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   Options available for buying Health Insurance by a large family
There are a large number of families in India comprising of self, spouse, 2 children and father/mother. We frequently receive queries through our website from such families, who are looking for best option for buying of health insurance.
Let us take example of Vashisth’s family comprising of following:
1. Vashisth 34
2. Spouse 28
3. Son 5
4. Daughter 3
5. Father 62
6. Mother 58
Vashisth wishes to buy mediclaim policy for his immediate family + dependents and his parents and wants to know what the best available option is.
In an ideal situation, any one will assume that one policy should be issued for all of them and family should be eligible for 10% discount on family of 6. But this does not happen. As his father aged 62 years is now a senior citizen, he will have to go in for a separate policy under Varistha Bima Yojna (named by different insurance co’s under different brand names). His mother cannot be included in the Family Floater policy as insurance co’s in our country issue policy to 2 adults + 2 children only. A 3rd adult is not permitted to be covered under family floater. It is surprising but it is a fact. If Family Floater is selected for Vashisth’s family of 4, then their Mother (58 yrs) also needs a separate policy.
If Vashisth wishes to cover every member for Rs. 2 Lakhs than normal policies can be issued to 5 of them.
Let us say each family member is to be covered for Rs.2 Lakh then options are:
Alternative 1: Choose from Table 1, family floater for Vashisth family of 4, Mother from Table 2 and Father from Table 4.
Then cost is coming:   Amount in Rs.
Details No. of Persons Policy Type Sum Assured Ins. Co. Premium
Family 4 Family Floater Insurance 2 Lakh Reliance General 3730
Mother 1 Individual Mediclaim 2 Lakh United India 7012
Father 1 Senior Citizens Mediclaim 2 Lakh Oriental Insurance 10753
Total 6       21495
Note: Vashisth family of 4, each one is covered for Rs. 2 Lakhs subject to max. claim in a year of Rs. 2 Lakh (for 4 of them).
Alternative 2: Choose from Table 3 for Vashisth’s immediate family of 4 + Mother, and take cover for Father from table 4.
Details No. of Person Policy Type Sum Assured Ins. Co. Premium
Vashisth family + Mother 5 Individual Mediclaim 2 Lakhs Star Health & Allied 14865
Father 1 Senior Citizens Mediclaim 2 Lakhs Oriental Insurance 10753
Total 6       25618
Note: Every member is covered for Rs. 2 Lakhs.
With these Tables and examples it is easier for you to decide – Vashisth should go in for which cover.
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