Under a single roof: How to keep your family safe with one plan


Vaibhav, 34, has been working for a software firm in Mumbai since 2010. In November 2018, his wife developed a critical illness and her hospitalisation and medical charge cost Vaibhav Rs. 19 lakhs, eating into almost all of his savings. It was then that he realized the importance of a health insurance plan. Had he covered his family under a health policy, his savings would have been intact and his future more secure. Vaibhav told his colleague, Aarif, who was seated next to him, about what he faced in the last 11 months. The entire episode not only brought tears to Aarif’s eyes but also alarmed him, serving as a warning because he too did not have a family health insurance plan.

“Please don’t make the same mistake that I already made”, Vaibhav told his friend. “You may not have a family history of illness but you don’t know when a serious illness can wreak havoc in your otherwise cheerful and peaceful life.”

Importance of a Family Health Insurance Plan

If any of our loved ones, who are dependent upon us, fall sick, we go through a tremendous financial hardship to arrange for expenses for medical treatment. This is where family health insurance plans turn saviour as they cover most of the medical expenses besides offering a range of additional benefits.

Also, there’s a common misconception that only elderly people need health insurance cover. The truth is that medical emergency can strike anybody at any age. Therefore, health insurance policies give you the peace of mind that you and your family will always have access to proper healthcare. They protect you against any financial constraints that may occur due to a medical emergency.

Benefits of a Family Health Insurance Plan

Affordable Premium: The premium payable for a family health insurance plan is much cheaper compared to the premium payable for individual plans for each member of the family. Therefore, you get a high cover at an affordable premium. You can cover yourself, spouse, kids and parents a single healthcare policy by paying one premium amount. Also, there are plans that allow you to cover your extended family too.

High Coverage Options: You can choose from a wide range of Bajaj Allianz health insurance policies, available on Finserv MARKETS, according to your requirement and financial position and add top-up plans for extra coverage. Also, you can opt for a family floater plan where the sum insured under policy can be used entirely by any member in case of a medical emergency. Under it, every member of the family can avail high coverage if you choose an optimal sum insured level.

Cashless Treatment:  There is no need to carry bundles of cash to any hospital in case of any medical emergency as insurance companies these days offer a list of network hospitals they are affiliated with. To make the hospitalization process easier, Bajaj Allianz family health insurance plans available on Finserv MARKETS offer you access to 6000+ network hospitals where you can avail cashless treatment. Your treatment will have little or no impact on your hard-earned savings as the company will bear the medical expenses and directly pay the bill to the hospital.

Lifelong Renewal: This facility offers lifelong financial security against expensive medication during treatment as the insured enjoys the protection offered by the policy for a lifetime. You just need to renew the health insurance plan at the right time. So, if you have medical health insurance plan for your family you can renew it and keep it for a lifetime.

New Family Member can be added: In a Bajaj Allianz family health insurance policy available on Finserv MARKETS, you also get the convenience of adding new family members. If there is a newborn baby in your family, you can avail coverage for the child in the middle of the policy term, depending upon the terms and conditions of the plan. You just need to contact the insurance company and provide the birth certificate; the child would be covered under the policy without any hassles at an additional amount.

Tax Benefits: Apart from the above benefits, one can avail various health insurance tax benefits. The premium paid towards family health insurance can be claimed as a tax deduction from your taxable income. It attracts tax benefit of up to Rs 60,000 under section 80D of the Income Tax act.

Family health insurance plans offer you peace of mind and get rid of your financial stress besides giving you easy and timely access to the best treatment. So, secure the health and future of your loved ones by investing in a family health policy from Finserv MARKETS