I am planning to buy a family floater health insurance for my wife, two children and also include my retired parents in it. Is it a good move?
Under a family floater policy, the sum assured of the plan would be shared across all the family members
I am planning to buy a family floater health insurance for my wife, two children and also include my retired parents in it. Is it a good move?
Subhash Mehra, Gurgaon
The intent to get your family members, including your parents is a good thought. However, under a family floater policy, the sum assured of the plan would be shared across all the family members. For sharing the sum assured, you get a discount on the overall policy premium. Though cost effective, the policy could backfire if you find more than one family member needing to claim the policy benefits at a time. It is advisable to have individual health insurance policy, especially for you and your wife, besides may be taking a floater policy to include your parents, who may otherwise not be able to take a policy because of their advancing age. Children could also be included in a floater plan for the same reasons, because till they are not old enough to take a policy on their own, it may make sense to include them in a floater plan.