What to Choose Between Individual Mediclaim Policy and Family Mediclaim Policy?

by Staff

There is no fixed strategy you can use regarding health insurance. However, there are two main categories of insurance plans: family health insurance and individual health insurance. Each category has advantages and disadvantages. What choice would be best for you and your family? A comprehensive family policy or an individually chosen strategy based on the requirements of each family member?


Let’s learn about these two plans and the benefits they provide. 


Family Health Insurance Plan: What is It?


A family health insurance plan protects your family’s complete health and future under a single, all-inclusive plan. This insurance is mostly generic since it does not require customization based on each member.


The policy ensures a fixed sum, which is equally distributed among all the family members. For instance, if the family health insurance offers an assured sum of Rs. 3 lakh, it can be used by any family member during a medical emergency.


Usually, family plans are limited to the spouse, children and dependent parents.


Individual Health Insurance Plan: What is It? 

As the name suggests, individual health insurance is for just one family member. The amount secured here can be customized to their needs, and the concerned family member can only use it against any financial emergency. Individual health insurance includes a specific sum assured for individual members under the plan.


When this plan is purchased at an early age, the premium is usually lower, and one can also get no claim bonus for filing no claim at all during the entire year.

Individual Health Insurance vs Family Health Insurance

Factors Individual Health Insurance Family Floater Health Insurance
Definition It covers only one person, and the complete sum insured is dedicated to the treatment, with no scope of sharing it with any other family member. As the name suggests, this plan covers you and your family members up to the same insured. The plan is valid among the family members and has a capped or limited amount, which cannot be utilised by any other member once that sum insured exhausts.
Coverage The sum insured in this case is only meant for the individual holder. This plan has single-amount coverage. The entire family can use this amount. Any family member can use the coverage up to the sum insured but at different times.
Advantages Individual health is more customised and convenient to fit the insured’s needs, with no sharing involved with any other family member. This is ideal for senior parents or those fighting critical illnesses. This insurance policy is very inexpensive and comprehensive, and the one-time premium ensures the entire family’s well-being.
Disadvantages This is probably not a budget-friendly plan since it is customised according to particular preferences. One family member might exhaust the entire sum insured during a medical emergency, leaving no coverage for others in times of emergencies.

However, both individual and family health insurance have perks, and neither disappoints if an unforeseen emergency strikes. Care Health Insurance could be your best choice ensuring seamless services if you are searching for a comprehensive and reliable family mediclaim policy.

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The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.

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