Family Floater Insurance In India
What To Expect From Family Floater Health Insurance Plans Unlike an individual health-plan, family floater health-insurance plan enables an individual to involve his/her family members. A single policy via multifaceted ways addresses health related issues of the entire family. However, as every policy has it shares of merits and demerits, it very important to know policy-details so as to make an informed choice. What is family floater plan? With steep rise in the cost of medical care, the role of insurance policies cannot be undermined. Family plays an integral role in the lives of an individual and not having an adequate cover for them can lead to major emotional and financial devastation. Family-floater policy is an insurance p0licy that is categorically designed to protect your family in case of any medicale emergency tomorrow.
Acts as a blessing in case of an emergency In case an individual has a family-floater insurance in india plan is the best option when it comes to safeguarding the health of your loved ones. Through a single policy, all the members can be protected and there is no hassle to maintain large number of data/documents. Provides total sum in case of an emergency Who all are covered? A family-floater policy including you, under its umbrella cover the spouse and children. however, as every plan differs from the other, some policy may also in code parents siblings and in-laws, needless to say with increasing health hazards and medical cost, these policies are turning quite popular.
Tax Exemption Family-floater-plan definitely gives the tax benefits under section 80 D of the income tax. Negative Side Of the policy Time limitation One of the biggest cons of having a floater plan is that the policy will be renewed only till the senior most members reaches the maximum age of renewability as mention in the insurance policy documents. But understood, till the time that individual reaches that stage, younger ones would be without a p0licy or would have to purchase individual policies.
Increase in the cost While purchasing a family floater-p0licy, there's a liability factor as policy will be renewed only till the senior most member reaches the maximum age of renewability as mentioned in the insurance policy documents. In such a scenario, juniors of the family would have to purchase a separate policy in case of medical emergency, which is only going to double the cost allocated for making insurance related purchases. No Provision for continuing cover in case of an untimely death Most of the existing policies also make no specific provision for continuing cover of the surviving members in case of the unfortunate death of the senior most members. Also in a family floater-policy, the claim from one member will reduce the bonus coverage/premium discount for the entire family. [Source: http://ww.itimes.com/blog/what-to-expect-from-family-floaterhealth-insurance-plans]
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