When arranging health insurance for a family, the choice is not simply between a low premium and a high premium. The way the cover is shared can matter just as much.
HOW A FAMILY FLOATER WORKS
A family floater generally provides a shared sum insured for the family members named in the policy. It can be convenient to manage, but one substantial claim may use a large portion of the available cover for that policy period.
HOW INDIVIDUAL POLICIES DIFFER
Individual policies provide separate sums insured for the people covered. Depending on ages, medical histories and policy terms, they may offer a different balance of cost and protection.
WHAT TO COMPARE
Check waiting periods, pre-existing disease provisions, room-rent restrictions, co-payments, exclusions, restoration benefits and the insurer's hospital network. A restoration benefit has specific conditions, so do not assume it will always refill cover for every claim.
Family age and medical needs matter. A young family may have different priorities from a household that includes older parents. Some families compare separate cover for parents with a family floater for younger members.
Do not select a policy by premium alone. Read the policy wording and ask the insurer or adviser to explain conditions that may affect a claim.
The useful policy is one whose benefits, limits and ongoing cost match your household's needs and budget.
Protect Your Family & Business Continuity
Consult our IRDA-certified insurance advisors (IC38) for independent term life insurance, comprehensive family floater health plans, and corporate risk coverage.
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