Why is a Family Floater Plan a Smart Choice for Families?

Insurance is an absolute necessity in today's medical landscape. According to CNBC TV 18, medical inflation is rising at 9.9% in India. Therefore, choosing a cost-effective plan is essential.

Family floater plans come as a perfect solution as they cover your whole family under one single sum insured amount. Moreover, it provides various benefits, such as cashless treatment, comprehensive coverage, and easy management.

What are the Benefits of a Family Floater Plan for Families?

1. Shared Sum Insured

One of the most beneficial features of family floater plans is that you can share a single sum insured among different members of your family. For example, if you buy a ₹1 crore plan, you can cover yourself, your spouse and your children under it all.

2. Cashless Treatment

When an emergency strikes, one rarely has the time to think about finances. Therefore, buying a family floater plan allows you to access a list of hospitals from your insurer where you can avail of cashless treatment. In this, you don’t have to pay anything up front.

3. Comprehensive Coverage

An ideal coverage for a family covers everything. From pre-hospitalisation bills to post-hospitalisation expenses, family floater plans are there for you. You can also get daycare procedure, ambulance and various surgery coverage as well.

4. Cost-Effective Plan

Perhaps one of the most financially advantageous features of family floaters is their affordability. Maintaining individual policies for each member can become cumbersome. With a family floater, you get cheaper premiums and wide coverage, eliminating your stress.

5. Easy Management

Lastly, when you buy insurance, you have to keep certain factors in mind, such as the renewal date and policy documents. With a family floater plan, all this extra stress is eliminated. Since it all comes under one plan, you only have to take care of a single policy document for your whole family.

6. No GST on Premiums

The Finance Minister of India, Smt. Nirmala Sitharaman announced that health insurance will be exempt from GST altogether. This move was to aid in insurance adoption across the country, moving away from the earlier 18%. Therefore, now you can buy family floater plans for 18% cheaper.

Final Words

Family floater plans allow you to safeguard your family from unexpected emergencies that life may have in store. Protect your finances and get the best care possible for your loved ones with this plan. Plus, with 0% GST on health insurance premiums, you can enjoy much cheaper premiums and higher coverage amounts.