A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans.
Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two ways.
First, by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue.
Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again.
This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins.
"During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India," says Neeraj Basur, CFO of Max Bupa.
"Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family," adds Harshal Shah, director, marketing, Aegon Religare Life.
No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.
Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.