Family Health Optima Insurance Plan Overview

15 mins read
Family Health Optima Insurance Plan: An Overview

Let us be honest, as a kid, we really didn’t understand what all the fuss about Insurance was. What we know today is that we stand to benefit tons of money out of it and so can our kids when it’s their time. Today we will learn about a great Insurance plan called Family Health Optima Insurance Plan by Star Health and Allied Insurance. We will also look at Family Health Optima Insurance Plan benefits and Family Health Optima Insurance Plan premium chart.

Understand Family Health Optima Insurance Plan: An Overview

Family photo
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The word insurance still confuses a lot of people. That is why we will first break down the meaning of Insurance and the different types of Insurance available today. It will help us understand the Family Health Optima Insurance Plan by Star Health and Allied Insurance. Let us get started.

What is meant by Insurance?

Explaining something | Family Health Optima Insurance Plan
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When we say the word insurance we mean lots of paperwork carried out to guarantee repayment of a certain sum in case of loss of shop, house, a person, goods, etc. Seems simple? Well, that’s not it. When we talk about insurance we are talking about paying a premium.

First, you choose a type of insurance and the plan. Yes, there are types of insurance. Then, based on the terms and conditions, you must pay a fixed sum of money for a specified period. Once your payments are done, there are certain plans whose timer begins because they exist only for a specific period. There are other insurances that don’t come with a time period and are just bound by the occurrence of tragedy.

Now that we have some knowledge as to what insurance is, it is time to look at the types of insurance.

Types of Insurance

If we were to go with each and every type of insurance and its sub-category then we would be looking at an Encyclopedia on insurance. To avoid making it all lengthy and boring we are only focusing on some main types of insurance that many of you might have come across at some point in your education or life.

1. General Insurance

Firstly, there is general insurance, which in itself is a very broad term. It is a type of instance in which you are paid compensation for damage caused to an item rather than your life. Under general insurance, you have various types of insurance which are,

2. Health Insurance

Under health insurance, you get paid for expenses that were incurred due to medical treatment or instead, the money for treatment is paid by the insurance company for the medical treatment. Here the amount paid can be for the pre-treatment process, treatment process or resident treatment. Health insurance can be an individual health plan, a Family Health Optima Insurance Plan, a senior citizen plan, or any other party depending upon the insurer.

3. Motor Insurance

Toy car | Family Health Optima Insurance Plan
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Next up is motor insurance which has its purpose hidden in the name. If you are involved in an accident and your bike, car, or commercial vehicle gets damaged, then this is the type of insurance that you hope you have. This insurance covers the cost of the repair of the vehicle that has been damaged.

4. Home Insurance

Home Insurance form

In case you were wondering about home insurance, then they exist too. This insurance gets activated in case your house gets damaged by forces of nature or various other man-made issues. Here you can claim compensation for something as big as a flood to something as small as a burglary. Tenants and landlords both also get their own type of insurance under home insurance. Soon we will learn about Family Health Optima Insurance Plan.

5. Fire Insurance

When we talk about fire insurance we talk about homes or offices burnt by fire. In that case, this type of insurance gets you a hefty compensation. Certain companies also cover wars, riots, and other stipulations in this type of insurance and under fire insurance, you have further types that cover risks and items as per their own terms and conditions.

6. Travel Insurance

Lastly, there is travel insurance which covers your risk when you are on the move. When traveling in India or out of India, with family or without family, there is a lot that can go wrong like a bag going lost, a misplaced passport, etc. it is then when this type of insurance saves the day. If we go further into it then one can find specific types of travel insurance for different situations.

7. Life Insurance

Hands Together
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The other type of insurance is life insurance. Here the amount paid as compensation in case a person passes away. In this type of insurance, you have the flexibility to choose the duration of the insurance policy, coverage amount, payout sum, etc. depending on which company you take your policy from. Under life insurance, the types of plans are:

  • Term life: In this type of insurance, you choose a time period. If something happens to you and you die during this period then your family is paid a pre-agreed sum of money as compensation.
  • Whole life: Unlike a term plan, the whole life insurance covers the whole life period of the person and when that person does her/his nominees are paid up.
  • Endowment plans: Endowment plans are those plans where your family gets paid if you die within a specified period and if you don’t then a lump sum amount is given to you once the period has passed.
  • Unit-linked: This is a type of insurance under which a certain sum of money paid by you is used for investment purposes and the rest as a sum towards the insurance.

8. Child Insurance

Child with mother | Family Health Optima Insurance Plan
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This insurance plan is the one where you get money on the maturity of the plan that you can use for the future of your child. Usually done when they are very young so that it matures when they are of the appropriate age and need funds.

9. Pension Insurance

This type of insurance is the one that helps you get your savings post-retirement so that you can still cover your expenses without being worried about running out of cash due to no income source.

Family Health Optima Insurance Plan

Family Health Optima Insurance Plan

Family Health Optima Insurance Plan by Star Health and Allied Insurance is one of the most famous and subscribed family insurance plans. The insurance plan is for anyone and everyone, be it your spouse or a kid between the age of 16 days and 25 years. A person between the age of 18 to 65 years can sign up for this insurance.

Under this insurance, you are covered for hundreds of daycare procedures, home hospitalization, pre and post-hospitalization expenses within the range of 60 and 90 days respectively, donor expenses in case of transplant, and air ambulance charges up to 10% of the basic sum insured.

The claim settlement ratio for this plan stands at 78.62% and the plan also covers COVID-19. The plan also supports in-house claim settlement and more than 9,900 hospitals accept the policy as legit. After the age of 65, the policy can be renewed to be lifelong and so far almost 40 lakh such policies have been sold.

Family Health Optima Insurance Plan Benefits

Benefits of Insurance | Family Health Optima Insurance Plan

There are many benefits of Family Health Optima Insurance Plan and some of them are as follows:

  • Family wide coverage: This insurance plan is a floater plan which means that it covers all the members of a family and that is what also makes it appealing.
  • Wide Range of Insured sum: The insured sum starts in between the range of 1 lakh and 25 lakhs which is surely a more than decent amount.
  • Restoration Time: The sum insured will be restored to 100% automatically up to 3 times during the time of the policy period in case it gets exhausted.
  • Policy Renewal: The policy is renewable for a lifetime for any of the policyholders. Now if that’s not good news then we don’t know what is.
  • Pre-existing issues Covered: Pre-existing issues can also be covered in this insurance but only after 4 years of continuous coverage.
  • Recharge Policy: In case you exhaust your funds then you can withdraw the excess amount as per the predefined limit once in a policy year.
  • Bonus: Your bonus cumulates 25% in the second year and an additional 10% in the following years for every claim-free year that lies in the way.
  • Direct and Fast Settlement: There are no worries about settlements as they are directly provided by the insurance company without any third party getting involved. Also, the settlements happen quickly and are hassle-free, making them more attractive.
  • Cashless Hospitalization: Hospitalization can happen cashless in more than 11,000 hospitals that are connected via the network.

Also Read: 10 Tips to Remember Before Opting For A Health Insurance

Family Health Optima Insurance Plan Premium Chart

Analyzing Graph
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They are many ways to calculate premium in Family Health Optima Insurance Plan. It is divided into different categories for different age groups. The time period of premium payment also influences the rate. You can find the premium chart for all the age groups and time period plans by going to Family Health Optima Insurance Plan’s official website.

For your reference, here is a sample Family Health Optima Insurance Plan premium chart for 2 adults.

Sum Insured Premium Payable
5 lakhs 13,158 rupees
10 lakhs 16,443 rupees
15 lakhs 19,405 rupees
20 lakhs 21,729 rupees
25 lakhs 23,906 rupees

As we go up the slab not only does the amount insured and premium payable increase, but also you have more and more services covered in the plan. The cost covered for certain aspects sees an increase in their percent whereas some totally new benefits get unlocked as we head towards the 25 lakh plan.

Choosing an insurance plan can be tricky and you may find yourself looking for an insurance plan that offers more benefits which may also force you to shell out a hefty sum. Therefore, it is necessary that you study various plans and their benefits and compare them to each other.

This was all about Family Health Optima Insurance Plan. Next time you are looking for an insurance plan that has benefits like that of the Family Health Optima Insurance Plan benefits, find one and make sure to go through their premium chart like the one for the Family Health Optima Insurance Plan premium chart shown above and in no time you shall have for yourself the perfect insurance plan that was hand-crafted for you and your family.

Sushma Singh

Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.