07-04-2017 04:49 PM
what is the difference between individual and the floater insurance policy option?
10-04-2017 04:35 PM
Individual policy option is only for the individual who is taking the insurance policy and floater option covers the family members of the policy holder
11-07-2017 03:27 PM
An individual policy means a separate insurance for each person with defined cover. In contrast, in a family floater, the limit can be utilised by any of member. If you buy a family floater of Rs 4 lakh, then any member can utilise this entire limit.
In an individual policy, sum insured opted is for each individual insured. Whereas in family floater policy, the sum insured is shared between all the members covered under the policy.