- Covers all members of the family A family floater plan provides coverage to all members of your family. In other words, with a single policy, you can offer coverage to every member, including your spouse, children, parents, and in some cases even parents-in-law.
- Easy on pocket Buying a family floater plan is easy on your pocket. You need to pay premium for a single policy, which covers your entire family. Note that purchasing separate policies for every member would add up to a hefty premium, serving which can be difficult.
- Easy addition of new members It is easy to add new members in an existing family floater plan. For instance, in case of a second child, the newborn can be added in your current plan at a nominal premium. Generally, most plans allow addition within 3 months of the birth of the child.
- Tax benefits While tax saving isn’t the primary objective of buying a health plan, a family floater plan helps you lower your tax liability. The premiums paid qualify for tax deduction under section 80D of the Income Tax Act.
It is a good way to ensure your loved ones receive the best medical care in case of an eventuality. It also gives you peace of mind as you know every member of your family is covered.
As health insurance policies are annual contracts, renewing individual policies each year can be pretty expensive. However, renewing a family floater plan is quick and easy.
Also, in the event of passing away of the proposer, who buys the policy and pays the premium, it can be transferred in the name of another member if he/she is above 18 years of age.
Things to note while purchasing family floater planNote that the premium amount of a family floater plan depends on the age of the eldest member covered by the plan. For example, if the plan covers your senior parents, the premium amount will be determined as the age of the more aged parent. Also, before buying a plan, do check out the claims settlement ratio, network of hospitals covered, co-pay and sub-limit clauses, among others.
Learn more about Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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