A family floater health insurance policy is a type of insurance policy that covers all the members of a family under a single policy. The policy provides a sum insured which can be used by any of the family members as and when required.
On the other hand, an individual health insurance policy is a policy that covers an individual, rather than a group of people like a family. Each individual will have their own policy and their own sum insured, separate from others.
Some key differences between a family floater and individual health policies are:
Coverage: In a family floater health insurance policy, the sum insured is shared among all family members, whereas in an individual health insurance policy, each individual is covered under a separate policy.
Premiums: Premiums for family floater health insurance policies are generally lower than premiums for individual policies, as the risk is spread over a larger group.
Renewability: Family floater health insurance policies are generally renewable for life, whereas individual policies may have renewability restrictions.
Claim settlement: In a family floater health insurance policy, if one member exhausts the sum insured, the coverage for all members will end, whereas in individual policies, only the sum insured for that individual will be exhausted.
Coverage amount: The coverage amount in a family floater health insurance policy is usually lower than the total coverage amount in individual policies, as the policy is intended to cover the entire family.
In conclusion, both family floater and individual health insurance policies have their own advantages and disadvantages. Whether you choose a family floater or an individual policy depends on your specific needs and budget. Factors such as age, health status, and family size should be considered while making a decision.
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