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The pandemic has taught us that there is no alternative to health insurance. (Representative Image)

Health insurance is one of the priorities of modern life. According to insurance experts every family should have a minimum floater health insurance policy worth Rs 5 lakh. It is better if you are able to raise the cover to Rs 8-10 lakh.

Money9 gives you a comparative study of the cheapest premiums for a floater insurance coverage of Rs 5 lakh per family.

Floater insurance coverage

A family floater is a health insurance plan that extends the coverage to the entire family. Simply put, a floater brings all the members of the family under an umbrella cover.

Being covered under a floater, every family member gets benefits under a larger common pool. Suppose, you go for an insurance cover of Rs 5 lakh for your family of four. That means every year all four members are covered up to the sum of Rs 5 lakh maximum.

If the sum is exhausted in a year, then no new claim would be entertained for the rest of the year. Next year you are eligible to make a claim. Floater health insurance has the benefit of tax deduction under section 80D.

Nine premium rates

All the premiums (excluding 18% GST) have been calculated for a 30-year-old married individual. The rates could be different depending on your age, gender, place of residence, pre-existing conditions, cover size and features of the policy or any other terms and condition of your chosen insurer.

1. United India- Rs 5,581

2. New India- Rs 5,791

3. SBI general- Rs 6,088

4. Tata AIG- Rs 6,347

5. Aditya Birla- Rs 6,371

6. Universal Sompo- Rs 6,393

7. National Insurance- Rs 6,486

8. Max Bupa- Rs 6,542

9. Royal Sundaram- Rs 6,560

A necessity

The pandemic has taught us that there is no alternative to health insurance. From home treatment to hospitalisation, health insurance plans cover different types of expenses. There is a thin gap between health insurance and normal Mediclaim policy.

A good health insurance policy would usually cover expenses made towards doctor consultation fees, costs towards medical tests, ambulance charges, hospitalisation costs and even post-hospitalisation recovery costs to a certain extent.

Experts said that a good health insurance plan gives 180-degree coverage of your medical needs, where a Mediclaim policy serves 85% of the total needs. Health insurance should also have cashless facility.