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7 Advantages of Having a Family Insurance Plan

We work hard throughout our lives to make sure our loved ones get to live out their dreams and goals. Along with this, our life savings also help us deal with any medical or situational emergencies that come our way. However, with the rise of healthcare costs in the country, getting the proper medical attention for emergencies can wipe out your life savings. This way, your entire life’s hard work may be all for nought.

This is why it is important to opt for a suitable health insurance plan. Since purchasing individual health insurance plans for your family can be quite stressful and costly, insurers like Tata AIG have started offering the family health insurance plan.

What is a Family Health Insurance Plan?

Family health insurance plans are a type of health insurance plan that will cover all the family members in a single health insurance plan. Under the plan, you will get a fixed sum insured, which all the family members share. The insurance coverage is offered under the assumption that not everyone will face a medical emergency simultaneously. Most family health insurance policies offer cashless hospitalisation facilities, maternity benefits, and post- and pre-hospitalisation expenses.

Why is Family Health Insurance Important?

Medical emergencies are quite unprecedented events. Family health insurance plans are designed to help you during such instances. With a health insurance plan for your family, you will be able to cover the senior citizens, the hard-working adults, and the children of the family.

In addition, health insurance policies for the elderly will help you ensure you get to take care of your parents the way they did while you were growing up. Dealing with medical ailments is a regular thing during old age, and getting proper coverage will be quite beneficial.

Along with this, getting the proper coverage for your children will help you make sure your kids get to live healthy and happy life regardless of the medical issues they face. In addition, with health insurance coverage for all age groups, your entire family will be able to get the medical coverage they need during medical emergencies.

Advantages of Family Health Insurance

Here are a few benefits of health insurance plans for your family:

  1. Coverage for all your loved ones: Health insurance policies will cover all the family members under a single plan. You can cover yourself, your spouse, your dependent children, your parents, and your in-laws under the plan. Certain plans offer to cover your extended family as well. Therefore, family medical insurance policies are optimal health insurance solutions. With a family health insurance plan, you can cover a wide group of your loved ones under a single plan.
  2. Premiums are affordable: The premiums you pay for a family health insurance plan are cheaper than the premium payable for an individual plan for each family member. Therefore, you will get decent coverage at an affordable cost with a family health insurance plan.
  3. Every individual gets decent coverage: The sum insured amount under the family health insurance policy can be used entirely by any individual facing a medical emergency. Every individual included in the plan will get complete access to the sum insured amount, and they can opt for the highest coverage amount if a reasonable sum insured amount is selected.
  4. You get tax benefits: Family health insurance plans come with certain tax benefits. With family health insurance plans, you can enjoy tax benefits of up to ₹25,000. The tax deduction increases to ₹50,000 if you’re a senior citizen. Along with this, if you purchase a separate family health insurance for your parents, you can get up to a tax deduction of ₹25,000, which increases your deductible amount to ₹50,000 if your parents are senior citizens.
  5. You can select a comprehensive cover: Family health insurance plans offer different coverage benefits. You can compare and select a plan with the most coverage features. When you select a plan after carefully looking through the different features, your family will get complete coverage, and you can be at peace during medical emergencies. With suitable medical insurance in India, you can focus your energy on getting better rather than stressing over the medical bills racking up.
  6. Maternity coverage is offered under various plans: Most family health insurance policies offer maternity coverage. Having maternity coverage can be beneficial for any young couple looking to start their family. In addition, with suitable coverage for maternity-related issues, you can focus on helping your spouse through a stressful time.
  7. New members can be included easily: Be it childbirth or a new marriage in the family, including new members in the family health insurance policy is quite easy. Most family health insurance plans offer you the convenience of including new family members in the plan easily based on the terms and conditions of the insurance plan.

To include a new member in the plan, you will have to file a request to the insurer, pay an additional premium amount, and the new member will be covered under the plan without any issues.


With a family health insurance plan, you get to ensure your family stays protected from unexpected medical emergencies. Moreover, the premium amount for family health policies is quite affordable, making them suitable choices for protecting your loved ones. Moreover, with family health insurance plans, you also get maternity coverage to help you carry out the miracle of childbirth with ease. Along with this, the family health insurance plan comes with many other advantages like tax benefits, the inclusion of new members, etc.

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