Top Benefits of Buying a Family Floater Health Insurance Policy

Right from earning the best possible income to getting the best quality food item to the home, we do so many things for our family that we cannot even count. And this is not only about one or two households but everyone who has a family puts the best possible efforts for their well being. If you too are concerned about your family, one of the most important things that you should be putting your money into is a health insurance policy.

Since you want your family to be covered, you have to buy a family floater health insurance policy. Well before you decide to buy one, let us first understand the concept of a family floater health insurance policy.

What is a family floater health insurance policy?

A family floater health insurance plan comes under health insurance which is for each member of the family. However, the premium can only be paid by one. All the members of the family do not have to pay the premium separately. If there is more than one claim at one time, the sum assured can be availed of by all the family members. This policy is ideal for families who have more than two members. Apart from covering all the family members under one policy, a family floater health insurance policy is also affordable since you have to pay a single premium for the entire family.

Benefits of purchasing a family floater health insurance policy

Being confused about taking a family floater health insurance policy is nothing wrong, especially when you have the option for an individual plan also. However, before you make up your mind for any one of these two, here are some of the advantages of a family floater health insurance policy.

Very easy to manage

One of the best things about opting for a family health insurance policy is that you will not have to get into the hassle of taking care of several numbers of policies. Only one family floater health insurance policy will cover your entire family and even your extended family.

Cost-effective

If you compare these two options, a family floater insurance policy is any day much affordable than an individual policy. As you take a family floater health insurance policy, the policy will provide a large sum insured at a lesser premium.

Higher sum insured

The sum insured in a family floater plan is much higher and that is why it can cover the entire family. Once have one such policy, you can be rest assured that even if two members of the family get sick at the same time, they can avail of the benefits of the policy, without paying the hospital bill directly from the pockets.

Reinstatement value

If the sum assured under the policy gets exhausted as someone from your family is receiving treatment at a hospital, some of the insurance companies offer 10% restoration of the sum insured. This will assure you that you will get the coverage even if you have completely used the sum insured.

Better tax benefits

Under Section 80D of the Income Tax Act, you can enjoy tax benefits by buying a family floater health insurance plan. You can avail of deductions of up to INR 75,000 on your annual earning, especially if you include your parents who are senior citizens, in the plan.

Now that you know the advantages of purchasing a family floater health insurance policy, you can choose one by visiting the IIFL website. You can check out the several insurance companies and accordingly choose a family floater plan that you think is the best for your needs.