Should you avail a Health Insurance from a General Insurer or a Health Insurer? Should you avail an Individual Health Insurance plan if you already have a Family Floater or Group Health Insurance plan? Can you convert an Individual Health Insurance plan into a Family Floater plan?
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Health Insurance plans are offered by both Life and Health Insurance companies. Consider the following before deciding on your insurer:
An individual insurance policy is necessary to cover what group insurance doesn’t offer. Avail an individual health plan in the following cases:
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Yes, that is possible. When you convert an individual Health Insurance into a family floater you alone will get benefits of continuity of your Health Insurance, i.e. you can carry forward the benefits of the individual Health Insurance but for others, the family floater is as good as a new policy.
The continuation is limited to your existing sum insured. Anything over and above it will mean an enhancement in sum insured and hence will not attract benefits of continuity.
Also, it is best to think along the lines of what your family’s Health Insurance needs are. If you are newly married, you will have to consider if you need to take a maternity cover for wife or riders or a separate maternity Health Insurance plan altogether.
If you happen to develop a disease during this period, it will not be considered as a pre-existing disease only for your current sum insured. Any increase in the sum insured will attract a higher premium.
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