Today is International Families Day- A day to celebrate the importance of family, which is not just limited to parents and siblings, but also includes uncles, cousins, in-laws and grandparents.
This time, don’t waste money on bouquets and cakes, gift them something substantial. Say THANK YOU to the entire family by covering them under extended family health insurance plan that shields them against vulnerable diseases.
After all, it’s all about loving your family!
What is Extended Family Floater?
Unlike traditional family floaters, the extended policy covers up to 15 close relationships, including in-laws, grandchildren, daughter-in-law and widowed/divorced daughter.
The plan is a blend of individual and family floater. An individual plan covers a person under a single sum insured, while in the family floater, the sum insured floats on the entire family.
How it Works?
The separate sum insured for individual as well as floater cover has to be set. For individual and family cover, it varies between Rs 1-5 lakh & Rs 3-15 lakh respectively. At the time of hospitalization, the policy will first use the individual cover and will dip into family floater only after the exhaustion of individual plan. If the proposer dies during the policy term, insurer will ask for a new proposer who is carefully reassessed before renewing the policy under his name.
Buying a health insurance for extended family entitles you to get Rs 25,000 tax deductions and if there is a senior citizen then the limit could raise to Rs 30,000. It means that total tax deduction would be Rs 55,000.
Key Features of Extended Family Insurance-
- Policy tenure may vary between 1- 3 years
- Maternity coverage after 2 years continuous policy renewal
- Cost effective as compared to buying individual policy for each member
- Coverage to critical ailments like cancer, stroke, etc.
- Restoration benefit where the cover is replenished if a claim is being made by a family member
- Coverage to Day Care treatment
- Additional rider options available like Health Critical Illness rider, etc
- Newborn coverage from Day 1
- Personal Accident cover
Best Options in the Markets
A lot of insurance companies are coming up with innovative and customized products to tap the Indian joint family system. Some of the best family floater plans are-