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 Difference between individual health insurance and family floater insurance
Nov 29, 2019

Individual Health Insurance Vs Family Floater Insurance

Bajaj Allianz Health Insurance

Given the choice of health insurance policies, the selection of the policy can end up being a daunting task. The options provided by health insurance is either for an individual or for the entire family. Since both these plans have their own set of pros and cons, it is advisable to learn the difference between the two before investing. So if you’re wondering about what these differences really are, then keep reading to find out more:

What is Individual Health Insurance?

Under individual health insurance, the customer purchases a plan solely with the motive to financially secure themselves or their family members in the event of a medical emergency. An individual plan can be purchased for either an individual or family. Here, the sum insured for each person is evaluated on an individual basis.

What is Family Floater Insurance?

When you opt for a family floater insurance, you can cover more than one member of the family in the plan. Unlike individual health insurance, a single sum assured amount for a family floater policy can be utilized for every member covered under the policy.

What is the difference between Individual Health Insurance and Family Floater Insurance?

The selection of your policy depends on several other factors like health insurance cost, features, and benefits of the policy, value of sum assured, and so forth. Both these policies provide a different set of perks to its customers. Therefore, go through the differences between the two policies in order to choose the right one:

Why opt for Family Floater Insurance?

Once you have understood all the functionalities of both these policies, the question still lingers, ‘Which is better?’ However, after understanding the difference between the two, it is no longer difficult to make a choice to select between the two. It is advisable to go for a family floater health insurance.

When you invest in a family floater insurance, the premium rates vary depending on coverage as well as the medical background of the family members. Eventually, you are not only able to save money but also taxes which acts as a major benefit. Apart from this, a family floater insurance also offers other benefits which a customer can utilize fully. Therefore, take a look at a few of them mentioned below:

❖ Coverage for all the family

❖ Provision for the extra addition of a family member

❖ Cashless claim settlement

❖ Higher sum assured

❖ Renewal option

Now that you know the difference between an individual health insurance cover and family floater insurance, which are you opting for? No matter what you decide to go ahead with, see to it that you don’t base your decision solely on the rate of premiums. We, at Bajaj Allianz General Insurance, provide you with an option for both the plans. Head to our website to know more about our plans for individuals as well as family members.

Visit Bajaj Allianz Blogs for more Health Insurance Articles

Disclaimer

I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

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