Joint families are becoming a thing of the past, with younger people moving out of their homes and trying to build a career away from home.
The concept of a joint family may be alien to the younger generation but the benefits that a joint family offers are numerous.
In joint families, resources including finances are jointly managed. This makes it easier for taking major financial decisions. The health and well-being of the family is a concern for all the members. In joint families, it becomes easier to secure the health of all the members by investing in an appropriate health insurance plan for the family. This is a cost effective way of purchasing health insurance.
Joint families provide the comfort of eliciting opinions from many, before taking a collective decision on important issues. The older generation is more experienced and in a position to offer valuable advice and suggestions to the youngsters on matters that affect the family. Business decisions that are jointly taken tend to be more practical and workable.
Sharing of responsibilities
Another major advantage of being a part of a joint family is that there is sharing of responsibilities. During your busy days at work, you can entrust some of your personal chores to your family members who will be glad to be of assistance. Joint families share their financial responsibilities as well. When you are facing a financial crunch, other members of the family chip in, in order to bail you out of the situation.
“Blood is thicker than water” – the saying goes. Joint families provide a strong support system when you are faced with any kind of crisis in your life. In such situations, the rest of the family stands firmly with you providing the emotional support that you need.
Joint families are better equipped to handle emergency situations. During medical emergencies, older members of the family can rely on the younger members to support them physically, emotionally and financially.
Health insurance plans for a family can prove to be extremely useful for joint families in case of medical emergencies. A family floater plan is the most suitable health insurance plan for a family. It covers all the family members under a single policy. You can easily add new members to the policy whenever there is a new addition to the family.
You can buy some of the best family floater health insurance plans in India with Bajaj Finserv offering medical coverage to your family up to Rs.50 lakhs. It comes with free preventive medical health check for the insured member(s), once in 3 years.
The Bottom Line:
The benefits of living in a joint family far outweigh the disadvantages. Joint management of finances reduces the burden on individual members. Emergency situations can be managed better when there are more members to contribute. It would be a wise idea to purchase a family health insurance plan for the entire family, in order to cover any health emergency that may arise. It is a cost-effective way to provide health cover to the entire family.
By Sidharth Kapoor
who is a financial insurance advisor and residing in New Delhi.