Health Insurance

The policy that covers the hospitalization expenses of the entire family under one overall sum insured is called a Family Floater Health Insurance Policy.
Unlike individual health insurance policies, where each member has a separate sum insured, a family floater policy provides a common cover for all insured members.
Key features of a Family Floater Policy:
1. Single Sum Insured — One sum insured is shared by all family members.
If one member falls sick and needs hospitalization, the claim amount is paid from the total sum insured.
2. Cost-Effective — It is usually more affordable than buying separate individual policies for each family member.
3. Wide Coverage — Covers medical expenses such as hospitalization, surgery, pre and post-hospitalization costs, and sometimes maternity benefits.
4. Flexible — Family floater policies generally cover spouse, children, and sometimes parents under a single premium.
For example, if a family has a floater policy of ₹ 5,00,000 and the father is hospitalized for ₹ 2,00,000, the remaining ₹ 3,00,000 can be used for other family members within the policy year.
Therefore, a Family Floater Health Insurance Policy is an ideal option for providing healthcare protection to the whole family.

Senior Citizen Mediclaim Policies are designed to provide health coverage to elderly persons.
These policies cover medical expenses such as hospitalization, surgeries, and treatments.
Generally, insurance companies in India allow individuals to purchase a Senior Citizen Mediclaim Policy between the age of 60 years and a maximum entry age of 80 years.
Some insurers may offer renewals for lifetime once the policy is taken within this age range.
So, the age limit for buying this policy is between 60 and 80 years.