Family Floater vs. Individual Plans: Pros and Cons
| Feature | Family Floater Plan | Individual Plans |
|---|---|---|
| Coverage | One sum insured shared by all family members | Separate sum insured for each member |
| Premium Cost | Generally lower total premium | Higher total premium for multiple members |
| Claim Process | Claims reduce total sum insured for all | Individual claims don’t affect others |
| Flexibility | Less flexible; coverage shared | More flexible; tailored coverage per person |
| Ideal For | Small families with low health risks | Families wanting dedicated coverage |
| Renewal | Single policy renewal | Multiple renewals to manage |
Pros & Cons
| Plan Type | Pros | Cons |
|---|---|---|
| Family Floater | Cost-effective, simple to manage | Shared limit may reduce available cover |
| Individual | Personalized cover, no shared limits | More expensive, more policies to track |
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