What is Family Floater Policy?
A family floater health insurance plan was designed exclusively for families. The facilities and objectives of the family floater policy is as same as that of any other life insurance policy. The only difference is the fact that in family floater policy, with a single policy a customer can take coverage for self, spouse, children and parents within the same insurance plan.
With regards to insurance premium, a family floater policy works out much cheaper than individual insurance policies. Let us consider a family of parents with two kids. It will cost them 8 lakhs, if they want to take an insurance coverage of INR lakhs. In the case of family floater policy, the premium amount will come down to INR 6 lakhs with each member enjoying the benefit of insurance coverage.
If a person from the above family incurs a medical cost of INR 4 lakhs, the payout will be made. The rest of the family members will keep on enjoying the benefit of the rest of INR 2 lakhs of benefit.
Some of the benefits of a Family floater plan are given below
- Comprehensive coverage: A family floater plan provides all-inclusive coverage like consultations, visits, hospitalization, hospitals, ambulance and various health and medical expenses.
- Benefit for the entire family: With a single plan, the entire family can be covered through a family floater plan.
- Flexibility of Coverage: Family floater policy provides tremendous flexibility. In case of individual policy, the coverage is limited to individual coverage amounts only, but in case of family floater policies, one member of the family can enjoy the coverage of the entire family.
- Tax Benefits: Under the section 80D, the policyholder can enjoy tax benefits.
- Cost effective: Family floater policies are extremely economical. They are much cheaper comparing to holding policies for individual members of the family.
Comparison of Family floater policies in India
Comparative analysis of the main benefits of family floater polices are given in the table below
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