2. Family Floaters Are Cost Effective
Floater policies will cost-effective if you are looking for a policy which will provide coverage to your entire family. You can also go for policies that provide family discounts which comes within the family floaters in case you are comfortable with other terms and conditions. 10 percent discount is offered by Oriental Insurance if family is covered. Family floaters for higher sum are advisable as individual sum insured of equivalent amount will be costlier.
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For instance a person aged 50 buying a cover worth Rs.5 lakhs comes in the range of Rs.15, 000, but for a family including two members a floater policy may cost Rs.12, 500, explains Divya Gandhi, Head, General Insurance and Principal Officer, Emkay Insurance Brokers as quoted by The Economic Times. As for elderly parents it is preferable to buy separate policies as hospitalization will be frequent and retirement it bound to be hired.
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