Why smart Indian families are choosing floater health insurance
What's the story
Understanding health insurance in India can be tricky. A family floater plan is your one-stop solution for medical security with a single premium.
It provides coverage for your entire family, serving as a convenient option for managing healthcare needs.
Read on to learn how these plans operate and why they're beneficial, streamlining comprehensive coverage into one policy.
Coverage
Comprehensive coverage for the entire family
A family floater health insurance plan provides coverage for the whole family under a single policy. It includes parents, spouse, and children, with the sum insured being shared among all members.
For instance, in a ₹5 lakh policy, any or all members can use up to this amount for medical expenses.
It provides convenience and broad coverage without requiring individual policies for each family member.
Savings
Cost-effective solution
Choosing a family floater plan is usually more affordable than buying separate policies for each family member.
Since you pay the premium for one policy that covers everyone, it is lower than the total premiums you would pay for individual covers.
So, it is a cost-effective option that doesn't sacrifice the quality or scope of healthcare coverage offered.
Convenience
Hassle-free policy management
Keeping track of multiple health insurance policies can be a hassle.
With a family floater plan, you only have one policy document to manage and one renewal date to remember.
This makes administration easier and guarantees that no family member loses coverage due to forgetting to renew their separate policy.
Enhanced protection
Higher sum insured benefits
Family floater plans generally come with higher sum insured options compared to individual health plans.
This larger coverage amount ensures superior financial protection during medical emergencies requiring substantial funds, such as surgeries or long-term treatments.
Hence, families won't have to drain their savings during health crises, fostering greater preparedness and security.
Tax savings
Tax benefits under Section 80D
Besides ensuring health coverage, purchasing a family floater health insurance plan also provides tax advantages under Section 80D of the Income Tax Act.
Premiums paid for these policies qualify for tax deductions up to ₹25,000 annually; this limit increases to ₹50,000 for policies covering senior citizens.
These savings enhance the value by lowering your taxable income alongside safeguarding your family's health.