Considering the new health problems that are constantly coming up, the need for a health insurance plan is also increasing day by day. In such a situation, it is better to have a floater plan for all of you than taking a separate policy for the family members.

This can provide financial security to your entire family in less money. The advantage of such a plan is that you can take cover of up to 15 family members at a low premium. Along with this, facility like add on cover in emergency is also available in it.

Special things related to this …

• Financial security is available for less money
• In this, all the family members are covered in a single plan. Also, everyone’s premium also comes the same. For example- a family has four members. You take an individual plan of 2-2 lakh rupees for all.
• In this, each will get a cover of 2 lakh rupees only. In contrast, if you buy a family floater plan of 8 lakh rupees, then everyone will get a cover of 8 lakh rupees instead of two.
• 5 to 7 lakhs suddenly on the illness of a member. Family plotter will save you from financial trouble. The concept behind the companies behind this plan is that there is little chance of family members falling ill together.
• Individual and family floaters are ‘Indemnity’ plans. This means that you get back the expenses incurred during the hospitalization.
• 15 people can cover
• In the floater plan, you can take your family i.e. spouse, child, parents as well as in-laws, as extended family cover. Many companies also cover pre-existing parental illness in the floater plan. However, you will have to pay a higher premium for this. In total, you can cover 15 family members in a floater plan.  
• It also has the option of add on cover of the critical illness. The add-on cover protects you from medical emergencies that may cost more for treatment, which are not covered in your regular health insurance policy.

IRDA / Emergency will also be able to get patients admitted to Black Listed Hospital, IRDA has issued new rules

How long can it be renewable?

Most insurance companies offer policy renewable options from the age of 60 to 65 years. However, there are some companies which also offer lifetime reusable options. In such a situation, you choose a floater plan that gives you more and more financial security.

This is how family floater policy works

A person purchased a family floater plan with an insurance amount of Rs 10 lakh to cover his family. The family consists of his wife and their two children. During the policy period, he gets dengue and has to be hospitalized. About 3 lakh rupees are spent in his treatment.
Under a family floater plan, they are able to claim this amount from their insurer and receive the amount after submitting the required documents. Under his family floater plan, he still has Rs 7 lakh left. These can be useful for themselves and other family members when needed.

 Insurance regulator Insurance Regulatory and Development Authority of India (IRDA) amended the rules for Black Listed Hospitalization in the event of pre-existing diseases and emergencies to benefit policyholders. Under these changes, if a person suffers from a disease within three months of the issue of the policy, then the insurance company will not be able to dismiss its claim. At present, claims in which the insured is not accepted for three months after the issuance of claims for high blood pressure, diabetes, and problems such as respiratory disease, which are increasing rapidly.

These will be special changes

1. Can also get treatment at the Black Listed Hospital in Emergency
2. In another change, the insured will now be able to get treatment at the Black Listed Hospital in Emergency. Conditions of this emergency include events such as a heart attack, stroke, or accident in which the victim requires early treatment. Insurance companies put some hospitals on the black list, which did not accept the claim for treatment.
3. Increase in time period for policy revival
4. IRDA has asked the insurance companies to extend the revival time period to get life insurance policies reactivated. Now you will get 3 years from the date of unpaid premium in ULIP plan instead of 2. At the same time, now there will be 5 years to get the policy revived for non-linked insurance products.
5. Change in surrender value rules
6. The rules regarding surrender value have also become according to the policy holder. When you decide to leave the time of pre maturity from the plan, the amount you receive is called the surrender value. In case of life insurance policy, if you think of ending your policy for any reason, then you will not have to wait for three years to get the guaranteed surrender value, but now you will be able to end the policy in two years only.