As a family man and breadwinner, you are obviously concerned about the financial protection of your loved ones when you are no longer around to support them especially in having a healthy lifestyle. This is where the family floater plan comes in handy.
Arguably the best option for many in the health insurance space, this plan goes a long way in protecting yourself and all your loved ones financially. It ensures a future that is safe from the financial repercussions of rising medical costs.
Given below is a synopsis of why family floater policies serve as the best bet in the world of life insurance.
Table of Contents
Coverage for Everyone and Advantage of Group Pricing
Yes, along with getting coverage for all family members in a singular plan, you also stand to pay less in terms of group pricing. Instead of providing individual covers for various members, you can now invest in an umbrella of protection that comes in the form of a comprehensive policy at proportionately less cost. There are many other advantages of purchasing a family floater plan. These are:
Financial stability
The primary benefit of this kind of health insurance plan is that you end up drawing optimum financial stability for the entire family in one go. The plan ensures that a good sum of money is available for your family to take care of their health needs.
Tax Benefits
The premium paid for sustaining the floater plan for your family is exempt from taxation. This tax exemption is permissible u/s 80D of the Income Tax Act. This feature of the plan is one of the most significant attractions that lure taxpayers like you towards the life insurance space; and convincingly so!
Suitable for all
Regardless of your income bracket, age, place of residence, etc., you can invest in a family floater plan at affordable rates. You may want to compare relevant plans from different insurance providers on sites like Coverfox.com before taking the final step forward.
Individual Plan vs Family Plan
Before moving ahead, it is a good idea to understand the differences between an individual health insurance plan and a family floater plan.
1. Number of policies
In case of individual plans, the coverage is available for one person only- the policyholder. In such a plan, in order to provide cover for all proposed family members, you need to buy separate policies under the names of your family members.
The total number of policies that you have to pay for and manage would vary as per the size of your family unit. On the other hand, if you choose to purchase a family floater policy, all members, including minors, would get protection under a single plan.
2. Sum Insured
When you buy a single health insurance in your name, a dedicated sum is available under the policy only for you and your treatment related expenses.
Alternatively, a floater sum insured in the case of a family floater plan has a sum insured available for all the family members. Say, you have opted for a floater policy that has a sum of INR 5 lacs for three members including yourself. This effectively means that the maximum liability of the insurance company, annually, would stand at INR 5 lacs for the entire family.
3. Premium determination
The age of the insured determines the premium amount in case of an individual health insurance policy.
In the family floater plan, the premium is generally determined by taking the age of the senior-most member into consideration.
Right Way Forward
In a nutshell, if you do not wish to undergo the hassles of remembering renewal dates and managing multiple policies, it is advisable to opt for a family floater plan at the earliest. Log on to Coverfox.com and related sites to compare these value-for-money and affordable life insurance plans at the earliest. You will be glad you did!
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