Family Health Insurance: Buy Medical Insurance Policy for Your Family | RenewBuy


Family Health Insurance: Buy Medical Insurance Policy for Your Family

The protection offered under health insurance plans for family covers the family members for a set sum assured. This type of policy provides assured coverage to more than one member of the family at the same time, in any case of hospitalisation or illness. You can compare and pick from a range of options provided on our website at RenewBuy and make a smart buying choice.

Through our site you can examine and review multiple plans. These policies for family health insurance cover you, your partner with your children (maximum 4 children).

So, protect your whole family and choose and compare the best family health insurance plans at RenewBuy.

What is Family Health Insurance?

In the family medical insurance plan, the policyholder gets the choice to give insurance coverage to the entire family, including self, parents, spouse and children. This type of floater plan can be a shield for your dear ones.

Also known as a family floater insurance, a family health insurance is the best option if you want coverage for the extended members of the family in a single family health plan.

If you are interested in knowing more about a family health plan, then here are a few points you must remember before buying a health insurance plan for the family.

Types of Family Health Plan:The family health plan offers coverage to all relative members subject to policy terms. It is based on the health coverage provided, where health insurance is classified into two types below:

    • Mediclaim Insurance: Family medical insurance plans usually reimburse the hospitalisation cost during healthcare treatment. The insurance company takes care of the expense in the form of cashless procedure or reimbursement of hospital bills post the treatment is completed.
    • Critical illness Insurance Plan: In this kind of family insurance plans, it covers the policyholder’s chronic diseases like cancer, heart attack etc. Here the insurance company pays the complete sum assured to the policyholder, in one go.
    1. Coverage under Family Health Plan:While buying a health insurance plan for the family, you need to compare it with different health insurance plans, to see the basic coverage provided by them. Most of the health insurance plans provide daycare, hospital expenses, and ambulance charges, etc. Also, if you’re expecting a child in your family, then you should choose the family health plan that provides coverage for a newborn, or you can also add the baby as a receiver to your current family floater health plan.
    2. Family Health Plan Advantages:A health insurance policy for the family is all-inclusive, where it provides coverage to the whole family. It is well suited for the bigger families having many members. You can add each and every one member of the family of any age in the one plan.
    • Hassle-Free: A family health insurance plan in India is a great option to secure your loved ones. As it is a policy that gives coverage to the whole family, it is easy to maintain everything in one policy. With a family floater health plan, you don’t have to worry about paying premiums individually for each member of your family.
    • Multiple claims possible: With the floater plan, it is possible to make multiple claims for treating illnesses of multiple family members within the same coverage tenure.
    • Discounts are given on family health plans: In the family floater health plan, you get concessions and incentives offered by policies. It is based on pre-defined conditions, where a person can avail discounts accordingly like if we opt for a multi year policy.
    • Easy to append new members to the coverage: In family floater health plan, it is easy to put in new members inside the coverage. If you’re adding your parents to the family health insurance plan, then remember to select the option of the higher sum to be assured.
    • Get continued coverage: In the case of an unfortunate demise of a family member, the other member of the family can continue with the floater without missing on its coverage benefits.
    • Parents and in-laws can be included: Many providers also provide the choice of including extended family members. However, the premium for this additional coverage will be extra.
    • Save Money: Instead of buying individual health insurance policies for each family member, you can save substantially on your premiums with a health insurance policy for family providing single coverage for the entire family.
    • Features are attractive: It has an attractive feature for young parents and infants, that coverage is also taken care. Also, this feature has a waiting time phase.
    • Obtain tax benefits: The Insurance premiums paid in other modes except money is eligible to get tax exemption under section 80D.


    1. Standard Exclusions of family Floater Health Plan: We strongly recommend that the policy documents should be read carefully to know more about the standard exclusions. Moreover, this has to be done before you go on to buy the family floater health insurance plan. You need to understand the standard clauses that talk about cashless procedures or information about pre-existing diseases. These terms will decide whether you are eligible to get the claim or not.

    Some standard exclusions are as below. There is no coverage for

    • Sexually transmitted disease
    • Fertility related conditions
    • Routine medical check-ups
    • OPD treatment
    • Artificial life maintenance costs
    • Treatment of injury arising from a crime, war, nuclear/ biological attack, hostilities, or acts of foreign enemies
    • Suicide or attempted suicide


    1. Eligibility Criteria:Family health insurance plan is like a group insurance plan in just one plan, with one annual premium and assured sum.
    • The eligibility criteria and ages are different for different insurance companies. Moreover, once the dependent child reaches a certain age, he has to be covered as an adult in the policy.
    • Buying health insurance plans for the family can turn out to be a smart decision. For this, you need to do your research well and buy only after gaining knowledge of all the health plans on offer by different insurance companies.
    • If you’re planning to buy a health insurance plan for your loved ones, you can compare health insurance plans for the family at RenewBuy. Factoring in the above points, you can compare and decide the best plan suitable for you and your whole family.
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