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POSTED BY ON December 14, 2011 12:08 pm COMMENTS (2)
I have few doubts regarding Family Floater Health Insurance.
1) If primary person in the family floater policy dies, policy terminates?
2) Remaining members have to take new policy with again attending medical checkup and waiting again some more years for covering preexisting diseases?
3) Can not we increase insurance cover amount on later years? Again have to attend medical checkup to increase health cover?
4) Can I claim Health policy taken for my parents or in-laws into my 80D?
5) I have seen “Insurance companies death claim settlement ratio” for Life insurance companies. Is there anything similar to that for Health Insurance also?
Though you have answered few of these questions in Jagoinvester articles, I got confused after reading many articles in the net and hearing to financial advisors.
Please provide your comments and clarify my doubts
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Dear Pavan, all the questions are rightly answered by dear justgrowmymoney. My take – if your wife is also working, it’s advisable to go for 2 family floaters out of which you ‘ll be proposer for 1 & wife for another. In case wife is not working, opt for an individual policy for each member of the family apart from a regular family floater
Thanks
Ashal
1) The coverage continues for the period for which premium is already paid. After that it terminates. THIS IS THE SINGLE REASON WHY FAMILY SHOULD SHUN FAMILY FLOTERS, though it is definitely cheaper. Check http://wp.me/p1Y418-1M
2) Yes
3) Most companies insist on medicals if you are over 40, to increase the coverage
4) 80D covers your parents but not in-laws. Your spouse can take advantage of this, if possible.
5) Health insurance claim settlement ratio is available in respective websites. The link here http://knowledge.policybazaar.com/health-insurance/item/230-health-insurance-claims-things-you-should-know-before-buying-health-insurance.html summarizes it (As on Feb 2011).