Family Insurance Plan: A Complete Guide

Hence, to unburden these superheroes from financial worries, we suggest including a family insurance plan in your budget planning.

What is Family Insurance?

Family insurance, renowned as Joint-Life Insurance, is a life insurance plan to protect your family members from uncertainties. This plan provides coverage for two people, especially for married couples.

The premium amount is paid by both the insured peers for a certain period, and the pay-out is on a first death basis. So, for instance, if one policyholder dies, the sum assured is paid to the other policyholder.

Joint Life insurance protects the beneficiary from financial stress in case of one's demise. When one of the insurer partners dies, the policy expires immediately. All insurance plans & insurance companies are regulated under the Insurance Regulatory & Development Authority of India (IRDAI).

Why Do You Need Family Insurance?

During this Covid-19 outbreak, buying family insurance is a necessity than simply an additional insurance policy.

• - Joint life insurance policies have low and affordable premiums. Since the premiums have to be paid by two people, the burden is equally shared and managed.
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• - In case of the death of one partner, this policy ensures regular financial security to the surviving partner for 60 months with a supplemented income.
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• - To attain peace of mind that your loved ones will get assured financial protection in your absence.
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• - A joint insurance plan helps you take loans for cars or properties. Then, the bank or any financial institution won't trouble your family to repay loans.

Tips to Choose Best Family Insurance Plans in India

Before buying a family insurance plan, it is crucial to choose a policy that offers maximum coverage for their nuclear family. With an extensive range of insurance options in the market, picking the right joint insurance policy can be an arduous task.

Here are five simple tips to help you select the best family insurance policy.

• - Search for the Right Insurance Coverage
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When choosing a family insurance plan, it is essential to note all the needs of each insured member. For example, most insurance plan provides coverage for pre and post hospitalisations, critical illnesses, cashless treatments, ambulance charges, etc.

Before meeting your insurance agent, we recommend preparing a list of questions you have in mind about insurance plans. Then, compare various programs and check the policy's limitations and features. It will help you choose the best family insurance plans that suit them best.

• - Review the Waiting Period Clause

Many health insurance policies cover maternity expenses or critical illnesses after 2-4 years of maturity. Hence, it is essential to consult your insurance agent and ask them to highlight the waiting period clauses for various coverages.

It will help you and your family plan long-term goals and manage finance efficiently. For instance, treatment expenses for specific diseases like varicose veins, hernia, etc., get covered after 2-4 years of maturity.

• - Plan Should Be Flexible to Add New Family Member

Choose a family insurance plan that provides flexibility to add a new family member in a hassle-free way. Also, it will help you get coverage for the new member in the ongoing plan and lower the financial burden.

In cases where the senior citizen becomes ineligible for coverage in a family insurance plan, the other family members still have access to the benefits of the same plan. Select a Lifetime Renewability Plan

Wrapping Up

Buying a family insurance plan can help you achieve your life goals systematically. With family insurance, one can efficiently fulfil their children's dreams and overcome financial obstacles.

If you have any queries regarding the family insurance plan, contact us immediately. Our advisors will be happy to guide you.