Family health insurance is a scheme which provides assured coverage to you and to your family, in case of diagnosis of an ailment and hospitalization. The insurance is a contractual agreement between an insurance company and a policyholder, in which the insurance company agrees to pay all the medical and pharmaceutical expenses incurred by the policyholder. In order to avail the benefits of family health insurance, you need to buy the specific plans and pay the fixed amount as a premium.

Types of family insurance

Therapeutic: The insurance company bears the cost of hospitalization in the form of cashless treatment and reimbursement.

Critical illness: Covers persistent diseases like a stroke; kidney failure etc. in critical illness the company pays the entire sum assured to the policyholder in the lump-sum.

Advantages of buying a family health plan

Discounts: Based on specific parameters insurance companies offer discounts and incentives to the policyholders. The plans are an easy way to plan a future.

Hassle free: Covers the entire family, so it relieves the policyholder from the responsibility of maintaining the various health policies of each and every member of the family separately.

Tax benefit: Policyholder can avail tax benefits on the premium paid, under the section of 80D of Income tax.

Additional Read: How does my Family Size Affect My Insurance Premium?

Many financial institutions and insurance companies today offer family health insurance at affordable prices. Bajaj Allianz health insurance offers one of the best family health insurance plans in India. The company offers lifelong renewal option. competitive premiums and high sum assured.