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Occasional Contributor
Shefalik
Posts: 15
Registered: ‎31-03-2016

What is family floater and its benefits?

My friend suggested me to buy a floater policy rather than buying individual 4 policies. What is family floater and its benefits?

3 REPLIES 3
Frequent Contributor
nik
Posts: 119
Registered: ‎31-03-2016

Re: What is family floater and its benefits?

Family Floater is a policy where you can add your entire family under single policy

Anuj Shergil
Contributor
sama
Posts: 53
Registered: ‎31-03-2016

Re: What is family floater and its benefits?

Like Nik said, you can buy one policy covering your entire family.  The sum insured is fixed and gets exhausted as and when any member avails medical services and makes a claim. The members coverable under a family floater can be the policyholder and his/her parents, spouse and children.

Money matters - The premium amount depends on the age of the Individuals covered under the plan ( If there are elderly individuals in the family , this type of policy would attract higher premium against no elderly members in the family).

Contributor
Jagannath Jangam
Posts: 43
Registered: ‎03-06-2017

Re: What is family floater and its benefits?

A family floater insurance plan is a plan which covers the family instead of the only individual.The Sum Insured is shared between the family members who are covered under the policy. Usually, family floater plans covers the individual, spouse and children, but certain insurance service providers also have provision to provide cover for dependent parents, siblings and parents-in-law.You can easily avail tax benefits for your family floater health insurance policy as it is eligible for tax deduction under Section 80D of the Income Tax Act. Also, you can double the tax benefit if you are paying for the policy of your parents