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Family Health Insurance of Rs 1 crore: Is it worth it?

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Published on March 4, 2021. EST READ TIME: 3 MIN

We are residing in a constantly changing world, and more often than not, the safety of our family members has been our utmost priority. In lieu of the current pandemic, everyone has become more wary. Besides, apart from the pandemic, there are many other contagious and lifestyle diseases that we may fall prey to at any given point in time. Despite our relentless efforts to stay fit and healthy, we might end up falling short, and our chances of succumbing to such diseases and illnesses is always a growing concern. In times like these, a family health insurance cover can provide much-needed assurance.

While the importance of health insurance is known to all, most people struggle when deciding how much cover to buy. It has been observed in India that most middle-class households opt for insurance with a sum assured anywhere around Rs. 5 lakhs to Rs. 7 lakhs . The amount may seem sufficient enough for you and your family’s medical needs, but it would be wise to do a thorough research before purchasing the policy.

One crore may seem a huge amount, but with the rising uncertainty in life, it is also equally important that you secure a better and peaceful environment for your loved ones. Two critical aspects you must keep in mind, one is that the pandemic that has led us all to introspect on our life choices, and second is the changing financial conditions of the country.

But with the rising uncertainty of life due to the rapid spread of Covid-19, it is not just safe, but also extremely important to keep the possibility of multiple claims in mind now. The question is how much should your insurance policy cover? In view of the rising medical expenses and inflated hospital bills, it completely makes sense to think about purchasing the one crore health insurance.

Factors to Consider for Family Health Insurance

Before you finalise your insurance cover, there are a number of factors that you must consider:

1. Total number of people in your family

2. Number of earning members in your family

3. Medical history of your family members

4. Cost of medical expenses in your city/state

5. Monthly, quarterly, half yearly or yearly premium payment options for the cover

Once you answer these basic questions, it becomes easier for you to, then judge the cover that you need from a health insurance policy.

How to choose the right cover for family health insurance?

Often, people tend to ignore the insurance cover they are opting for, i.e., the sum insured , and this could be problematic eventually. Based on the size of your family, it is ideal to consider all your needs and your family requirements before choosing the cover.

Let us say there is a family of four, with only the husband as an earning member, and they opt for a health insurance cover of Rs. 25 lakhs. If the wife gets diagnosed with a chronic disease like cancer, the hospital bills alone can put the family into financial distress. However, had the family opted for the one crore health insurance, their plan would have been able to cover the hospital and medical expenses, without putting them through a financial turmoil. Granted that the premium for this health insurance policy would also be higher, but it more than pays up when you have to handle medical bills for yourself and your family. Additionally, under section 80D, you can save tax up to Rs. 1,00,000**  for the premiums you pay towards your policy.

In most cases, when you choose a health insurance cover, it is crucial to take the rising medical expenses and healthcare into account. Give your family the security of my:health Koti Suraksha

There are many family health insurance policies, designed to  take care of medical expense needs  Our family health insurance policy  of - my:health Koti Suraksha , covers  you and your family for Medical emergencies ,Major illness and ,surgeries, including hospitalization for coronavirus disease ,  and many other medical expenses,. While you focus on reaching your goals, let my:health Koti Suraksha take care of all your medical and healthcare needs.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

** For tax benefit of upto 1,00,000, both individual / family and parents should be above 60 years of age (ii) For tax benefit of upto 75,000, Individual and family should be below 60 years but parents should be above 60 years (iii) For tax benefit of upto 50,000, Individual and parents should be below the age of 60 years and the above is subject to change in tax laws. HDFC ERGO General Insurance Company Limited. Registered & Corporate Office: 1st Floor, HDFC House, 165-166 Backbay Reclamation, H. T. Parekh Marg, Churchgate, Mumbai – 400 020. Trade Logo displayed above belongs to HDFC LTD and ERGO International AG and used by HDFC ERGO General Insurance Company Limited under license. For more details on the risk factors, terms and conditions, please read the sales brochure/prospectus before concluding the sale. UIN: my:health Koti Suraksha - HDFHLIP21131V012021 IRDAI Reg. No.146 CIN: U66030MH2007PLC177117. UID No. D2-32Terms & conditions apply