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What is better single individual policy or one big floater health insurance?

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09 Mar, 2021 by  DS

I have 2 health policies of 20 lakh each (1 with me, 48m & my 19 yr daughter & I with my wife, 47 f & 22 yr son), coming up for renewal.

Better to keep it this way or buy a single policy of a higher amount (40 lakhs-50 lakhs) for all 4? I’m assuming the premium would be about the same.

Thanks in advance!

Health Insurance

1 Answer

10 Mar, 2021
We breathe insurance :)

Hello DS,

A floater that is a sum of individual covers you hold will always be more beneficial. Please go ahead and merge the two policies into one floater plan - it would be of immense value. Do explore the 1 Crore health insurance policies too.

Also, in most policies, once your children cross 25, you will have to move them to their own individual policies - which is good - both of you will hit 50+ by then and that is the ideal time to have a dedicated cover only between the two of you.

Ensure there is no financial limitation in the policy - like room eligibility/capping, copays, surgery limitations, etc. A policy with a good restoration benefit and 100% NCB, in the long run, is also apt.

Hope this was helpful.

Do give back to the community here by sharing your experience of merging your policies with rest of us out here. It would help each of us. Thank you!


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