Family Floater Health Insurance Plans Give more Benefits at Low Rates

A family floater is a health insurance plan which covers the entire family and not just the individual. Being covered in a family floater, entire family is benefited from larger common pool if insurance.

In a family floater health insurance plan, the sum assured is available for all the family members. Therefore if let’s say a cover of Rs 3,00,000 is available for the entire family of four. The family doesn’t have to bother if two members of the family fall ill and the medical expenses for treating them comes to around Rs 2,00,000. In that case, the remaining Rs 1,00,000 would still be available for the rest of the family members. This feature works in the favor of family floater plans.

The policyholder has to focus on one policy and not manage four to five different policies. Some of the features include

  • Income tax benefit for the premium that is paid towards family floater

  • Adding near family members which include spouse and children is much easier

  • If you have still a young family the chances of getting a higher sum assured is better.

  • The plan can be renewed till the oldest member of the family reaches the maximum renewability age. In the case of insuring children some insurers allow them in the plan they turn up 25 years of age

  • Previously renewal age was limited by most of the insurance companies to 75 years, but after the intervention of Insurance Regulatory Development Authority of India (IRDAI), the insurance companies are now offering lifelong renewability.

  • Always check for the sum assured offered in a health plan. Even though you might be having a sum assured for Rs 5, 00,000, there might be a limit on the amount to be paid for medicines, limit on amount to be paid for surgery or cost towards a particular type of disease.

  • Always look out for additional riders which could include free health checkup, concierge services and advice on telephones, discounts on medical stores, health clubs and fitness center.

  • Features like the maternity cover and newborn baby cover are an attractive feature for the new couples, however, these plans come with a waiting period

  • There are discounts on offer when the policy is taken online which makes the experience of buying better.

Some of the health insurance companies are offering for a period of 2 years. This presents you hassle free coverage without any increase in premium for the selected tenure. 

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