Best Family Health Insurance Plans

Compare Best Family Health Insurance Plans in2018

India’s population is more than 135 crores now, and of this, less than 35 crore people are covered by government health insurance. The recently announced Ayushman Bharat scheme does aim to cover 50 crores people, but it is directed at only the poor and marginalized sections of society. The ultra-rich can take care of their medical expenses easily. So that leaves the majority of the lower to upper middle class to fend for themselves. This is a list of the best family health insurance plans available in 2018.

Religare Care – There is no maximum entry age for this family floater policy, and you can add up to 6 family members in the policy. Instead of rewarding a no-claim year with increased coverage, this policy reduces the next year’s premium by 50%, and the reduction progressively goes up to 150%. Most of the pre-hospitalization, post-hospitalization and ambulance expenses are covered. If any of the insured people have a pre-existing disease, there is a waiting period of four years for coverage of that illness for that person.

Max BupaHealth Companion – You can add up to 4 adults and 2 children in this family health policy. In case the claim amount for the 6 members exceeds the covered amount, then the insurer would auto-refill the sum assured. Children of age 3 years and above can be added, while adults need to be at least 18 years to get included in this policy. The maximum insured amount in this policy is 1 crore. If there are 5 consecutive no-claim years, the sum assured is doubled.

BajajAllianz Family Floater Health Guard – This policy provides coverage of up to Rs. 10 lakhs for a maximum of 6 family members. You get coverage of pre-hospitalization expenses for up to 60 days before the hospitalization, and of post-hospitalization expenses for up to 90 days after discharge. Every no-claim year gives you an annual bonus of 5%, which can go up to a maximum of 50%. The maximum entry age for adults is 65 years.

HDFC Health Suraksha – Apart from the pre-hospitalization and post-hospitalization coverage that most other policies provide, this policy also gives you coverage for day-care or in-house treatment and also ambulance expenses. There is no maximum entry age for this policy, which provides the convenience of lifelong renewability. The sum assured amount for this policy can range from Rs. 3 lakhs to Rs. 7.5 lakhs. If you are declaring any pre-existing disease, then you would get coverage for expenses related to that illness only after completion of the fourth year.

SBILifeSmart – You can get coverage for up to 6 members of your family for a maximum sum assured of 5 lakhs with this policy. All pre-existing diseases would attract a waiting period of 28 months before they are covered. There is no bonus from the insurer even if have any claim free years, and the premium amount stays unchanged. You get the benefit of coverage for day care, surgeries, ICU charges and a daily cash benefit during hospitalization, for meeting additional expenses.

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Comparison Between LIC Jeevan Akshay VI and Fixed Deposit

Are you looking for the long term pension goal with minimum investement? Then, you should go into Jeevan Akshay. It's more attractive than band FD.

Jeevan Akshay VI

Here, you pay a lump sum to LIC and in return, LIC pays you a fixed sum of money for a certain period of time.

Eg: You pay LIC a sum of Rs 10 lakh on 1st January 2017. In return, LIC pays you Rs 60,000 per year (pre-tax) for the rest of your life.

Eg: You pay LIC a sum of 10 lakh on 1st January 2017. In return, LIC pays you Rs 50,000 for the rest of your life and the same amount after your death to your wife for the rest of her life.

You can get this money monthly, quarterly or annually, as per your choice. This type of pension plan is called an ‘annuity.’ There are many types of annuities. The annuity types offered by LIC under Jeevan Akshay VI are:

Annuity for life

This is the simplest version of an annuity. In this option, you pay a lump sum to LIC and in return, LIC pays you a fixed sum of money for the rest of your life. The annuity payments stop when you die. If the total amount you have received from LIC over the years is less than the lump sum you paid, too bad. However, in return for this feature, the annuity rate in this type of plan is higher than the other options on offer. The rate offered also increases rapidly as you grow older (because statistically, you are more likely to die with advancing age).

New Jeevan Nidhi

This a conventional insurance policy which offers you a sum assured on your life and also a return linked to the profits earned by LIC.

It also gives you:

1. Guaranteed additions equal to 5% of the sum assured for each completed year with the policy for the first 5 years.
2. A simple reversionary bonuses and final additional bonus

It is difficult to work out the return on this policy because it is linked to the profits that LIC is offering to share with you. These depend on the performance of the company.

On maturity, you can use the amount you receive to buy an annuity from an LIC in two ways.

1) The annuity can either start right away or

2) You can invest the matured lump sum as a single premium for a policy that will mature further down the line.

Airtel Payments Bank Announces Additional Benefit on Savings Deposits

Airtel has been relentlessly expanding its telephone and data services across the country. But that is the core competency of Airtel. Recently, Airtel has also branched out into the non-banking payments space. We had already been seeing the proliferation of e-wallets in India, and Airtel had already created a presence in that space with its Airtel Money offering. This was being widely used by clients to make a variety of payments, mostly of Airtel postpaid bills. The next logical step by Airtel was to open a payments bank, which it finally did in 2016.

Let us first what a payments bank is, and how it differs from a conventional bank. In line with the Government’s push to bring more and more people in the country into the banking mainstream, the RBI has mandated the opening of payments bank across the country. These banks would be designated as non banking financial institutions. Their functioning would be quite similar to the e-wallets. But they would actually be allowed to open current and savings accounts for clients and pay interest on them as per RBI mandates, whereas payment wallets would just function as temporary repositories for keeping cash. The mandate for payments bank does not include (so far) the opening of fixed deposits and giving loans.

Airtel payments bank was launched in line with these very guidelines of RBI. The large unbanked part of the population might not have access to banking branches, but they were sure to have a mobile phone and a mobile number. The Airtel payments bank would use the same Airtel phone number as the account number of the payments bank account. This would sharply increase the reach of banking services in the interiors. The savings account in the Airtel payments bank would also provide normal interest to the account holder. At present, Airtel is providing the same rate of interest as banks, at 4%.

Airtel would not have branches or even ATMs. They would instead set up Banking Points from where people could withdraw money from their accounts if they needed cash themselves instead of making payments through the wallet. Airtel hasn’t planned on additional infrastructure for these Banking Points. Their existing stores or certain existing stationery or grocery stores in each neighbourhood would function as the Banking Point for that area.

Instead of withdrawing cash, if cash needs to be remitted to someone, the Airtel payments Bank would facilitate that as well. That would require the account holder to have an Airtel Money e-wallet, from which the remittance would be facilitated. Let us also see how the Airtel payments bank account can be opened.

The account opening process takes advantage of the fact that the Aadhaar card of every person is issued only after collection of biometric data including fingerprints. Most phone numbers have their Aadhaar numbers linked and authenticated already, so a simple scan of the fingers on your smartphone would enable the My Airtel or Airtel payments bank app to validate your finger scans with your Aadhaar number.

For more info: airtel payment bank interest rate