As a sole earning member of his family, it was proving burdensome for Rakesh to buy a health insurance policy for all his family members. However, knowing how important an insurance can prove in the long-term, Rakesh did not want to compromise on the financial security of his family members in case of any urgent medical emergencies. Just like Rakesh, there are several people in India, who are struggling to pay the premiums for their family members. To take the load off of these people, insurance providers now provide a family health insurance plan.
What is a Family Floater Health Insurance Plan?
A family floater insurance policy is a type of plan that offers coverage for an entire family under a single policy. You can include self, your spouse, your children or dependent parents in a single family floater insurance plan. Although a maximum of 4 family members are covered in a floater insurance policy, some insurance providers allow provisions for adding more family members. However, the premium amount will increase on the addition of more members.
A major advantage of a family floater plan is that the sum assured is made available for everyone. For instance, suppose you have opted for a coverage of Rs. 5,00,000 under your floater family insurance plan and need to make a claim for a family medical emergency for Rs. 3,00,000 for two of the family members. In this case, the other family members can still claim for the remaining sum assured for Rs.2,00,000.
Apart from the privilege of securing your family’s health at low premium rates, floater family insurance plans offer other benefits such as-
- You can enjoy tax exemptions on the premiums paid on a floater insurance plan
- It is extremely easy to add new family members to a floater insurance plan
- Some insurance providers offer rebates on the high sum insured against your floater insurance plan
- For young couples, a floater policy offers health insurance benefits such as maternity cover and new-born baby cover
- Some insurance providers offer discounts on buying online health plan for the family.
- Generally, floater insurance plans allow renewability for insuring your child, till he/she reaches an age of 25 years. Thus, until your child reaches this maximum renewability age, you can keep renewing your existing floater health insurance plan.
- Apart from covering basic medical coverage, some floater insurance plans also provide additional features such as free monthly or annual checkup, concierge services, membership discounts to health clubs and fitness centers, discounts at certain medical store chains, 24×7 medical assistance on the telephone, etc.
- You can enjoy cashless claim facility at some network hospitals all over India under your family floater health insurance plan
Things to Keep in Mind before Applying For a Family Floater Health Cover
- The premium for floater insurance plan depends on the age of the eldest member. This means, that if you want to include any senior members in your medical insurance plan, the premium payable would be high. On the other hand, if you buy a floater insurance plan early, when your children are still young, the premium amount would be comparatively less.
- Some floater insurance plans allow you to add extended family members in your insurance plans. Apart from your spouse, children, and parents, you can even add your in-laws, cousins or guardians under a family floater policy.
Visit Finserv MARKETS and buy Bajaj Allianz family health insurance plans starting at just Rs. 292 per month. Apart from the basic medical coverages, these family insurance plans provide added coverage for organ donor benefit, ayurvedic/ homeopathic expenses, free health checkups, bariatric surgery coverage, convalescence benefit and much more! To know more about the online application process and eligibility criteria for health insurance plans, visit Finserv MARKETS today!
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