Relationship manager
For every customer
Individual Health Insurance Vs Family Floater Plan
Nowadays, people are more health-conscious and concerned about their well-being. There is definitely more awareness on healthcare expenses and also about health/Mediclaim policies that help in mitigating the risk of such expenses.
Policybazaar exclusive benefits
30 minutes claim support##
(In 120+ cities)
24*7 claims assistance
In 30 mins. guaranteed*
Instant policy issuance
No medical tests~
People trust Policybazaar^
7.7 crore
Registered consumers
50
Insurance partners
4.2 crore
Policies sold
Policybazaar is one of India's leading digital insurance platform
Find affordable plans with up to 25% Discount**
Select members you want to insure
More Members
Maximum child sum can be 4
-
Home
-
Health Insurance
-
Family Health Plan
-
Articles - FFHI
- Individual Health Insurance Vs Family Floater Plan
Though people are aware of the importance of investing in a healthcare plan, many do not know which plan to buy, that is, whether to invest in a personal/individual health plan for each family member or a family floater. Investing in individual healthcare policies means separate insurance for each member with a defined medical cover.
In a family floater plan, the limit of the insurance policy can be utilised by any family member. For instance, if you buy a family health plan of Rs 6 lakh, then any member can utilise the entire limit. Therefore, in many ways, the family floater plan offers more flexibility in terms of utilising the entire insurance coverage.
Let’s have a look at some of the advantages of individual and family floater plans:
ADVANTAGES OF INDIVIDUAL INSURANCE PLANs
- Cashless Claim Service: In an unforeseen event where you require to be hospitalized, you can avail the cashless benefit included in your health policy. Cashless hospitalization offered by many health insurance service providers allows an individual to avail medical facilities or treatment without paying for the same to the hospital.
- Hospitalization Daily Allowance: Many insurance companies provide individuals with a daily allowance for each day he/she spends in the hospital. This benefit is applicable only when the insured has spent a minimum number of days in the hospital (as mentioned in the insurance policy).
- Tax Benefits: If you have invested in a health insurance policy, then the premium paid on that policy is eligible for tax deduction under Section 80D of the Income Tax Act.
ADVANTAGES OF FAMILY FLOATER PLAN
- Higher Sum Insured: A family floater insurance plan has options with higher sum insured than individual insurance policies, and the coverage is relatively greater. 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.
- Tax Benefits: 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.
- Greater Medical Coverage: Your family gets maximum medical coverage under the family floater plan. This includes hospitalization fees, doctor consultations, expenses for medical procedures undertaken, hospital staff care, ambulance cover, and other expenses in cases of diseases or accidents. Also, some insurance companies provide the facility of medical check-up for your entire family every year.
- Avail Discounts: Under the family floater health insurance plan, you can avail discounts that these policies usually offer.
- Easy to add new family member(s): In a family floater plan, it is easy to add a new family member.
- Continuous Family Cover: Many insurance service providers have now given an option to two years policy cover. This benefit allows a continuous hassle-free coverage without any change in premium costs for the selected tenure.
Therefore, family floater health insurance plan is the best plan when it comes to safeguarding the health of your loved ones. Since these policies are single policies for the entire family, it relieves you from maintaining several health policies for each family member. Family floater plans cover parent’s health insurance, spouse and children’s insurance in one healthcare plan. Thus, it is advisable that you weigh the pros and cons of both the policy types before investing in a health insurance plan.
Search
Health insurance companies
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Health insurance Articles
- Recent Article
- Popular Articles
17 Dec 2024
How to File a Claim for Maternity Health...
Maternity insurance is one of the best investments married couples
Read more
03 Dec 2024
Health Insurance Checklist
Health insurance is a crucial investment you can make to secure
Read more
26 Sep 2024
Can You Get Maternity Insurance If Already...
Pregnancy is one of the most beautiful phases of a woman’s life
Read more
12 Aug 2024
Moratorium Period in Health Insurance
Getting a health insurance claim accepted for pre-existing
Read more
30 Jul 2024
Is Dengue Covered by SBI Health Insurance?
Dengue, a common vector-borne disease, causes high fever, severe
Read more
*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ
##On ground claim assistance is available in 114 cities
Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.
Insurance
Calculators
Payment Methods
Secured With
Follow us on
