Family Floaters Policy: An Overview

If you are one person who never wants to put your family’s happiness at stake, you definitely might have arranged for all means that would ensure complete protection for them. Without a comprehensive health insurance plan which would equip you to tackle any health emergency, your protection portfolio is incomplete. If you are a first time insurance buyer, or if you are planning to take individual policies for each member of your family, you should learn about family floaters policy. The biggest advantage of having this insurance cover is that this kind of insurance covers all your family members under the same policy for a single premium.

Wondering what this policy is, then, you should know that as the name suggests, the cover is suitably modified to safeguard the health of your whole family. This floater health insurance plan helps you get most benefits for money spent. Floater means that a single sum insured can cover all members in the single policy and the sum assured is accessible to any one member or to all members in case of any possible occurrence for the duration of the term of the policy. This all-round health insurance covers you and your family against medical expenses such as hospitalization, room rents, treatment, pre/post hospitalisation expenses, etc. With this cover in place, you don’t have to bother about your family’s health and the expenses related to it in case of any sickness.

The family floater is of a real value for the family because with this insurance cover, anyone in the family can get a huge cover. There are many advantages of these policies. The prominent ones being:

• This insurance cover is easier to manage than other individual plans. It is also easier to renew it.
• In this insurance policy, you can easily add a new family member. However, if you take an individual cover, you will have to buy a new policy, each time there is a new addition in the family.
• In case of the fateful demise of the senior-most member of the family, other members of the family can go on with the floater without losing any benefits and health cover for family continues.
• You can enjoy a constant coverage without any increase in premium. Though this feature varies from a company to company.
• You can also avail Income tax benefits under Section 80D

These are few benefits; however, there are many more. The fact is family floaters policy are a great way of protecting your family form any unseen situation and if you invest smartly, you will never regret buying it!

For more information visit: Family Floaters Policy and Health Insurance.