5 Mediclaim Cost Cutting Tips


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 5 lakhs comes in the range of 15, 000, but for a family including two members a floater policy may cost 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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