Many people think they need to buy a separate insurance policy for every person in the house. But if you have a spouse and children, managing four or five different papers is a headache.
There is a better way. It is called a Family Floater Plan. Think of it like a single "bucket" of money that stays in the middle of your home for anyone to use if they fall sick.
How the "Shared Bucket" Works
Instead of having 1 lakh for you and 1 lakh for your wife, you buy one plan for 5 lakhs that covers everyone.
One Plan, All Names: Your name, your spouse’s name, and your children’s names are all on one single paper.
Anyone Can Use It: If your son needs a small surgery in January, he uses some money from the bucket. If you get fever in August, you use money from the same bucket.
More Protection: If only one person gets sick, they have access to the whole 5 lakhs, rather than being stuck with a small individual limit.
Why This is Better for You
For a busy person living in the city, this plan makes life much easier:
Lower Cost: Buying one family plan is usually much cheaper than buying three or four separate ones.
Less Paperwork: You only have one date to remember for paying your bill (premium) and only one company to call.
Easy to Add Members: If you have a new baby, you can usually add them to the same "bucket" very easily.
A Small Note of Caution
While the bucket is shared, remember that if one person uses up all the money in a year, there might be nothing left for others until the plan is renewed the next year. It is always smart to pick a "bucket size" (sum insured) that is big enough for everyone.
Protecting your family doesn't have to be complicated. With one plan, you can make sure that a hospital bill never steals your peace of mind.
