Difference Between Individual & Family Floater Plans

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 you settle on a medical insurance policy. 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 can be utilized for every member covered under health insurance plans for family members.

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. Settle on the right option and avail a multitude of health insurance benefits on offer.