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What are the Benefits of a Family Health Policy and Critical Illness Cover?

What are the Benefits of a Family Health Policy and Critical Illness Cover

Healthcare expenditures incurred as a result of any operation, illness, hospitalization, or other treatment are covered by a family health policy and critical illness cover. The insurer reimburses the policyholder’s expenditures upon receipt of supporting papers, or the policyholder and covered members can use the insurance company’s cashless service.

Family health policy and critical illness cover is a mechanism for covering high medical expenditures in the event of an unforeseen medical emergency. A comprehensive health insurance plan covers a wide variety of risks and is thus rather costly. However, many health insurance policies include a limit on the amount of money that may be spent on certain types of life-threatening health issues, sometimes known as critical diseases.

Furthermore, new severe disease categories were added to the basic list throughout time. Critical illness cover varies per market, according to the demands of the clients. Heart attacks, cancer, strokes, multiple sclerosis, kidney failure, major organ transplants, paralysis, and other severe conditions are often covered under such insurance.

What is Critical Illness Cover / Insurance?

If you have a life-threatening ailment, a conventional health plan will most likely not provide enough protection. Cancer, for example, is a severe condition with significant expenditures that much exceed the sum insured in a standard health insurance plan.

As a result, particular insurance coverage that deals solely with such severe situations is required, especially now that excellent treatment in India has become so expensive. These essential insurance policies do not cover minor ailments or hospitalizations, but only kick in if you are diagnosed with one of the severe disorders specified.

What is Family Health Policy?

Family health insurance policies provide coverage for you and your entire family in the event of a medical emergency. In the event of a family health plan that covers all members, single premium payment is required. You may simply cover your parents, and there are procedures for ensuring your in-laws as well. It is critical to select the finest family health insurance plan, which requires only a single premium payment and is more cost-efficient than obtaining individual health insurance for each family member. New family members, such as spouses, can also be added to the family health insurance coverage.

Advantages of Family Health Policy and Critical Illness Cover

  • Coverage for the entire family- Health insurance policies for families cover all family members under a single policy. You can insure yourself, your spouse, your dependent children, your dependent parents, and even your dependent in-law. Some plans enable you to cover your extended family as well. As a result, family medical insurance plans provide a one-stop health insurance solution for all members of your family. They also provide health insurance to parents who require cheap health coverage.
  • The premiums are affordable- The premium for a family medical insurance plan is significantly lower than the price for individual coverage for each family member. As a result, the plan provides inexpensive coverage while being easier on your wallet.
  • Every covered member gets high coverage- Any member who becomes ill can use the whole money protected under the family health policy. As a result, if you select an ideal sum insured level, each family member has total access to the sum insured and can obtain a high level of coverage.
  • Tax Benefits- When you purchase a family health policy, you may claim a tax advantage of up to Rs. 25,000. If you are a senior person, this incentive increases to Rs. 50,000. Furthermore, if you purchase separate insurance for your parents, you will be eligible for an extra tax advantage of up to Rs. 25,000, which will be increased to Rs. 50,000 if your parents are senior citizens.
  • Cashless claim settlement- You can receive cashless medical care in the insurance company’s network hospitals. The cashless treatment is carried out in a hospital designated by the insurance company.

Family health policy and critical illness cover are, therefore, an ideal solution for the health insurance needs of your family members. The plan is easily available, covers all members, and is affordable. So, invest in a family health plan for your family and secure their health.

Readers are advised not to rely on the contents of the article as conclusive and should research further or consult an expert in this regard. This article is issued in the general public interest and meant for general information purposes only.

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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