Question

Explain the policy that takes care of the hospitalization expenses of the entire family under one single sum insured.

Hint:

Family Floater = One cover for all, flexible and economical.

Answer 1

The policy that covers the hospitalization expenses of the entire family under one overall sum insured is called a Family Floater Health Insurance Policy.
Unlike individual health insurance policies, where each member has a separate sum insured, a family floater policy provides a common cover for all insured members.
Key features of a Family Floater Policy:
1. Single Sum Insured — One sum insured is shared by all family members.
If one member falls sick and needs hospitalization, the claim amount is paid from the total sum insured.
2. Cost-Effective — It is usually more affordable than buying separate individual policies for each family member.
3. Wide Coverage — Covers medical expenses such as hospitalization, surgery, pre and post-hospitalization costs, and sometimes maternity benefits.
4. Flexible — Family floater policies generally cover spouse, children, and sometimes parents under a single premium.
For example, if a family has a floater policy of ₹ 5,00,000 and the father is hospitalized for ₹ 2,00,000, the remaining ₹ 3,00,000 can be used for other family members within the policy year.
Therefore, a Family Floater Health Insurance Policy is an ideal option for providing healthcare protection to the whole family.