A family floater critical illness plan protects the health and financial well-being of your family members. These policies pay a one-time lump sum amount on the occurrence of certain specific medical conditions defined in the policy (e.g., cancer, heart attack or stroke) and provide you with the financial support needed to fight off such illnesses. Read on to understand what makes these plans unique and how they can protect your family.
Features of Family Floater Critical Illness Insurance
Comprehensive Coverage
These health insurance plans usually cover a long list of serious illnesses, sometimes 20 or more conditions. It means you have coverage for several diseases under one policy, protecting your family from multiple health risks.
Lump Sum Payout
The plan provides a lump sum upon the diagnosis of a covered illness in an immediate family member. It can cover rehabilitation costs and medical expenses, and potentially compensate for lost wages, which is often a significant benefit.
Shared Sum Insured
The total coverage amount is distributed among family members, offering greater flexibility and cost-effectiveness.
Pros of Opting for Family Floater Critical Illness Insurance
- Cost-effective: Having the entire family under one plan is usually cheaper per person than purchasing a policy for each member separately.
- Simplified Management: Having to manage only one policy makes it much simpler to stay on top of premiums, renewals and claims
- Tax Benefits: Additionally, the insurance premiums you pay towards it can be claimed as a deduction under Section 80D of the Income Tax Act and help reduce your tax liability.
Selecting the Right Critical Illness Insurance Plan for Your Family
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Factors to Consider
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Why It's Important
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Number of Illnesses Covered
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More conditions mean better protection
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Waiting Period
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Shorter waiting periods allow earlier claims
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Claim Settlement Ratio
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Higher ratios indicate better chances of claim approval
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Premium Cost
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Balance coverage with what you can afford
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Network Hospitals
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More network hospitals mean easier access to cashless treatment
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Conclusion
The family floater critical illness plan is a wise way to take care of your dear ones when they are diagnosed with severe health conditions. This combination package provides peace of mind, comprehensive coverage and financial flexibility. Take into account the medical conditions prevalent in your family and evaluate whether you can manage to cover the associated expenses. Use these insights to guide your selection of the right policy.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It is not intended as a substitute for professional advice, diagnosis, or treatment. Please consult your general physician or another certified medical professional for any questions regarding a medical condition. Relying on any information provided in this blog is solely at your own risk, and ICICI Lombard is not responsible for any effects or consequences resulting from the use of the information shared.