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.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “CONTINUE”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      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

      1. 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.
      2. 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.
      3. 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.
      4. Avail Discounts: Under the family floater health insurance plan, you can avail discounts that these policies usually offer.
      5. Easy to add new family member(s): In a family floater plan, it is easy to add a new family member.
      6. 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
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Monkeypox: Dos and Don’ts of the Disease That You Should Know

      15 Sep 2022

      Monkeypox has slowly and steadily spread to more than 85 countries...
      Read more
      Why is It Important to Disclose Pre-existing Diseases to Your Insurer?

      06 Sep 2022

      As we grow old, the chances of developing a disease or a medical...
      Read more
      Benefits of Multi-Year Health Insurance Plans

      25 Aug 2022

      Ever since COVID-19 entered our lives, health insurance has come...
      Read more
      Does Health Insurance Cover Monkeypox?

      25 Jul 2022

      Monkeypox is the latest disease to make its way to India while we...
      Read more
      List of Diseases Covered by Bajaj Allianz Health Insurance Plans

      05 Jul 2022

      Barely any person has remained unaffected due to rising health...
      Read more
      PMJAY Scheme: Ayushman Bharat Yojana Eligibility & Registration Online
      Prime Minister Shri Narendra Modi announced the launch of (PMJAY) Ayushman Bharat Yojana in his Independence...
      Read more
      Best Health Insurance Plans in India 2022
      Finding the best health insurance plan from so many different health insurance companies can get confusing for many...
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal...
      Read more
      Best Maternity Insurance Plans
      Maternity insurance offers comprehensive coverage for medical expenses incurred during pregnancy, including the cost...
      Read more
      Best Health Insurance Plans for Senior Citizens in 2022
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance...
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL