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The COVID-19 pandemic has taught us many lessons, and one of the most important among those is our health as well as wellbeing. We now understand what a virus can do and how easily an illness can take away all our sense of security. The virus has not only affected us physically but also financially. In one such scenario, a health insurance policy is significant for all of us. If you have not bought one yet, it is time for you to opt for health insurance. Not having a health insurance plan can drain all your savings in the eventuality of an illness.
And even if when the pandemic gets over, it is sensible to buy a health insurance plan so that if you fall sick and are admitted to a hospital, you do not have to worry about the high bills. And as you purchase a health insurance policy, you must consider taking a health insurance policy that covers your family as well.
You can basically find two types of health insurance policies in India, which include individual and family floater health insurance plans. As the name explains, the individual policy provides coverage only for an individual whereas the family floater policy provides coverage to the entire family under a single plan. Therefore, when you purchase a family floater health insurance, you do not have to buy any other health insurance policy for the rest of the family members. Each of the family members will be covered under this single policy. The sum assured under this policy is divided among all the members of the family, and you will be paying a single premium. It is much cost-effective as compared to an individual health insurance policy for every family member.
Let us take a look at the various benefits of buying a family floater health insurance plan:
Easy to manage
One of the biggest benefits of buying a family floater plan is that you can manage the plan very easily instead of keeping a tab on multiple plans. Once you have this plan, you can be free from the worry of renewing different policies every now and then. You have to renew the plan only once in the year.
Cost-effective
Going for a family floater health insurance plan is way more affordable than purchasing an individual health insurance policy. As you buy a family floater health insurance plan, you will be offered a large sum insured at a reasonably priced premium as compared to the individual plans. Therefore, if you are married, and even have children, buying a family floater health insurance plan can be a sensible decision for you.
High sum insured
A family floater health plan provides coverage of a higher amount for the entire family. Even if two people from the family are hospitalized at the same time, you will not have to be bothered about the funds. The same coverage can be availed of by both the members.
Tax benefits
Under Section 80D of the Income Tax Act, a family floater health plan will provide you with a benefit of INR 75,000. You can enjoy a deduction of INR 25,000 for yourself and INR 50,000 if you have parents who are senior citizens.
Health checkup
If you take your entire family for a health checkup, it can cost you a lot. However, with a family floater health insurance plan, you can get free medical check-ups for your family at regular intervals. Some policies even cover the vaccination costs as well. This can be a great help for people during COVID-19.
To know more about the family floater health insurance policies, you can visit the IIFL website. You can also check out all the other health insurance policies available at the IIFL website.
