Health Insurance decision

Should I take individual health insurance policy for myself, spouse and my child or I should go for a family floater health plan covering all of us in a single premium.

Please advise.

I have heard that the family floater health insurance tends to lapse if the first member dies. Now how true is that?

asked Mar 31 '14 at 16:59 by Gurukul 1872816


You should go with family floater policy only, there are definite cost advantages over individual policies.

Insurance policy does not lapse on proposer's death. Other member of policy can write to the insurer, seeking to be the new proposer and the cover will continue as it is.

answered Mar 31 '14 at 19:13 by Pankaj Batra 5.2k320

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Dear Pankaj, Many thanks for your reply. Now is there any kind of IRDA rule for this or every insurance company has its own regulations. Please advice.
(Apr 02 '14 at 09:42) Gurukul
I think its IRDA rule and insurers cannot modify/deny this.
(Apr 02 '14 at 09:46) Pankaj Batra
I have search IRDA but unable to find anything concrete. Can you point to any link or so. Thanks in advance
(Apr 02 '14 at 15:19) Gurukul
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I am also not able to find a relevant text in IRDA regulation or acts (Govt websites are pathetic and its very difficult to find relevant information). It would be best to contact insurer and ask for it, if you have doubts.
(Apr 03 '14 at 10:36) Pankaj Batra

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Asked: Mar 31 '14 at 16:59

Seen: 3,009 times

Last updated: Nov 03 '14 at 11:17