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Floater Health Insurance - Splitting The Policy
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28 Nov, 2020
by Ashutosh Chokhani
How is the cumulative bonus apportioned when a member is "ported" out of a floater insurance policy into an individual insurance policy. FYI, all existing benefits & waiting periods credit are succesfully ported to the new individual policy. Kindly guide whether cumulative bonus cam also be shifted to new individually by equally dividing between the number of members (existing floater) . Ex : Total CB of 10L , 4 Persons in Floater. 1 Person ported out to individual policy with his share of 2.5 Lakh CB. Thanking You in advance.
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Hello Asutosh,
As far as we know most insurance companies will not split the cumulative bonus under a floater plan, into individual plans when you are porting your policy. You end up losing the cumulative bonus.
Hope you have compelling reasons for splitting the cover - and you have evaluated their individual covers well - that they are enough to insulate each of them for their future hospitalization expenses.