1. Comprehensive Coverage : Family health insurance provides coverage for a wide range of medical expenses, including hospitalization, pre and post-hospitalization expenses, ambulance charges, daycare procedures, and more.
2. Cost-Effective : Opting for a family health insurance plan is often more cost-effective than purchasing individual policies for each family member. It helps in saving money on premiums while ensuring adequate coverage for the entire family.
3. Convenience : Managing a single family health insurance plan is more convenient than dealing with multiple policies. It simplifies the administrative tasks associated with insurance, including premium payments, claims processing, and policy renewals.
4. No Claim Bonus (NCB) : Many family health insurance plans offer a no-claim bonus, wherein the sum insured increases for every claim-free year. This encourages policyholders to maintain a healthy lifestyle and avoid unnecessary claims.
5. Tax Benefits : Premiums paid towards family health insurance are eligible for tax deductions under Section 80D of the Income Tax Act. This helps in reducing the overall tax liability while securing the health of your family.