Someone please explain:
- What are pros and cons of floater mediclaim policy
- How much floater mediclaim policy is cost effective than individual mediclaim policy, citing an example for 3-5 lakhs total premium, for an individual plus senior citizen parents, in sound health. (If pending renewal of individual policies of 2 lakhs each)
Thanks
Can you share a slightly specific example using calculators provided by some sites.
From my experience, bcos i've got one among others, Floater policy charges same premium per individual but you get less aggregate cover.
( to me, Floater is like a scam )
Floater premium was not lesser compared to individual aggregate.
say, individual is 4L
person a= 20K, b= 15K, c=10K
total prem = 45K p.a.
in floater you will get 3L + 1L ( pool floater + individual unshared )
If you took individual, then each gets their own 4L. So God forbid, but if all claimed in same year with Floater, you wont have enough cover.
Floater advantage if any is to make single payment once per year or two instead of each single payment.
In someone else's case, Floater cover wanted to increase but because senior most person did not pass their Risk profile, whole Floater cover cannot be increased. This also is like a scam.
Then insurance cust care will pitch some rider policy/add-on and that also feels like too many conditions attached.
Remember, lower cover policy's have very high premium, as cover increases, premium drop is pretty big.
eg. 3L = 20K p.a but 10L policy will be 30K.
1. Unless you have 10 or more ppl in which case managing is difficult, i suggest go for individual.
2. Instead of multiple small cover policy, take one big cover for each.
3. Ppl near 60 and above, completely different ball game. Ppl say might as well save money instead of paying premium and difficult to get large cover etc.
Point #3 in your case since you mentioned in your post gives most weightage. Better reputed Cos prefer not to give new policy.