In today’s time, with the kind of lifestyle people have, health problems can arise at any moment. Medical emergencies can lead to huge expenses, and money can disappear like water. In such a situation, it is wise to be prepared in advance. A health insurance plan covers various medical expenses and provides financial security.
To ensure protection for your family, you can either take separate insurance plans for each member or opt for a Family Floater Plan, which provides coverage for the entire family under one policy. This option can be more affordable and beneficial. In this article, we will share all the details about this scheme.
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What is a Family Floater Plan?
A family floater plan is like an umbrella that provides coverage for all family members under a single policy, with the same premium for the entire family. Here’s an example to help you understand:
If there are four members in your family, and you take individual plans for each with a coverage of Rs 2 lakh each, then if any member of the family falls ill, only Rs 2 lakh will be covered for that person. You will have to pay any extra amount beyond that.
However, if you choose a family floater plan with a coverage of Rs 8 lakh, all four family members are covered under that plan. The total limit of Rs 8 lakh can be used for any member. For example, if one member requires Rs 5 lakh for medical expenses, the remaining Rs 3 lakh can be used for others, offering more flexibility and financial security.
Coverage for up to 15 People
Typically, a family floater plan covers the insured person, their spouse, and children. However, some policies extend coverage to parents, in-laws, and siblings, allowing up to 15 people to be covered under the same plan. Keep in mind, that the more people included, the higher the premium will be. Some insurers may even cover existing illnesses of parents in the floater plan, but you will have to pay a higher premium for that.
Additional Benefits
Another benefit of a family floater plan is the convenience of managing a single policy instead of keeping track of multiple policies. Additionally, many plans offer add-on covers for critical illnesses, providing extra protection for your family.