Premium for family floater cheaper than that of individual policies for each member l For my family—myself (42 years), wife (36 years) and daughter (8 years)—should I opt for a family floater or individual policies of `5 lakh each?
—Gurdip Kohli
With medical expenses skyrocketing, being adequately insured is need of the hour. Seeing the high medical treatment costs, `5 lakh sum insured might not be sufficient at the time of an unforeseen medical event in the future. A health plan with comprehensive coverage of at least `10 to 15 lakh, minimal or no sub limits coverage for family and extended families and quality provider network is ideal.
You can opt for a family floater of `10-12 lakh which will provide a common sum insured which can be shared by all family members insured under the policy. If there’s a claim by any of the members, the sum insured would reduce by the claimed amount and the remaining amount would be still available under the policy for further claims in the policy year. Whereas, under an individual policy, each individual will have a separate sum insured. Premium for family floater would be cheaper as compared to individual policies taken by each family member.
