Health insurance: get a family package Livemint
From travel deals to the shopping offers in your nearest retail store, family packages always work out to be cheaper. The same holds true when it comes to health insurance.
Family floater policies cover all members of a family under one umbrella—they charge less premium when compared with the total premium paid for separate individual policies for all members of a family, involve less paperwork and have a single window for any claim process. While we recommend a floater for all families, having just that in the health insurance bouquet is not advisable.
What is a floater policy
You may have come across the term at the time of paying premiums under the group insurance offered by your employer. These are, typically, floater policies that cover not just you but your family too. What started as a corporate concept moved into the retail space a few years back. Now most insurers offer a floater plan.
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A floater policy considers a family as a single unit and insures it as a whole. So, each member doesn’t get a separate policy. Each family member is covered for the sum insured chosen under a single policy.
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