Family Floater Health Insurance:

IT is a cost effective health plan that offers medical coverage to your entire family at a single premium, you can get coverage up to six member in the family including policyholder, spouse and upto four children. Some health insurance plan are also allows you to enroll your parents and in-laws. This implies that you do not have to pay separate premiums for each individual, regardless of their age. The sum-insured is offered on a floater basis, covering all the family members enrolled on the policy. You can avail of coverage for expenses incurred for hospitalization pre and post Hospitalization and more. Some family health insurance plans also offered family reinstatement that helps you to restore your sum insured in case it gets exhausted in a policy term.

It is the plan which covers the medical cost of entire family against Disease under one single plan. Any member can make a claim up to the sum insured taken in policy.

Family Floater Health Insurance is a comprehensive health insurance program that offers comprehensive coverage for your family. This insurance provides you with the protection you need and the peace of mind you deserve. With Family Floater Health Insurance, you’re guaranteed to be covered for everything that could happen to you in life, from health emergencies to doctor’s appointments.

Family Floater Health Insurance is a way for families to have affordable health insurance that covers them and their loved ones. With Family Floater Health Insurance, you and your loved ones can stay healthy and safe while avoiding costly health bills.

5 Best Health Insurance Plans for Family in India for January 2023:-

The best Health Insurance Plans for family in India are mentioned below:

COVID INSURANCE IN INDIA:

Health insurance policy for coronavirus (COVID-19) treatment?

Your existing plans of health insurance in India would cover Coronavirus treatments if you are hospitalized. However, the policy would exclude the costs of consumables incurred on such treatments. Since the cost of consumables is high, you can opt for COVID-specific medical insurance policies which are available. IRDAI has launched these plans of health insurance in India for providing complete coverage against COVID (Corona Virus). All the General and Standalone Health Insurers are mandated to offer Individual Covid Standard Health Policy. The plans are as follows –

• Corona Kavach: This is a compensation oriented health insurance plan which covers all medical expenses incurred on COVID treatments. The policy covers hospitalization costs as well as home quarantine expenses without any deductibles or sub-limits. As per IRDAI brief description given below

Sum Insured range – Rs.50,000/- to Rs.5, 00,000/-

Entry Age – 18 to 65 years

Who can be covered – Policy can be issued covering self (proposer), spouse, parents and parents-in-law, dependent children (i.e., naturally or legally adopted) between the age day 1 to 25 years. If the child above 18 years of age is financially independent, he or she shall be ineligible for coverage.

Policy period is three and half months (3 ½ months or 105 days), six and half months (6 ½ months or 195 days), nine and half months (9 ½ months or 285 days).

Lines of treatment covered – Allopathy, AYUSH (Up to 100% of SI)

Ambulance Charges covered up to sublimit mentioned.

Pre and Post Hospitalization up to 15 days and 30 days respectively. 

Basic hospitalization coverage for all claims pertaining to COVID-19.

Cashless Facility available at Network Hospitals Only through TPA.

• Corona Rakshak: The Corona Rakshak policy only individuals aged between 18 years and 65 years are eligible. The amount from the Corona Rakshak policy is fixed and paid out as a lump sum to an individual. Individual will receive this pay-out from insurance company if individual have been hospitalized for COVID-19 treatment for a minimum of 72 hours. The minimum sum insured offered by the Corona Rakshak plan is Rs. 50,000 and the maximum SI you can get is Rs. 2.5 lakh. same like the Corona Kavach policy, if you purchased the Corona Rakshak policy, you have tenure options of 3.5 months, 6.5 months, and 9.5 months. 

AROGYA SANJEEVANI POLICY:

Arogya Sanjeevani Policy is a Health Insurance Plan Launched by the Insurance Regulatory and Development Authority of India (IRDAI) on April 01, 2020. This new Policy aims to facilitate health insurance for people by offering them with a basic and standard plan that will be offered by all health insurance companies with similar benefits. Arogya Sanjeevani Health Insurance Policy that can be purchased on an individual or family floater sum insured basis by paying an Bearable premium. This comes with wide coverage features that are easy to understand.

The only Distinguish in the Arogya Sanjeevani health insurance policy offered by different health providers is in the policy premium quoted by them and the facility offered during the purchase process, claim settlement and other related processes.

Types of Arogya Sanjeevani Policy
The following two types of health insurance plans are offered under the Arogya Sanjeevani Health Insurance Plan:

1. Individual Plan: This type of plan allows only 1 policyholder as the beneficiary till the policy term.

2. Family Floater Plan: Under family floater health insurance plan, the proposer can include their spouse, dependent children, parents, and parents-in-law under the plan for a required sum insured against a single premium for one year Policy term.

A 5% discount is available when more than one person is covered under a single proposal with an individual sum insured.

Eligibility for Arogya Sanjeevani Policy:
The Eligible entry age for the Arogya Sanjeevani Policy is 18 years and the maximum entry age allowed is 65 years.

The minimum entry age allowed for children under the family floater type of Arogya sanjeevani health insurance policy is 3 months, while the maximum entry age allowed for children is 25 years.

However, if the child above 18 years of age is financially independent, he or she shall be not eligible for the coverage in the subsequent renewals.

Key Features of Arogya Sanjeevani Policy:

There are many features that differentiate an Arogya Sanjeevani Policy from different health insurance policies available in India. Some of the important features of the Arogya Sanjeevani Policy that sets it apart from the rest of the plans are as follows:

· Affordable Policy: In contrast to other health insurance policies, the Arogya Sanjeevani Policy is relatively less expensive. It is offered as an individual as well as a family floater.

· Sum Insured Option: The plan lets the policyholder to choose from a sum insured ranging from Rs 1 Lakh to Rs. 5 Lakhs.

· Cumulative Bonus: The Insured gets 5% bonus on the sum insured as a reward for each claim-free year. The calculation of NCB or No Claim Bonus takes place on a cumulative basis and can maximum go up to 50% on the Sum insured.

· COVID- 19 Hospitalisation Expenses: Arogya Sanjeevani Policy offers hospitalisation expenses connected to Coronavirus (COVID-19).

· Waiting Period: For all diseases except for an accident, the policy comes with a waiting period of 30 days.

· No Health Check-Up till 45 Years of Age: People above 45 years of age with no medical history are not have to a medical examination under the Arogya Sanjeevani Policy.

Coverages under Arogya Sanjeevani Health Insurance Policy?
Coverage under the Arogya Sanjeevani Health Insurance plan are as follows:

1. Hospitalization Expenses:
The policyholder can claim the treatment expense incurred during hospitalization for more than 24 hours from their insurance company. Doctor’s Fees, nursing expenses, room rent, bed charges, and hospital stay are all are types of hospitalisation expenses. Hospitalization cost are covered up to 2% of the sum insured up to maximum of INR 5,000 Each day of hospitalisation.

2. Pre & Post- Hospitalization Expenses
The policy covers medical expenses incurred pre-hospitalization for a fixed period of 30 days before to the date of admission to the hospital. The policy covers medical expenses incurred for a fixed period of 60 days from the date of discharge from the hospital.

4. AYUSH Treatment:
This policy covers the expenses incurred for inpatient care treatment under Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy systems of medicines expenses up to a specified limit of sum insured in policy period.

5. Day-care Treatment
Day-care treatment refers to medical treatment or surgical procedures performed in a hospital or at day-care centre under general or local anaesthetic in less than 24 hours. Day-care treatment does not include treatment that would ordinarily be done as an outpatient. The plan covers medical expenses incurred on all day care treatment up to 50% of the sum insured of policy.

6. Road Ambulance Cover
The policy covers cost pf road ambulance up to Rs. 2,000 per hospitalization.

7. ICU/ICCU Charges
Expenses incurred for ICU/ICCU are covered up to 5% of the SI subject to a maximum of Rs. 10,000 per day of hospitalization.

8. Plastic Surgery and Dental Treatments
Plastic surgery and dental procedures that are required as a result of a disease or an injury are covered under this policy.

9. Cataract Surgery
The policy covers medical expenses incurred for treatment of Cataract, subject to maximum limit of 25% of the sum insured or Rs. 40,000, whichever is lower, for each eye.

10. New Age Treatments
Modern treatment including Robotic surgeries, Bronchial Thermoplasty, Intravitreal injections, stem cell therapy etc. will be covered under the policy up to a limit of 50% of the sum insured of Policy.

List of New Age Treatments Covered Under Arogya Sanjeevani Policy
The advancement treatments that are covered up to a limit of 50% of the sum insured under the Arogya Sanjeevani Health Insurance Policy is listed below:-

·Uterine Artery Embolization and HIFU (High-Intensity Focused Ultrasound)

·Balloon Sinuplasty

·Deep Brain stimulation

·Oral Chemotherapy

·Immunotherapy – Monoclonal Antibody to be given as an injection

· Intra Vitreal Injections

· Robotic Surgeries

· Stereotactic Radio Surgeries

· Bronchial Thermoplasty

· The Vaporization of the Prostrate (green laser treatment or holmium laser treatment)

· ONM – (Intra Operative Neuro Monitoring)

· Stem Cell Therapy: Hematopoietic stem cells for bone marrow transplant for hematological conditions to be covered.

What All Is Not Covered Under Arogya Sanjeevani Policy?

Arogya Sanjeevani Health Insurance Policy comes with the following exclusions:

·Prior to the start with their first policy, the insured got diagnosed, got medical treatment, and had symptoms for any condition, ailment, injury, or related conditions.

· Any disease raised during the first 30 days from the commencement of the policy

·Admission firstly for investigation & evaluation

· Admission firstly for a rest cure, rehabilitation and respite care

·Expense related to the surgical treatment of obesity that does not fulfil certain conditions

·Change of gender treatment medication

·Expenses for cosmetic or plastic surgery

· Expenses for any therapy required as a result of participating in dangerous or adventure sports activity.

· The treatment has taken out of India

· Pre-existing diseases from the start date of the policy up to 4 years of continuous coverage

· Maternity expenses not covered

· Treatment for alcoholism, drug or substance abuse, or any addictive condition.

· Nuclear, chemical or biological weapons attack treatment not covered

·  Dietary supplements and substances that can be purchased without a prescription  not covered.

·  Any expenses incurred on domiciliary hospitalisation and OPD treatment expenses not covered.

Please refer to the Arogya sanjeevani policy wording to read about exclusions in detail.

Arogya Sanjeevani Refunds and Cancellation of Policy
The policyholder of the Arogya Sanjeevani Policy has a 15-day free-look period means that the policyholder can cancel insurance without incurring any cancellation fees within the first 15 days. Furthermore, the policyholder’s payment, after deducting any cost incurred by the insurance company, will be reimbursed to the policyholder if no claims are made during this time.

However, in case of the 15 days free-look period gets over, then also, the policyholder is given the option to cancel thier Arogya Sanjeevani Policy. For this, the policyholder must provide the insurance provider 15 days written notice prior cancelling the policy. The premium paid by the policyholder will get refunded for the remaining policy period according to the standard rates mentioned below:

       Cancellation Time                           Premium Refund Percentage
            Up to 30 days                                              75%
            31 – 90 days                                                50%
            3-6 months                                                   25%
            6-12 months                                                  0%
Note: Please make a note that no free look period is applicable during the time of insurance renewals.