Your Queries- Health Insurance: Take separate family floater for parents or go for a multi-individual health policy

January 26, 2021 3:30 AM

Alternatively, you may go for a multi-individual policy where spouse, children and parents could be covered under the same policy with individual sum insured.

The proposer’s relationship with the proposed insured members are to be established as per the product terms.The proposer’s relationship with the proposed insured members are to be established as per the product terms.

By Prasun Sikdar

As my parents (age 70 plus) do not have any insurance policy, should I include them in my family floater plan or buy an individual plan for them?
—Jayant Anand
A family floater policy generally refers to self + spouse + two or three dependent children. You will have to opt for a separate family floater plan for them where either you or even any of your parents can be the proposer. Alternatively, you may go for a multi-individual policy where spouse, children and parents could be covered under the same policy with individual sum insured.

I am 30 years old and will get married after six months. I want to buy a floater health insurance plan. Can I include my would-be wife’s name in the policy?
—Manoj Kumar
The proposer’s relationship with the proposed insured members are to be established as per the product terms. In case of a self and spouse family floater, the spouse is defined to be a lawfully wedded spouse. Hence it is recommended that you opt for the policy once you get married.

Can I include my dependent sister in my family health insurance as she is without a job now and has no health insurance cover?
—Sanjay Singh
A family floater is usually defined as self, spouse and two or three dependent children. Your sister can be included in case it is an individual policy and provided the product supports this relationship under the individual cover. However, this won’t be possible in a family floater.

What is the general rule for waiting periods and if I port my policy would the waiting period start once again?
—C R Vishnu
Whenever you successfully port a policy from one insurance company to the other, the new insurance company is supposed to give credit for the waiting periods that were mentioned as part of your Policy that you have already served with the erstwhile insurance company, by reducing the duration of waiting periods as applicable. Every health insurance company generally has four kinds of waiting periods: (1) 30 days for all hospitalisations other than accidents; (2) standard 24-month waiting period for listed ailments; (3) pre-existing waiting period of 24/36/48 months and (4) maternity waiting period.

The writer is MD & CEO, ManipalCigna Health Insurance. Send your queries to fepersonalfinance@expressindia.com

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