Best Family Floater Health Insurance Plan in India
Claim Settlement Ratio (OND 2018)
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Your family's health and well-being is always a priority, and you make every possible effort to safeguard their health and happiness. Opting for family health insurance is an investment you should make for a secure future.
A family floater health insurance policy covers several family members under one policy, ensuring that all family members benefit from a common pool.
Sometimes, hospital bills and other medical expenses could be so high that it can considerably impact your savings. A family floater mediclaim policy offers comprehensive health coverage will give you a financial safety cushion during medical emergencies. So, you will not have to spend large sums of money from your savings and avoid financial hardships.
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Family floater health insurance is a health plan that covers the entire family instead of an individual under a single policy. When covered with a floater, every family member gets the medical benefits under the same umbrella. Best family floater plans offer a high sum insured at a single premium per year, available to all the members. After the first claim settlement, other family members can also avail multiple claims from the rest of the sum insured.
The key features of best family floater health insurance are;
Individual health insurance plans offer insurance coverage for a single person only, and the policy is bought in their name. On the other hand, family floater health insurance plans are comprehensive plans that offer health coverage to an entire family; wherein all the members share the premium cost and sum insured.
Let us suppose a family floater health insurance plan covers a family consisting of an individual, spouse, and two dependent children. Firstly, the premium amount is decided based on the age of the eldest member.
Now, for instance, if the family floater mediclaim policy offers a sum insured of Rs 5 lakh. If one member falls ill and is hospitalized, that family member can get coverage for the medical expenses from the family floater health insurance plan. If hospitalization expenses came out to be Rs 2 lakh, then the remaining Rs 3 lakh is available for the rest of the family, and multiple claims can be made with that amount.
Family Floater Health Insurance offers comprehensive health coverage for all the family members under a single policy. It is a better option for a family with kids. Family floater plans offer adequate cover at an affordable cost and eliminate the hassle of multiple individual plans. Moreover, one can avail a discount of 5% if family members are covered in the same policy on individual sum insured basis. It offers the following benefits.
The following factors affect the premium cost on a family floater medical insurance policy:
>> Check: Health insurance Plans for Family
Factors to consider when choosing a family floater health insurance policy:
The minimum entry age for a family floater mediclaim policy is 90 days with at least one insured person of 18 years.
You can buy family floater health insurance and customize it according to the number of members you want to be insured, age, and premium. Moreover, you can also opt for our add-on covers such as a reduction in wait period, OPD cover, COVID care, no claim bonus, etc., to enhance the coverage of your family floater health plan.
What is the minimum and maximum policy duration?
For the family floater mediclaim policy, the minimum duration is one year, and the maximum is three years with a lifelong renewability option.
Is there any tax benefits under family floater health insurance
Yes, under section 80D of the income tax act of India 1961, you can avail of tax benefits as well under family floater policy subject to income tax rules and regulations.
Is a medical check-up necessary before buying family floater health insurance?
There is no pre-policy medical check-up before buying family floater medical insurance for sum insured till 40 lacs and age up to 60 years.