Should newlyweds take a family floater plan?

Yes, says Priya Deshmukh Gilbile, COO of ManipalCigna Health Insurance. Individuals can port their health policy with a family floater plan after marriage and get all the benefits but with certain riders. For example, if the policy holding period is different for each person, the insurer will merge the policy with the risk commencement date of the later policy, provided the difference in policy term is not large and the insured has given his consent You are given

But what about waiting period? Parthanil Ghosh, president, retail business, HDFC Ergo General Insurance, says that while switching policies with a family floater plan, the insurer will assess the policy waiting period separately for each individual, thereby ensuring a seamless transition.

But before taking the plunge, it is important to note that from January 1, Insurance Regulatory and Development Authority of India (Irdai) has made Know Your Customer (KYC) norms mandatory. This means that the proposer (customer) has to submit the requisite KYC documents.

In case of change of surname after marriage, the insurer will ask for KYC documents and marriage certificate for verification.

So is a family floater plan right for you? It may not be necessary for working couples to buy one after marriage, but it offers higher coverage per claim and reinstatement benefits across products. Also, a porting request can be made up to 60 days from the expiry date of the previous policy, and tax benefits can be claimed under section 80D of the Income Tax Act, 1961. It is advisable to consider all these points before making a decision. Affects your healthcare.