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5 Reasons Why Newly-wed Couples Should Consider Family Health Insurance

Team AckoJan 28, 2025

The great Indian wedding is a spectacle. It’s not just about two people promising to spend their lives with each other. It is a union of families. Irrespective whether the newly-wed couple stays in a joint family set-up or a nuclear one, family bonding never takes a back seat in their life-long journey. This family bonding has its impact on all aspects of a newly-wed couple’s life; health insurance being one of it.

Having a health insurance policy, as a backup during medical emergencies sounds reassuring. Rising medical inflation also emphasizes on purchasing a sound health insurance plan. If you are newly-wed or planning to get married soon, here are five reasons why you should consider going for a family health insurance plan in India.

Contents

1 – Price point
2 – Easy to manage
3 – Additional cover
4 – Tax benefits
5 – Better health portfolio
- Purchasing Health Insurance Plans for Family
Protect Your Future with Life Insurance

1 – Price point

Suppose there are five members in a family; a newly-wed couple, parents, and a sibling. If one purchases five individual policies of INR 5 lakh (sum insured), it is going to be a costly affair. Compared to purchasing a family health insurance offering INR 5 lakh sum insured will be less costly. All members will be covered in one single family health insurance policy.

2 – Easy to manage

Managing several individual plans is more tedious than managing one family floater plan for the entire family. The restrictions are also more lenient as compared to purchasing an individual health insurance plan. You just have to pay a specific premium amount and you along with your family members will enjoy a health insurance cover.

3 – Additional cover

It is likely that the earning member of the family might have a separate (individual) health insurance plan. On top of it, there might be an employee health insurance policy. Thus, health insurance plans for a family should be looked as an additional cover. Employee health insurance is generic in nature. But a Mediclaim policy for family (family floater) can be customized to an extent making it a good additional cover along with the individual plan.

4 – Tax benefits

Based on the exact nature of the policy chosen, one can avail tax benefits while purchasing health insurance plans for family. Such tax deductions can be availed as per Income Tax Act, Section 80(D). Therefore, with Mediclaim policy for family, you can save money as well as ensure wide-ranging health insurance cover.

5 – Better health portfolio

If there is no family history related to chronic medical issues, a family floater plan should suffice to take care of everyone’s health insurance needs. Those who have family members who are prone to specific kind of diseases (example – due to their lifestyle), they can opt for specific critical illness plans for enhanced coverage. For example, one can opt for a heart-specific insurance policy. Thus, with a basic Mediclaim policy for family in place, one can think of purchasing specific additional policies (if required) for a better health portfolio.

Purchasing Health Insurance Plans for Family

We live in the online era. Nowadays, you do not have to visit an insurance company’s branch office to purchase health insurance. You can do so from the comfort of your home with your internet-enabled smartphone.

It is suggested to compare policies online before buying health insurance. However, one shouldn’t be influenced by low prices and rather compare based on the coverage required. The inclusions and exclusions of a family floater health insurance policy will be clearly explained on insurance company’s website. You must go through them meticulously before purchasing the policy.

Disclaimer: This content is for informational purposes only and is based on industry experience and secondary sources. It is not a substitute for professional advice. Please consult a qualified expert for health or insurance-related decisions. Content is subject to change. Refer to current policy wordings for specific ACKO details.

Protect Your Future with Life Insurance

Investing in health insurance safeguards your well-being with benefits like restoration coverage during medical crises. Similarly, Term insurance can enhance your long-term financial safety.

For example, choosing the best term insurance plan for 1 crore protects your loved ones in case of unforeseen events. This coverage ensures that your family remains financially secure, even in the face of the unexpected. When actively looking for a plan that suits you and your family's requirements, you can easily identify a cost-effective plan that provides significant coverage using a term insurance calculator.

Life insurance plans provide long-term security and investment. They are perfect for creating wealth and providing a financial cushion for loved ones.