Why Is Family Health Insurance Considered A Smart Investment?

The hectic modern lifestyle, along with unhealthy eating schedules, creates the conditions for several diseases. When you add the increasing healthcare costs to this situation, it becomes way too difficult for you to handle the distress of a medical emergency in the family. A family health insurance plan is a convenient option that lets you cover all your dear ones under a single plan in such a scenario.

The multiple benefits of family health insurance plans make them convenient for your family and turn them into a smart investment for you. Read on to know why!

Coverage For Your Entire Family

Health insurance plans for the family can cover all the members under a single plan. Instead of going through the hassle of covering yourself, your children, spouse, dependent parents, and maybe even your parents-in-law under individual policies, you can get a family health insurance plan that covers them all. It is like a one-stop insurance solution for all family members.

The Premiums Become Affordable

One of the main factors that make family health insurance plans the good idea is that their premiums are cost-effective. The premium you will be paying for the family insurance plan will be more affordable than the premium paid on individual plans for every family member. Such plans give your family adequate coverage while being light on your pocket.

Every Member Can Get A Higher Coverage

The sum that is insured under a family health insurance plan can be utilized entirely by one family member who gets ill. Thus, every family member gets absolute access to the insured sum and gets to avail of a higher coverage if you want to go for the optimal sum insured.

The Added Benefit Of Maternity Coverage

Family health insurance plans with maternity coverage can be an excellent choice for young couples planning to start a family soon. These policies offer adequate coverage for all maternity-based expenses and help you to save money in the long run.

The Ease Of Adding New Members To The Policy

Family insurance plans let you have the convenience of adding new members to the policy from any point amid the policy term. You’ll have to forward an application to your insurer, pay an extra premium, and that’s it.

The Tax Benefits Associated With Family Insurance

Buying a family health insurance plan lets you avail of a tax deduction of up to INR 25,000. The deduction increases to as much as INR 50,000 when you’re a senior citizen. In fact, you can get tax deductions even if you are not a senior citizen but your parents included in the policy are. So, getting a family insurance plan saves your money in more ways than one.


As you can see, a family insurance plan is an ideal solution for your loved ones’ emergency healthcare needs, along with being an affordable investment option. So, if you still haven’t availed an effective insurance plan for your family, it’s high time you do so.