Skip to main content

What Is A Family Floater Health Insurance Policy?

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

A Family Floater policy is a higher variant of the individual mediclaim policy. The assured sum covers an entire family. This means that the policy floats among the family members. Each family member comes under this policy. The premium paid for the family floater is lesser than if each individual member had taken up a health policy. Let us consider Mr Mohan a 35 year old IT Executive takes up a family floater policy for a sum insured of INR 10 Lakhs. Mr Mohan’s father had a heart ailment hospitalization of which cost INR 6 Lakhs. The result of this was the cover was reduced to only 4 Lakhs as a result of this illness. However a critical financial crisis was averted. Mr Mohan’s brother of 12 years and mother as well as himself are covered under this policy. The policy is replenished the following year on payment of the premium .This is a very good policy as whenever any of your family members fall ill the policy can benefit them. The premium of the family floater depends on the age of the eldest member of the family.

What Diseases Does Family Floater Cover?

·         Technological Advanced Day Care treatments where 24 hour hospitalization is not required.

·         Ambulance Charges for shifting the insured from residence to the hospital.

·         Pre existing diseases are covered after four continuous claim free renewals.

·         Pre existing diseases like Hypertension and diabetes are covered after two years of continuous insurance and the payment of an additional premium,

·         Ayurvedic, Homeopathic and Unani system of treatment are covered up to the extent of 25% of the sum assured and treatment has to be taken in a registered hospital.

 

What Is Not Covered Under Family Floater Policy?

·         Diseases contracted within 30 days of insurance.

·         Dental treatment except arising out of an accident.

·         Circumcision, cosmetic surgery, Plastic surgery unless required to treat an illness.

·         Vaccination And Inoculation charges.

·         Pregnancy and Child Birth

·         Acts of War, Terrorism, and use of a Nuclear weapon.

·         Sexually Transmitted Diseases and HIV.

·         Naturopathy

·         Experimental and unproven treatments and also clinical trials.

·         Treatment outside India.

·         Contact lenses and implants

·         Domiciliary treatment.

 

Premiums Charged For A Family Floater Policy

·         An individual who is around 50 years of age takes a family floater plan for himself, Spouse and 2 children. He suffers from diabetes and hypertension. He insures himself and his family under a family floater for INR 8 Lakhs. The premium is around INR 40000 for this sum. The tests required are General medical, Urine Test, Blood test, ECG, Blood Cholesterol, Serum Creatinine, and stress test. Premium for the sum insured of 5-10 Lakhs is around INR 30,000 – INR 50000 with a varying degree of medical tests. Premiums are around 1 Lakh for a sum insured of INR 15-20 Lakhs. The premium is calculated based on the eldest family member’s age.

·         If you are taking a family floater covering your father and mother who are suffering from diabetes and hypertension and you want to take a health cover for INR 6 Lakhs, you have a premium in the range of INR 30000 to INR 35000.It might go up to INR 45000 for a sum insured of 10 Lakhs.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief ‘96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

What is Electronic Clearing Service (ECS)?

  As the name suggests, it's an electronic process through which money can be transferred from one bank account to another. According to RBI, this mode is usually used for regular payments and receipts, like distribution of dividend, interest, salary, pension etc. This mode is also used for collection of bills for telephone, electricity, water, various types of taxes, payment of EMIs , investments in mutual funds , payment of insurance premium etc. There are two types of ECS , like most other banking transactions, ECS credit and ECS debit. An ECS credit is used by a bank account holder , usually a large company or an institution for services like payment of dividend, in terest, salary, pension etc. If your mutual fund pays you dividend to your bank account, of all probability it is being paid through ECS credit.ECS debit, on the other hand, is used when a company or an institution is getting money from a large number of people. For example if you are investing in a mutual fund sc...
Read more

WEALTH TAX

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 WEALTH TAX   WHAT CONSTITUTES WEALTH? For wealth tax purposes, "wealth" means property , urban land, car, jewellery , yacht, boat, aircraft and cash in hand in excess of Rs 50,000. CAUTION POINT | Do not think you will have an easy escape from wealth tax by transferring your `wealth' without consideration to your spouse or minor child. Such assets will also be considered as your wealth. HOW TO DETERMINE YOUR TAXABLE WEALTH Add the taxable value of the above assets (computed as per the detailed rules for valuation) owned by you as on March 31 (for FY 2014-15, it will be March 31, 2015). In case you sold your car during the year, it will not be taxable wealth. Deduct loans if any obtained by you to acquire any of the taxable assets from the value of gross tax out for at least 300 days in a...
Read more

Equity Savings Fund

Invest Equity Savings Fund Online   The best part about these funds is that they are subject to equity fund taxation and at the same time are structured like MIP like funds . This new category, equity savings funds , offer a little of everything. They allocate money to equities & equity related instruments, and fixed income. They aim to generate returns by diversification. Such funds invest in fixed income and arbitrage to protect the investors from short term volatility and equity for capital gains. The best part of these funds is that they are subject to equity fund taxation and at the same time are structured like MIP funds.   MIP funds however are subject to debt fund taxation. Investors Equity savings funds are suitable for the following: First time investors who seek partial exposure to equity with less volatility and greater stability Investors seeking moderate capital appreciation with relatively lower risk Those wh...
Read more

How to Pick Top Performing Mutual Fund Schemes

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   How to Pick Performing Schemes  Funds that continue to stay in the top grade of performance over longer periods are the ones to bet on, advise investment experts   The mutual fund performance charts of the past few months make for an impressive reading. Funds across all categories boast of stellar returns. Sample this: The mid and small cap category has averaged 77 percent return over the past 12 months, with the best fund delivering a staggering 120 percent. The tax-saving funds also average an impressive 51 percent, including a fund which has soared 92 percent. Many of the table-toppers are funds of proven quality and track record. However, there are also schemes that are not that well-known. Some of these have rarely made it to the performance charts in the past, yet, of late, they bo...
Read more

8% Government of India Bonds quick guide

For those seeking comfort in safety of returns, the Government of India issued 8% savings bond once again comes to the fore. First launched in 2003, these bonds are issued by the government with a maturity of 6 years. The bonds are available at all times with specified distributors through whom you can apply to invest in them. Here is a quick guide to what the bond offers and its features to ascertain to check for suitability. What are Government of India bonds Government of India bonds are like any other government bonds with specified rate of interest. The rate is fixed at 8% per annum paid half yearly, or you can opt for cumulative payment of interest at the end of the tenure. You can buy these bonds from State Bank of India and its associates, other nationalized banks and some private sector banks such as HDFC Bank Ltd and ICICI Bank Ltd, among others. The bonds can be bought from the offices of Stock Holding Corporation of India as well. They are available in physical form onl...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now