In India, living together with your family members is a tradition of old times. Unlike the West, the Son accepts the responsibility of looking after his ageing parents.
Ravi's family includes his wife, kids, parents and in laws (his wife being the only daughter Ravi accepted his responsibility to look after his wife’s ageing parents.) Ravi felt depressed as he was unable to make ends meet due to escalating medical cost incurred on his parents and in laws. His friend who knew his problem suggested him to invest in a floater mediclaim policy for his family.
A family floater policy generally covers more than one family member for a fixed amount. Generally two adults and two children under the age of 24 are covered in this policy. The fixed cover is shared by all the members of the family members.
The Oriental Insurance Company’s- Happy Family Floater Policy is aptly designed to cover the complete family.
Highlights of the Happy Family Floater Policy
- This Policy is designed to protect the insurer and his near ones against escalating medical cost.
- The Happy Family Floater Policy offers an extensive cover of medical expenses of illness and accidents that require hospitalization.
- It also offers optional covers for Personal Accident (Worldwide). Additionally, add -on benefit of “Life hardship Survival” can also be availed for certain critical diseases.
- The Oriental Insurance’s Happy Family Floater Policy is available in two variants viz. Silver and Gold. The cover amount ranges from Rs 1 Lakh to Rs 10 Lakh.
Entry age limit of the proposer is between 21 and 55 years. However, continuous renewals will be accepted till the proposer is 65 years old. The cover is available for a minimum of two members.
Key Benefits of the Oriental Happy Family Floater Policy
Covers your complete family
Wide coverage for the whole family which includes spouse, dependent unemployed children between 3 yrs to 25 years of age, unmarried/widowed/ divorcee daughter, dependent parents or parents in law(either of them). The cover is available for a minimum of 2 members. The Orienta insurance Happy Family Floater Policy is ideally designed for all individuals who are looking at covering their parents or in laws in the same policy.
E.g. Ravi, can buy two floater policies for his family one which includes him, his parents and his kids and other policy in which his wife is a proposer and includes her parents. In this manner he can keep all members covered for health insurance.
No medical examination for members upto the age of 60 years.
Pre existing conditions covered after four consecutive renewals with the company.
- Discount on Travel Insurance.
Discount of 15% on Overseas Mediclaim policy premium would be allowed when even a single family member covered under this policy takes the OMP from the company provided the policy is valid as on the date of taking the OMP policy.
The premium is eligible for tax exemption under section 80-D of the IT Act.
This policy offers a discount of 5% on the premium, in respect of each claim free year subject to a maximum of 20 % shall be allowed provided the policy is renewed with the company without any break
A loading shall be levied on the renewal premium @ 5% for each claim occurred to a maximum of 20% in case of any claims admitted under the policy and where No Claim Discounts has not been accrued or earned.