What To Expect From Family Floater Health Insurance Plans

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Family Floater Insurance In India
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What To Expect From Family Floater Health
Insurance Plans
Unlike an individual health-plan, family floater
health-insurance plan enables an individual to
involve his/her family members. A single policy
via multifaceted ways addresses health related
issues of the entire family. However, as every
policy has it shares of merits and demerits, it
very important to know policy-details so as to
make an informed choice. What is family floater
plan? With steep rise in the cost of medical
care, the role of insurance policies cannot be
undermined. Family plays an integral role in the
lives of an individual and not having an adequate
cover for them can lead to major emotional and
financial devastation. Family-floater policy is
an insurance p0licy that is categorically
designed to protect your family in case of any
medicale emergency tomorrow.
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Acts as a blessing in case of an emergency In
case an individual has a family-floater insurance
in india plan is the best option when it comes to
safeguarding the health of your loved ones.
Through a single policy, all the members can be
protected and there is no hassle to maintain
large number of data/documents. Provides total
sum in case of an emergency Who all are
covered? A family-floater policy including you,
under its umbrella cover the spouse and children.
however, as every plan differs from the other,
some policy may also in code parents siblings and
in-laws, needless to say with increasing health
hazards and medical cost, these policies are
turning quite popular.
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Tax Exemption Family-floater-plan definitely
gives the tax benefits under section 80 D of the
income tax. Negative Side Of the policy Time
limitation One of the biggest cons of having a
floater plan is that the policy will be renewed
only till the senior most members reaches the
maximum age of renewability as mention in the
insurance policy documents. But understood,
till the time that individual reaches that stage,
younger ones would be without a p0licy or would
have to purchase individual policies.
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Increase in the cost While purchasing a family
floater-p0licy, there's a liability factor as
policy will be renewed only till the senior most
member reaches the maximum age of renewability as
mentioned in the insurance policy documents. In
such a scenario, juniors of the family would have
to purchase a separate policy in case of medical
emergency, which is only going to double the cost
allocated for making insurance related
purchases. No Provision for continuing cover in
case of an untimely death Most of the existing
policies also make no specific provision for
continuing cover of the surviving members in case
of the unfortunate death of the senior most
members. Also in a family floater-policy, the
claim from one member will reduce the bonus
coverage/premium discount for the entire
family. Source http//ww.itimes.com/blog/what-t
o-expect-from-family-floater-health-insurance-plan
s
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