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Benefits of Family Floater Health Insurance Plans in India

Posted On : 06 February 2021, 3 Years Ago. Health-Insurance

In India, there are two types of health insurance policies: individual health insurance and family health insurance. Individual health insurance policies have coverage for only one person. You can purchase one for yourself or your partner. A family floater plan, on the other hand, protects the entire family under a single-family floater plan, which removes the need for different insurance plans for your family members.

 

What is a Family Floater Health Insurance Policy?

 

The family floater health insurance policy is cost-effective since it protects all members of the family with a single. If several claims are filed at the same time, the amount assured is distributed among all family members. If you have more than two family members, this strategy is advantageous.

 

What are the Benefits of Family Floater Health Insurance?

 

Compared to individual health insurance schemes, family floater plans provide many benefits. These are some of the advantages:

 

1. Easier to Handle

One of the great things about getting a family health insurance policy is that it reduces the burden of having to keep track of several plans. It insures your entire family, including your extended family and in-laws, under one scheme.

 

2. Cost-Effective

An individual health insurance policy is much more costly than a family floater policy. As opposed to individual health insurance policies, these plans often have a significant amount covered at a much lower premium.

 

3. Increased Insurance Coverage

A family floater plan's amount insured is higher to protect the whole family. One of the most beneficial features of family health insurance policies is that if two members in family fall sick, then funds will not be in short supply.

 

4. Value of Reinstatement

A few insurers provide 100 percent redemption of the amount insured if the sum assured is depleted when treating anyone. This means that you are still safe even though the amount insured has been depleted.

 

5. Better Tax Advantages

The family floater arrangement also offers tax advantages under Section 80D of the Internal Revenue Code. If you include your senior citizen parent or in-laws in your family health insurance plan, you can subtract up to Rs. 75,000 from your taxable income.

 

 

Who Should Buy a Family Floater Policy?

 

For married couples with children, a family floater health insurance policy is suitable. Senior citizens and extended family members are included by the scheme, allowing people to include their parents and in-laws. A family floater policy is the perfect health insurance package for you if you are married with children and want an all-inclusive policy. It's also perfect for families who haven't had any health problems in the past.

 

 

Conclusion:

When it comes to protecting the health of your loved ones, a family floater health policy is one of the best choices. Since it is a single policy with a family benefit, it relieves you of the responsibility of keeping and monitoring numerous health insurance plans while still being affordable.

Until choosing from a range of family floater health insurance policies, one must perform comprehensive research to decide the features and benefits would be most valuable to them. On the surface, all policies tend to be the same; however, reading the fine print will save you a large amount of money by allowing you to select better protections.

Secure your health with comprehensive insurance plans from Niva Bupa

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Wife Icon Husband & Wife
Family Icon Family
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I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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