Family Floater Insurance plan
A family floater health insurance is a plan that is costumed for families. It is the same as individual health plans in concept; the only contrast is that it is expanded to cover the whole family – spouse, parents, and children in a single project. It works as an umbrella of coverage for the entire family. You can add up to a specific number of family members depending on the insurance company on such a policy.
Features of a Family floater plan
- Includes family members: You can add all your family members whether it’s your spouse, children, parents, and parents-in-law.
- Refund on high sum guaranteed: various insurance companies are providing a health insurance plan for the family which refunds on the higher amount insured.
- Expand in the sum: The family health insurance plan comes with a no assert reward, which helps in increasing sum insured annually if there’s no assertion throughout the policy period.
- Cashless claim agreement: You can get cashless facility while claiming if the treatment is worked in a nominated hospital by the company.
- Policy term: Health insurance plan for the family gives various options for policy term. You can choose 1, 2 or 3 years as the policy term.
Benefits of a family floater plan
- Save money: You can cover the whole family in single-family floater insurance and save money by buying a single instead of many for each member.
- Tax: You can avail a tax benefit on all the premium plans under Section 80D of the Income Tax Act.
- Restore used up coverage: It helps to restore full coverage once used up during the policy period.
- Medical protection: It covers the whole family’s cost of medical expenses under single-family health insurance.
A family floater plan puts all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger shared pool providing a lot of benefits.
