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Contributor
cheran
Posts: 29
Registered: ‎05-04-2017

what is the difference between individual and the floater insurance policy option?

what is the difference between individual and the floater insurance policy option?

2 REPLIES 2
Contributor
ayush.shukla
Posts: 56
Registered: ‎03-04-2017

Re: what is the difference between individual and the floater insurance policy option?

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

Contributor
Ritika Bhansali
Posts: 34
Registered: ‎03-06-2017

Re: what is the difference between individual and the floater insurance policy option?

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.