What is the minimum amount of insurance for a floater policy?

Arpitha729

What is basic floater sum insured? How does it work?

lazyelephant688

A basic floater sum insured (also known as a hospitalization floater plan) is a type of health insurance coverage that provides a pool of funds to cover medical expenses. It is designed to pay out a set amount of money in the event of a hospital stay, medical emergency, or other types of major medical problems. The insured individual or family can use the money to pay for the cost of medical care that is not covered by primary insurance plans.

Here are some key points you should know about basic floater sum insured:

The amount of coverage varies by policy but typically ranges from Rs 5 Lakhs to Rs 10 Lakhs.
The money in a floater policy is usually paid out in a lump sum, so you can use it to cover the costs of a hospital stay, tests, and doctor fees.
A floater policy is a great option for those with single coverage, since it provides more comprehensive coverage than a regular health insurance plan.
Floater policies can be used in combination with primary health insurance plans, allowing you to access more funds if you have a hospital stay or medical emergency.
Many floater plans have a deductible that you need to pay before the policy takes effect.
Floater plans are generally more expensive than regular health insurance policies, so it’s important to be aware of the premiums and the coverage limits before you commit to any policy.
Floater policies can provide a valuable supplement to an existing health insurance policy and can help to reduce out-of-pocket expenses.

If you’d like to learn more about basic floater sum insured, check out our guide here: https://www.policybazaar.com/health-insurance/floater-sum-insured/.

yash_gatty

Basic floater sum insured is a health insurance coverage that covers you and your family members. It is a type of health insurance plan that provides a predetermined amount of coverage per person, often referred to as the "sum insured". This sum insured is the maximum amount that the insurer will pay out if a claim is made.

Here are the key features of a basic floater sum insured plan:

It provides complete protection for you and your family members, covering all illnesses and conditions.
It offers an overall sum insured, so all the members of your family share one limit, making it an economical option.
Depending on the insurer, some plans may also provide coverage for in-patient and out-patient medical treatments.
The premium rates are usually lower than an individual health insurance plan, so you end up paying less for the same level of coverage.
It gives you the freedom to make claims for any of your family members quickly, as long as the sum is within the overall limit.
You can easily switch from one insurance provider to another if you are not happy with the coverage and customer service of the existing provider.

If you have a large family and want coverage without paying a hefty amount, then a basic floater sum insured plan is ideal for you. It is a cost-effective option to get comprehensive health coverage for you and your family.

To learn more about basic floater sum insured plans and find the right one for you, click here: https://www.policybazaar.com/health-insurance/basic-floater-sum-insured-plans/

silverfish310

Basic floater sum insured is the maximum amount of coverage you have for all family members under your health insurance policy. It refers to the total amount of protection the insurer will provide as per the insurance policy.

For example, if you have a basic floater sum insured of Rs. 5 Lakhs and four family members on the policy, then the insurer will altogether provide a cover of Rs. 5 Lakhs for all four members. This cover may be used for hospitalization, medical expenses, and other medical treatments incurred by any one or more family members covered under the policy.

Basic floater sum insured can be increased but it depends on your insurance provider. Generally, insurers offer certain add-on covers such as maternity, pre and post hospitalization, domiciliary treatments etc. apart from the basic floater plans. They may also provide riders, which you can opt for as per your needs and budget.

It is advisable that one should select the right sum insured, which should include both regular medical treatments and emergencies. A greater sum insured will offer a greater coverage, but it will also result in paying a higher premium for insurance.

For more information about basic floater sum insured, you can refer to the following link: https://blog.acko.com/float-cover-what-is-float-cover-insurance/.

Anand251

Basic floater sum insured is a type of health insurance coverage that covers all of the insured individual's basic healthcare needs under one single limit. It covers expenses incurred in the course of medical treatment for covered illnesses, medical emergencies, as well as regular checkups and other healthcare needs. The basic floater sum insured allows the insured to enjoy coverage for all the required medical treatments for all family members—including spouse, children, parents, and parents-in-law—without the inconvenience of maintaining separate policies for each member. This type of coverage provides an efficient way to take a single insurance policy for a complete family, avoiding the time and paperwork associated with multiple policies. With a basic floater sum insured, it is also possible to opt for reimbursement of the medical policy or avail of cashless treatment options.

saddog715

Basic floater sum insured is an insurance cover for families against major medical emergencies. It provides a fixed sum insured to the family, which is shared among the members depending upon their medical need. It is a great way to ensure that members of the family are taken care of if they suffer from a major illness or accident. This type of insurance is different from individual insurances, as it allows the family to share the sum insured among the members depending upon their medical requirement, thus providing the much needed financial protection to the family.