A family floater health insurance plan is a tailor-made insurance policy that covers the healthcare expenses of the policyholder’s entire family. By obtaining this policy, an individual can do away with the hassle of maintaining multiple health insurance policies.
Following is a look at everything about the benefits, exclusions, eligibility, claim process and the 10 best family floater health insurance plans in India.
The best family health insurance plans entail maximum floater sum insured, lifelong renewability, and other features that make them desirable among the masses. Here is a list of the best floater cover in health insurance plans available in India:
The aforementioned plans offer both individual and floater cover and comprise unique features that vary from one another.
The family floater health insurance extends medical coverage to an individual’s entire family, including parents. That is, the entire family is insured under one plan. For instance, you purchase a family floater policy with a sum insured of Rs. 15 lakh for a year for your spouse, parents and yourself. All these members can claim the amount during medical emergencies.
Now one day, you require Rs. 5 lakh for your mother’s knee surgery. After your mother claims those Rs. 5 lakh, you will be left with Rs. 10 lakh coverage from the family floater insurance which the rest of the family members can claim for the remaining of the year.
However, if your mother needs to claim the entire sum for her surgery, nobody from the family will be able to make any further claims from the insurer for that particular year.
Floater cover in health insurance allows policyholders to cover themselves and family members under one policy, offering easy management. To that cause, let’s look at some other benefits of possessing a floater plan.
Family floater insurance plans extend coverage to the family of the primary beneficiary. This includes:
Additionally, these days a few insurance-providing companies are also willing to include siblings in the family floater insurance policy.
Here are the eligibility criteria members must meet before proceeding to purchase a health insurance plan:
The differences between individual and floater cover insurance plans are:
|Premium||The premium for these policies is determined by the age of the eldest family member who will be insured under the policy.||In this case, the premium will be determined based on the age of the individual who wants to get insured.|
|Sum Insured||The entire family is under one policy. This sum insured will keep coming down when any of the members make a claim.||Since the sum insured is meant for the insured individual, only the sum insured will be affected only if he or she claims it.|
|Coverage||The coverage will extend to the primary insured individual’s spouse and minor children, and some insurance companies also include parents and siblings in the coverage as well.||As the name suggested, this insurance will provide coverage only to the insured individual.|
Family floater insurance policies are the best for claiming tax benefits and they are also 15%-20% cheaper than individual policies.
As per section 80D of the Income Tax Act, policyholders can claim tax benefits for making premium payments up to Rs 55,000. This includes Rs 30,000 for senior citizen parents and Rs 25,000 for self.
These family floater insurance policies are suitable for individuals who are married and have kids. Say for example a married individual with two kids should buy a family floater plan instead of buying 4 individual plans. Generally, individual plans will not be required if all 4 members of the family are more or less healthy and do not require to visit the doctor or get hospitalized often.
However, if the individual has senior citizen parents then he should buy individual policies for them even though they will be included in the family floater as elderly people have a high chance of falling ill easily.
To choose the right health insurance policy, follow the tips below:
Floater health in health insurance offers a number of inclusions considering a policyholder’s benefits. However, there are some exclusions under this policy. They are as follows:
While purchasing family floater insurance policies online individuals can compare all the policies available from various insurance providers. Individuals can choose the most ideal policy after comparison based on their budgets and requirements. Moreover, buying insurance policies online is extremely convenient and saves a lot of time.
Policyholders can raise cashless and reimbursement claims on their medical treatment expenses under a floater plan.
Here are the steps to follow to file a cashless claim:
For reimbursement claims, follow the given steps:
Insurance providers like Navi offer cashless claims in under 20 minutes if you apply for insurance via their app. Download the Navi App to buy a plan to secure your family from any kind of medical emergency.
While raising a claim for family floater insurance policies the person claiming the coverage should provide the following documents:
Look out for the following pointers before planning to invest in a floater health insurance policy:
Navi Health Insurance comes with a range of benefits that make it ideal among insurance providers. Some of the reasons why you should choose Navi for a floater plan are as follows:
You can conclude from the above sections that family floater health insurance policies are much more lucrative than individual plans. Obtain a family floater insurance policy to ascertain the wellbeing of your entire family at an affordable premium payment.
Ans: You need to furnish the following list of documents during the insurance purchase:
• KYC documents
• Age proof
• Medical reports
Ans: A policyholder, his/her spouse, dependent children till 25 years, senior parents, and in some scenarios, parents-in-law are included in this policy.
Ans: The waiting period varies across insurers. However, a minimum of 30 days waiting period is common for any plan.
Ans: Under family floater insurance the primary insured individual and his or her family will be covered. This includes spouses and dependent children. Some health insurance companies also cover parents, parents-in-law and siblings.
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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