Family health insurance, also known as a family mediclaim policy, offers comprehensive health coverage for all family members under a single plan. These policies provide financial protection against medical expenses related to hospitalisation, surgeries, and other treatments. Family health insurance plans usually cover immediate family members such as spouses, children, and sometimes parents. Choosing a family health insurance plan helps ensure that you and your loved ones are protected from unexpected medical expenses, giving you better health security and peace of mind.
Medical costs are increasing rapidly, and a medical emergency can quickly strain your finances. A family health insurance policy helps you manage these rising expenses easily and ensures that every family member stays protected.
Health insurance provided by your employer is not customisable to your personal needs. The sum insured is often limited and may not be sufficient to cover all family members. Additionally, the policy ends once you leave the company.
A sedentary lifestyle along with unhealthy habits has led to a rise in lifestyle diseases, which can be mentally, physically, and financially draining. Buying a family health insurance plan at an early stage helps protect your savings from being affected by the cost of treating such illnesses.
Buying separate individual health insurance policies for each family member can be costly. A family health insurance plan covers all members under one policy, helping you save on premiums and eliminating the hassle of managing multiple policies.
The premium paid for your family health insurance plan is eligible for tax deduction under Section 80D of the Income Tax Act, under the old tax regime. This helps reduce your overall tax burden—after all, every penny saved is a penny earned.
Read on to learn more about the features of this policy
| Key Features | Benefits |
|---|---|
| Platinum Plan | Super cumulative bonus of 50% per claim-free year |
| Recharge Benefit | To take care of claims where the claim amount exceeds your sum insured |
| Multiple Sum Insured Options | Get the flexibility to choose from 3 plan variants with Sum Insured options ranging from ₹1.5 lakh up to ₹1 crore. |
| Immediate Family Cover | This policy covers you, your spouse and your children. |
| Ayurvedic and Homoeopathic Treatment | Under the Gold and Platinum Plans, the policy covers in-patient hospitalisation expenses of up to ₹20,000 at a recognised Ayurvedic or homoeopathic hospital, provided the hospital stay is at least 24 hours. |
| Daycare Procedures Cover | Medical expenses incurred during the treatment of listed daycare procedures or surgeries are covered under this policy. |
| Convalescence Benefit | In case of continuous hospitalisation of more than 10 days, you will be eligible for a benefit payout of up to INR 7500 per year, provided the hospitalisation claim is admissible. |
| Bariatric Surgery Cover | Bariatric surgery is covered under medical advice and is subject to specific terms and conditions. |
| Sum Insured Reinstatement | If your sum insured and the cumulative bonus (if any) have been completely exhausted during the policy year, we will reinstate it. |
| Pre and Post-Hospitalisation | The policy covers medical expenses 60 days immediately before and 90 days immediately after hospitalisation. |
| Road Ambulance Cover | This policy covers ambulance expenses incurred up to Rs. 20,000 during per policy period |
| Organ Donor Expenses Cover | Expenses towards organ donors' treatment for harvesting donated organs are covered under this policy. |
| Daily Cash Benefit | A daily cash benefit of ₹500 per day is provided for accommodation expenses of one parent or legal guardian staying with a minor insured under the policy. This benefit is payable for up to 10 days in each policy year for an admissible claim |
| Maternity / Newborn Baby Cover | Maternity expenses and medical costs related to the treatment of a newborn baby are covered under the policy, subject to specific terms and conditions. This benefit is available under the Gold and Platinum Plans. |
When it comes to your family’s health, there is no compromise. SBMFA Health Insurance Plans for family help you:
• Cover all family members at a cost-effective price
• Provide holistic coverage to your loved ones
• Ensure funds are not paucity while receiving the best possible treatment
• Mitigate rising costs of medical inflation
• Meet other financial goals with ease
Buying family health insurance online from SBMFA Insurance spells multiple benefits. These include:
You can select from a range of add-ons to tailor the plan according to your family’s needs. Some of the available add-ons include:
Maternity benefit
Maternity Health Insurance this cover reimburses medical expenses related to childbirth or pregnancy termination, up to 10% of the annual sum insured, with a maximum limit of ₹1 lakh under the maternity sum insured. It is applicable for insured females aged 18 to 45 and can be claimed for up to three instances.
Claim protector
With this add-on, you can claim expenses for items listed as non-payable by the Insurance Regulatory and Development Authority of India (IRDAI) on policies with a sum insured of less than ₹15 lakhs.
Co-payment option to choose 10% or 20% co-pay
This add-on lets you opt for a 10% or 20% co-payment on your health insurance claims. Co-payment means a fixed portion of the claim amount that you choose to pay from your own pocket.
Teleconsultations
This add-on provides access to unlimited teleconsultations with healthcare professionals 24/7 through phone calls, video calls, or other virtual modes, for both routine and emergency consultations.
A family floater health insurance plan, also called a family health insurance plan, covers all members of a family under a single policy. The sum insured is shared among all members, making it a cost-effective way to provide medical coverage for everyone. You pay a single premium, and the entire coverage is available to the family. Note that the premium is based on the age of the oldest member covered under the policy.
As said, you can lower your tax outgo with family health insurance plans. Here’s how:
The premium paid for family health insurance covering yourself, your spouse, and dependent children (all below 60 years) is eligible for a tax deduction under Section 80D, up to a maximum of ₹25,000.
If you pay the premiums for your parents’ health insurance, they are also eligible for a tax deduction. For senior citizen parents, you can claim a maximum deduction of ₹50,000 under Section 80D.
A family floater insurance, also known as family health insurance, is a policy that provides coverage for all members of your family, including your spouse, parents, and financially dependent children. With a single policy, you can ensure that all your family members are protected.
This policy provides essential healthcare benefits, including hospitalisation, daycare, domiciliary hospitalisation, pre- and post-hospitalisation expenses, emergency ambulance services, and more. It also offers value-added services such as a Wellness Program and routine full-body health checkups. You can opt for the maternity benefit add-on, which covers maternity expenses up to 10% of the annual sum insured, with a maximum limit of ₹1 lakh, while the newborn’s health expenses from birth are covered over and above the maternity limit (as per policy terms). The teleconsultation add-on gives you access to unlimited 24x7 consultations with healthcare professionals for both routine and emergency health concerns.
The minimum entry age for the insured is 6 years. The proposer (parents or legal guardians) must be at least 18 years old, and the maximum age for coverage is 65 years.
If you want to switch your existing health insurance to an SBMFA Insurance plan, submit your application along with a duly filled portability form and your previous policy documents. Please ensure these are shared at least 45 days before your current policy’s renewal date.
Base coverage is the sum insured provided by your family health insurance policy. Add-ons are additional covers that you can include by paying extra premiums. You can select from a variety of add-ons based on your family’s specific needs when choosing a health insurance plan.
Under Section 80D of the Income Tax Act, you can claim tax deductions of up to ₹25,000 when you buy a health insurance policy for yourself, your spouse, or your children. For dependent parents aged 60 and above, the maximum tax deduction is ₹50,000.
SBMFA Insurance Broking Private LTD
IRDAI License No : 1137
IRDA Direct Broker Code : IRDA/DB 1243/2025
Valid till : 22/01/2029
CIN : U66220RJ2025PTC099741
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