A family floater health insurance policy is an insurance plan that provides cover to multiple members of a family. Instead of investing in separate health insurance policies for each individual member, you can easily buy a family health floater insurance policy that provides health cover for the entire family with a single premium. In a family floater health insurance policy, the sum assured can be used by any of the insured members of the family.
A family floater health insurance plan is similar to individual health insurance plans. The only difference is that the policy provides cover to all the members of the family. A family floater policy generally includes individual, spouse and children. Some policies also have the provision to include parents.
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A good family floater health insurance plan must have the following features:
Listed below are the advantages of availing a Family Health Insurance Policy:
The family floater health insurance policy covers a wide range of illnesses and diseases. However, there is some exclusion in every Family Floater Health Insurance policy. It is always advisable to go through the list of exclusions before buying a family floater health insurance policy:
The eligibility criteria of family floater health insurance policy are as follows:
Listed below are the most reputed health insurance plans in India that not only provide the insured with good coverage and benefits, but are also the market leaders in customer satisfaction:
Each family has separate health insurance requirements. Therefore before finalizing any policy, always keep in mind the requirements of your family. All the family floater policies in India are different and have their own sets of benefits and limitations.
It is always advisable to do a thorough research on the policies and compare the different family floater health insurance policies offered by different insurers. IndianMoney.com advises you to purchase a health insurance policy that would meet your financial goals and life situations. Choose the insurance plan which best suits needs and make sure you are covered for all eventualities.
Can I claim tax benefits on Family Floater Health Insurance plans?
Yes, the premiums paid towards the family floater health insurance plan, qualify for tax deductions under Section 80D of the Income Tax Act.
Is portability allowed?
Portability is a feature in the health insurance policy, which makes it possible for the policy holder to transfer the benefits gained when switching from one plan to another, under the same insurer or to another insurer. Yes, portability is allowed on family floater health policies as well as on individual health insurance plans.
Can the policy be continued on the proposer’s death?
Yes, other eligible members can contact the insurer and ask them to replace the name of the dead policy holder with the eligible policy holder and may opt to continue the cover. However, in most cases the policy lapses with the death of the proposer. So, it is better to clarify this with the insurer while purchasing the policy.
What other factors must I consider before buying a family floater health insurance plan?
The factors that must be considered while buying a family floater health insurance plan are as follows:
What happens to the insurance cover on Kids becoming major?
Almost all the family floater health insurance plans include kids and provide insurance cover till they attain the age of 21 years. Once they attain the exit age, you can buy an individual plan to secure the particular family member.
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