Indian market is always an open market, which is the reason why so many competitors brew up in each business segment. Second largest population of the world demands wide variety of products in each business class, pressing button for more intense research and analysis on part of business. History of insurance industry is reasonably old, when in ancient times people used barter system for exchange of goods and facility. However, modern time insurance demand and supply have changed a lot. In health insurance sector, where you have individual health insurance plans earlier are now getting replaced by family floater plans as more customers are opting for it.
In order to understand, what helps family floater plans to scale the peak in health insurance sector, we first need to digest some facts about it.
What is family floater plan?
Family floater insurance in india plan is developed for accommodating all family members in a single plan. Family floater accommodate self, spouse, upto 4 children and dependent parents in a single low value premium, whereas in individual plan every family member need separate health insurance, which totals up to high premium for customers.
Benefits of family floater
Family floater not only take care of healthcare expenses of complete family, it also help policyholders to enjoy a higher sum insured at lower premiums, which otherwise in an individual health insurance plan is higher.
The higher sum assured help customers in meeting the expensive healthcare expenses in case any member of family require high cost treatments. In family floater policy complete sum assured is transferable from share of one member to another and can be used for one member. Logically speaking, all members of a family are very less likely to be suffering with diseases at a same time; therefore transferability of insured sum from one member to another member makes some sense.
Like individual health insurance plans, policyholders have liberty to add top-ups to their standard family floater as well. You can avail additional coverage on your family floater by including riders to your standard base plan.
However, this policy is considered best for nuclear family, as inclusion of members of nuclear family in family floaters doesn’t affect the cost of premium by great deal. In case of inclusion of senior citizens in family floater, it’s better to cover them with an individual plan as well.
These are some important facts about family floater that as a customer you must know. If you still have doubts,
[Source: http://blog.policybachat.com/family-floater-a-cheaper-health-insurance-s...