The decision to get married marks the beginning of a new chapter in life, filled with excitement, love, and the anticipation of building a family together. As newlyweds embark on this journey, it becomes crucial for them to make thoughtful decisions regarding their future, including their healthcare needs. One such decision that warrants careful consideration is whether to opt for a family floater plan.
A family floater plan is a type of health insurance that covers the entire family under a single policy. This essay will explore the advantages of choosing a family floater plan for newlyweds and why it can be prudent for their financial security and well-being. By analysing the comprehensive coverage, simplified process, cost-effectiveness, and the importance of fostering a sense of responsibility, we can arrive at a well-informed conclusion about whether newlyweds should opt for a family floater plan.
Newlyweds frequently worry about combining their health insurance policies into a single-family floater plan. Who, after all, wants to lose invaluable advantages like coverage for pre-existing conditions? And even if there isn’t a loss, can this be solved by combining a few policies?
After getting married, people can transfer their health insurance policies to a family floater plan and receive all the benefits, but with some restrictions. For instance, if each person has a different policy holding period, the insurer will combine the policies with the risk start date of the later policy, provided the gap between the policy periods is narrow enough and the insured has consented.*
What About The Waiting Period?
The company will evaluate the policy waiting periods for each individual separately when switching policies with a family floater plan to ensure a smooth transition. But before you jump in, you should be aware that the Insurance Regulatory and Development Authority of India (IRDAI) has made Know Your Customer (KYC) standards mandatory as of January 1. This indicates that the proposed customer must provide the required KYC documentation. #
The insurer will request the KYC documents and the marriage certificate if the policyholder changes their last name after marriage.
Do You Need A Family Floater Plan?
Working couples may not need to purchase one after marriage, but it does provide greater coverage for each claim and the restoration benefit across products. Additionally, porting requests may be submitted up to 60 days after the previous policy’s expiration date, and Section 80D of the Income Tax Act of 1961 still permits the claim of tax benefits. It is important to consider all these factors before making a choice that will affect your medical care. Claims are subject to terms and conditions set forth under health insurance policy. **
Newlyweds should consider choosing family health insurance plans as they offer numerous advantages and financial security. Couples can protect themselves and their future children from unexpected medical expenses by selecting this type of health insurance. It provides comprehensive coverage for the entire family, simplifies the insurance process, and offers cost-effective premiums. Family floater health insurance plans also promote a sense of togetherness and responsibility, encouraging couples to prioritise their health and well-being.
*Standard T&C Apply
** Tax benefits are subject to change in prevalent tax laws.
# Visit the official website of IRDAI for further details.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
