540033019 or whatsapp me on 9999760752
Goel Finance Solutions…Be financed Your Self
Hi I want to buy family flotar Plan , i search alot but im so confused so pls do my help,
i did little study and compare from online portals and brochure after that i found ,
cigna ttk prohealth plus is good compare to all but this policy not giving benefit of AYUSH i need this benefit also
i want to know is there any policy which give any better facility and additional features than this ?
Family Memebers
My Self (21M) father(49) mother (48)
cigna ttk prohealth plus Premium 16,500 Sum Insured 4.5 lack
Dear Abhijit,
You may consider opting for Family floater for parents (if they do not have any medical complaints) and stand-alone mediclaim policy for self.
It is very tough to say which health plan suits your requirements. So, you are the best person to identify the plan for self/family.
Kindly read: Evaluate these factors when buying a health insurance plan.
Dear Shreekanth,
I have 3L MaxBupa Silver Heartbeat policy and the 4th year is coming to an end on 28th Aug 2016. I took it mainly for utilising maternity benefits. But the maternity benefit is pretty low, 10% of SA. Can you suggest a policy wher I can port my policy so that 4 year of waiting for maternity is carried forward. Some Insurers are saying that I should have come 45 days prior to expiring of policy and now its only 24 days left. Please suggest the policy where I get a maternity benefit without limit or atleast 1.5L.
Dear Ajay,
You must apply for health insurance portability to the new insurer or existing insurer (in the case of porting a product), 45 days prior (but not more than 60 days) to the premium renewal date of an existing policy.
Suggest you to check the features of various plans through online comparison portals.
Read: Best portals to compare health plans.
(In one of your other comments you mentioned that you are planning to buy a Star Health Optima plan, does it have the required benefit cover?)
I’m still confused between Maxbupa Health companion floater Vs Optima restore for family by ApolloMunich. I want to go for Maxbupa due to certain benefits and comparatively less premium but I want to ask that there is no Branch office or Agent or Authorised person of Maxbupa in my city so it’s all Online. Will it be ok ? or I’ll find issues at times in claimimg and getting service ? howmuch should i consider this part ? What can be pros n cons ? please somone explain in detail so i finally finalise now. Thanks
Dear Hardik,
if you want to purchase health insurance offline kindly contact on 9540033019.
i am running my own business of all types of insurance and loans.
i will suggest some better plans for you and your family members
Dear Hardik,
Do you have network hospitals in your city? (Coverfox portal can give you list of network hospitals in your area).
These days, most of the things can be managed online. But if you believe that it is THE FACTOR then opt for Apollo Munich if they have their branch in their city.
Yes they both have same network hospitals in my city and I’m more attracted towards maxbupa features so according to u what can be issues if they dont have branch office in my city ? what type of problems can occur during cashless or in case of reimbursement where i may need branch office or company person or agent ? and how is maxbupa online service ? what your known maxbupa clients say ? or where can i have honest reviews for each company ? Kindly get me out of this confusion. Thanks again.
Dear Hardik..Personally, I believe that having a branch office is not a primary criteria to shortlist a health plan provided you are happy with all other factors.
I am 61 years with spouse. I have ICICI Lombard floater cover for Rs.2.00 lakhs as per my retirement benefit free till 70 yeras. I have also taken a floater policy for Rs.4.00 lakhs as provided to nationalised bank employees.
Would this be sufficient or should I go form some more policies. If yes, how the claim mechanism would work. That is to whom I should make claim
Dear Vijayakumar,
Claims can be of two types- cash less claim (in network hospitals) or reimbursement claims (you pay first from your pocket and then claim from your insurance company). Kindly be aware of the co-pay clauses, conditions on Pre-existing diseases, sub-limits etc.,
Kindly read:
Best health plans for senior citizens.
Best portals to compare health plans.
Benefits of Super Top-up health insurance plans.
I’m taking health insurance for first time and confused a lot between Apollo Munich Optima Restore Family vs Max Bupa Health Companion Family Floater for Me & Wife. If you observe not much diff. in features but whatever difference is there is worth paying 2500/- more for Optima Restore or better to take Companion and buy riders with saved 2500/-. Please solve this confusion for me. I am confused which benefit to let go , Apollomunich has 60 days pre and 180 days post but not covered ayush n ayurvedic , also NCB if claimed , not reduced in maxbupa , Apollomunich only give daily cash if room shared while with maxbupa with saved 2500/- i can buy daily cash rider and CI rider as well. I think Which among these two is best and quickest in passing cashless claim and reimbursement service should be consider so please with your personal experience at hospitals and features of both, Strongly suggest any one ASAP.
Dear Hardik,
Looks like you have thoroughly analyzed both the options. So, you are the best person to shortlist one plan based on your profile and affordability.
I believe, customer service wise, both the companies are good.
Based on your family’s medical history, you may opt for stand-alone CI plan.
Read:
Latest Incurred claim ratio of Health insurance companies.
Best portals to compare health plans.
Evaluate these important factors when shortlisting a health plan.
Thanks… Is it possible for you to spare a few minutes on call for me for once ? I need to solve a few doubts please. Provide me your number or please call me on +91-9998050000
Dear Hardik..I would like to respond through my Blog only, apologies.
Dear Hardik,
Same here I also spent my one month in research finally selected the above policies and got confused. Finally I selected Max Bupa health companion due to no deduction in NCB.
But still I am feeling insecurity in my mind as it was before when I was not having any mediclaim policy. A doubt in my mind that surely Max Bupa will reject my claim – my genuine claim. Don’t know why ? my mind is thinking so negative. So I think I should go to a cheap network hospital in my genuine bad time. So that I could pay from my pocket when Max Bupa would reject my claim.
Regards,
Subhash
Hi,
I had covered my parents by buying parental insurance – but when it comes to hospitalization, I guess choosing a network hospital is better because of cashless services. But how exactly to choose between 2 or more network hospitals?
I had a biter experience – I initially approached a renowned, but small 12 bed hospital – but as the cost of the surgery was above the SoC limit (schedule of charges – it was estimated to be 5 times the SoC, I was told to bear the balance. Further told not claim a reimbursement from insurance company either – as hospital wanted to avoid the associated paper work and inquiry insurance company (and possible desisting)
So I took a discharge from the small hospital and admitted patient to a big hospital and where the surgery was performed and a cost of 1.5 lakhs was happily sanctioned by insurance company.
Hope this experience helps somebody.
thanks
Jeevan
Dear Jeevan..thanks for sharing your real-life experience.
Hi, I am 25, Single Male, Planning to buy a term plan for myself and a Health Insurance Plan around 2-3Lacs + Floater amount for Parents 58 and 53 years( Company Policy covers my own health insurance).Should i buy thru agents or should i buy online?
It would be nice if you could provide any suggestions.
Dear Kaushal,
For Term plans , kindly read: Best Term insurance plans.
Yes, it is better to have health cover besides the employer group cover.
Below articles may be useful to you;
Evaluate these 11 factors when buying a health plan.
Best portals to compare health plans.
Hi, I am 25, Single Male, Planning to buy a term plan for myself and a Health Insurance Plan around 2-3Lacs + Floater amount for Parents(Company Policy covers my own health insurance).Should i buy thru agents or should i buy online?
It would be nice if you could provide any suggestions.
Another thing, unlike term insurance which are available for long term 30+ yrs ; what about these Family Floater & PA insurance policies how long is the policy term?
Dear Riyaz,
Yes, you can add the new family member to the existing policy (premiums may increase).
Most of the health insurance plans plans are renewable yearly or once in two years.
PA policies can offer long-term tenures and the premiums can remain the same in this case.
Thank you very much sri.
well, after going through almost all your blogs and now i had seriously thought and now made up my mind for restructuring my financial goals.For that i had decided to give away with my LIC jeevan anand i had been continuing for 4 yrs but just continue to my PPF. Instead i had selected below MFs for SIP @ 2000/each for 10+ yr horizon.
ICICI Pru Discovery
HDFC Balanced
Franklin Smaller cos
Franklin Tax Shield
Also, i shall get a term insurance(pure life cover) 1 Cr+PA policy 20L +family floater worth 5L
Does all above seems OK? Hopefully all this to be accomplished soon before end of this year.
your advice would be highly appreciated.
Regards
Riyaz
Dear Riyaz,
Thank you for trusting my suggestions.
Kindly implement your action items and they look fine. MF portfolio is good.
Read the below articles:
Super Top up Health Insurance plans & theirs benefits.
List of best investment options.
Retirement planning goal calculator.
Another short question; is it possible to buy a MF at a lump sum at first time and then follow it immediately with SIP mode? or there any long procedures or charges related to this?
Also,regd. surrendering my LIC mentioned above after paying for 4 years, am bit confused about paid up and surrender i don`t know under which category i fall and which shall be beneficial in terms of minimal losses.
Dear Riyaz,
1 – Yes, you can first make lump sum investment and then start SIP for the same scheme. It is very easy to set-up. The transaction charges for SIP can be dependent on the platform or service provider you have opted for.
2 – One thing is clear that if you continue with it, its more damaging & more losses. Suggest you to surrender the policy and re-invest the amount in your existing MF portfolio for long-term goals.
Hi Sri,
well, am planning to start investing in MFs under direct plans through the respective AMC websites to avoid unwanted charges/commissions and that`s why i wasn`t sure about starting lump sum and then to SIP.For LIC i shall close it anyway then soon as recommended.
Thanks/Regards
Riyaz
Dear Riyaz,
You may go through below articles;
What are Direct plans of Mutual fund schemes?
MF Utility online platform for Direct plans.
Direct Plans Vs Regular plans – comparison of returns.
Thoroughly informative for anybody naive in these matters.Thanks and Keep up the good work.
Myself 33 M, married and just got my first new born in my family and planning to take a Family Floater insurance.Though now i fairly have an idea about the plan my question is if we assume to take this plan today covering myself+wife+1 child and maybe after 2-3 years have another child is it possible to add the child to the existing plan or what to go about in this case? Kindly advice
Hello Sreekanth,
Want to buy for Parents, Father (63), Mother (60). Father had a slip disc surgery but now 100% cured. Mother has Thyroid. So I assume both healthy no existing diseases.
Request for your expert advise to choose among these,
Apollo – Optima Restore
Religare – Care NCB Super
Please help to take decision on below points,
1. Optima Restore is costly then Religare. But Religare has copay which Optima don’t have.
For 20 lakh floater => Premiums are Optima – 80k, Care – 57k => 23k costly. So is Religare better with 20% copay and 23k cheaper premium?
2. Although Apollo has 4 times more market capture then Religare but ICR is same. So Apollo gets +1 for reliability.
3. Auto restore in Apollo is tricky, the insured cannot use the extra sum insured until the basic sum insured plus all bonuses completely exhausted. So may be for 2nd Surgery costing 5 lakh and with 2lakh balance in Optima, I will not get 3 lakh from Optima as auto recharge. For 3rd Surgery I will get auto recharge amount to SI.
While in Religare in case of 2nd surgery (for different ailment) recharge benefit automatically reinstates the basic sum insured even if you have not exhausted your base sum insured. So Religare gets +1.
Rest most of the things I found same in both the products. I found MaxBupa also good candidate. Do you suggest it over these two?
Correct me if any of above concepts, I have misunderstood. Your verdict will be valuable.
First priority is better product and not premium cost.
Thanks in Advance.
Dear Vivek,
Appreciate your analysis and home-work. You have mentioned that ‘features’ are your priority and not premium, in such a scenario may be you can consider Apollo or MaxBupa plan(s).
Hi,
Can you please let me know – in which hospital you have performed slip disc surgery for your father ?
This is required for my uncle who is suffering from back pain
I would advise against Star Health. They rejected my reimbursement claim on the basis of not receiving original documents when in fact original documents were submitted to their office. They also have among the worst claims settlement ratio if I remember correctly.
I have since ditched Star and using National Insurance.
Is there a continuity benefit when there is no claim? I am currently covered by my company group medical, since the coverage amount is upto 10 lacs. Since the coverage amount is high, is it advisable to pick up a Health insurance separately? Or should I pick it up after 5 yearsor something as my family ages and may need more cover?
Dear Manja,
As you grow older, getting an health insurance cover can be a very costly affair. Suggest you to buy an independent cover (outside of your employment) for self & family.
Read :
Best portals to compare Health Insurance Plans.
Benefits of Super-Top Up Health Insurance plans.
Is there demand from people for health insurance across all age segments and in all cities?
Because when I tried to get responses from people in my vicinity about the need for health insurance, most of them answered they do not need it since they don’t get anything in return. Then what is the use of wasting Rs 8,000/- to Rs.10,000/- per annum on a product which can’t give any return on the amount paid????
These are the types of answers I got!!!
Dear Rupali,
Slowly and steadily, people especially in cities are now realizing the importance of having an adequate health cover.
The no of health insurance policies sold over the last few years is also an indicator of this.
One should not think or expect RETURNS from an insurance product.
It is beyond my understanding why the Royal Sundaram Lifeline and HDFC ERGO Health Suraksha policies are not included in the list of best available Family floater plans in the above article. On the other hand, there are some below average plans included in this list.
For the example case (5 lacs cover for 4 member family), Royal Sundaram Lifeline Supreme seems to be the best available plan at this moment, followed by Max Bupa Health Companion and Religare Care NCB Super.
If you are aware about any negative side of Royal Sundaram Lifeline Supreme plan or Royal Sundaram company in general, please let us know.
Dear Mr.Mishra,
The plans that are provided in the above list is not comprehensive. Kindly visit portals like coverfox to shortlist the plans as per your requirements.
Hi Sreekanth.
I have a few doubts.
Shouldn’t the premium I pay every year stay the same at least till I’m 60? Its not fair that the premium increases every year right? Then what is the use of starting health insurance early in life??
After my two kids are older (when they are 20 and myself and my husband are 50), what happens to the plan and premium?
I have heard that Max Bupa is a good and reliable health insurance agent, and I am considering their family floater plan.
Are you aware about whether immunizations are covered?
Thanks for your time again!
Dear Vineetha,
The premium varies every year for non-life policies (health/home/fire etc).
The cost of medical expenses are raising exponentially, so accordingly the insurers increase their premiums (and also based on their incurred claim ratios).
Do note that it might be difficult to get health insurance cover during old age. Even if one gets, there can be lot of exclusions & conditions applicable (sub-limits, waiting period, co-payment clause, exclusion of pre-existing diseases etc.,). So, advisable to take health cover early in life.
Once the kids become major, they can take independent (individual) mediclaim policies with the same company and can also avail policy continuity benefits.
Suggest you to make use of comparison portals : Best portals to compare health insurance plans.
Sir,
Thank you for the very informative blog.
How about AB (Andhra Bank) Arogyadhan scheme?
Is it not better than the ones that you suggested?
Dear Srinivas,
I am not aware of this scheme. Could you please share key features of this plan?
Is this group mediclaim plan?
Hi Sreekanth,
Yes, it is a Group Mediclaim Health Insurance scheme. I came to know about this from a few friends and they suggested it.
Dear Srinivas,
This plan is available only for Andhra Bank account holders. Also, I do not see any great features in this plan.
How do we know whether an insurer will settle the claim? He is there to make money. He can find a hundred excuses to turn down the claim. Is there a way to assess the integrity of each insurer?
Dear bkmurthy,
Ofcourse no business is run for charity. As long as the proposer discloses all info in proposal form honestly and completely, I do not think there is any issue in honoring claims by insurance companies.
What is pre-existing illness/condition? If we mention each and every symptom we ever had, we will have to wait 4 years for any disease to be covered because any disease will have one of the symptoms.
Dear bkmurthy,
We go to mention all possible health conditions (existing) and details about health history in the proposal form.
Hi Sir,
Very informative article.
I would only like to suggest you to include features of Religare Health Insurance -” Care” product in the above-mention chart so as to make the list complete.
Thanks
Dear Rupali,
Will surely try. Anyways, the list is not comprehensive one, it is only indicative. I recommend my blog readers to visit ‘Best Portals for comparison of health insurance plans‘ before buying a health cover.
HaI. Sreekanth am regular visitor of site.after seeing your advice I took term insurance in hdfc clic protect and have taken insurance cover for my parents.pls do more posts.keep going.thanks lot
Dear pradhap,
Very glad to know that ReLakhs.com helped you in planning your personal finances.
What type of insurance cover have you taken for your parents? Do you have adequate health insurance cover?
Kindly share the articles with your friends. Keep visiting 🙂
Dear Sreekanth I have taken health insurance religare for my dad.and individual plan for mom in star health,after visiting your site I started investing. In mutual fund sip..I suggest my friends too to got term plan.and mutual fund sip..thanks for your wealthy ideas .me having govt employee cover in united India insurance.do I need to take separate health insurance for me and my wife?
Dear pradhap,
It is advisable to take independent health cover, do not depend on your employer’s group cover alone.
Also, suggest you to kindly go through my article on ‘Super Top -Up health insurance plans‘.
Hi Srikanth,
I am a regular follower of your blog. I am 37 year salaried person staying in West Bengal with wife (32) and daughter (5) looking for family floater health insurance. I have company group insurance policy of SI 2L in a year for me and my family and looking for additional personal SI 5L coverage.
After visiting “best health insurance plans comparison portals” and by comparing multiple health insurances I find feature wise “Religare Care- no claim bonus super” or “Star Family health Optima would be ideal”.
However I am not sure about their after sales support with customer, claim settlement ratio and promptness on settling a claim. Which buying option would be considered online or through an agent? Should I take this policy please suggest, If you have any other opinion or query please let me know.
Thanks…
AB
Dear Abhishek,
Personally, I have opted for Star health and satisfied with their service (though this is not a recommendation to buy it).
Suggest you to buy online directly through the company website.
Also, kindly go through my article – ‘Super Top up health insurance plans‘ . You can enhance Health insurance Sum Assured by buying a Super top up plan.
Hi Sreekanth,
Thank you for your quick response.
You mentioned that you “satisfied with their service”. What kind of satisfactory service did you receive from them? Did you avail any claim settlement from insurance company till date? Please share…
Dear Abhishek..Let us not discuss more about a Single product here. Kindly reach me at sreekanth @ relakhs.com
Respected Sir,
Very good information.
Can you please provide a comparative study of the premium for these plan after age of 50+.
According to your example, I took any of these plan at age 30 and I continue…………………
what will be my premium when I reach 55+ or 60 …
Thank you
Dear bubai,
The premiums of Health Insurance plans may vary year or year (They may increase..) depending on their experience with claims. However, we can not predict or assume the quantum of increase.
Dear all
Cigna Ttk and Apollo is best one according to mi
Cigna
1 no claim bonus is upto 50% and not get reduced after claim
2 world wide benifit (emergency case)
3 2000 rs health maintainance benifit
4 retire up to 100%
Appolo
Ncb is increasing by 50% upto 100% in refusing basis
No sublimit and copay is the biggest point
Hi Sreekanth,
very informative article..
i saw your article “best health insurance plans comparison portals” and by comparing health insurances i thought Religare Care- no claim bonus super is one of the best and planned to take it…
In this policy, premium is less, single private room, no claim bonus, free health check up and restoration are the benefits..
the only disadvantage(I see) is copay of 20% after age of 60yrs..
so what is your view on this policy?? now i’m in dilemma whether to take this policy or not??
Dear Lakshmi,
You have done the right thing by visiting portal(s) to shortlist a suitable product.
If you find Religare -care plan suitable to you, go ahead. A co-pay clause of 20% after 60 years is ok.
But I believe that there is sub-limit to Room rent eligibility.
If room category is ‘single private room’ , there are some conditions linked to No Claim Bonus. Kindly check it with the customer care.
Thank you Sreekanth..i’ll check with customer care..
Hi Sreekanth,
what is the claim settlement ratio for Max Bupa?? i found that it is around 56%, which is very low compared to others,isn’t it??
ICICI lombard has good claim settlement ration but premium is high and premium loading is 200%..
which one is best.. apollo munich/Max bupa/ICICI..??
Dear Lakshmi,
Yes, it is very tough to identify the best health insurance plan which meets all the requirements.
Either you got to pay more to get the benefits of all features or you need to compromise on some features and pay less.
Hello Sreekanth,
You have beautifully summarized health insurance for someone looking to buy health insurance. The premium table provided above – are these real quotes?
Look forward to seeing more such articles on health insurance…
Dear Pradeep..they are real quotes. Keep visiting 🙂
Hello Srikanth,
My comment is off the track wrt article. I would like to know, is it wise thing to create corpus for medical emergency through SIP instead of buying health insurance policies.
I personally feel that as age progresses, the premium is bound to rise substantially. So it would be like burning a hole in one’s pocket. In short depending on your medical emergency requirements one can start SIP in good diversified equity funds which can be handy in times of emergency rather than relying on insurance policies which has so many hidden terms and condition.
Dear SP,
Accumulating a ‘Medical emergency fund’ is also a good idea and necessary considering the rise in medical costs.
But this fund can’t be an alternate to having a health insurance cover. It can be a complementary one. What do you say?
Hi Srikanth,
I have mother and handicapped brother are dependants. I am going to USA and my employer provide health insurance to my family. But my mother and brother left out. I also have sister. Can i take a policy on my sister name who is married, so that it covers her family along with her mother and brother. As of now her family doesn’t have any health policy.
Dear suresh,
Suggest you to buy individual mediclaim policies for your mother and brother separately.
May I know the age of your mother?
Suggest you to buy an independent health insurance plan for self & your family too. Do not depend on employer’s cover alone.
Try to convince your sister family to get health cover.