Royal Sundaram General Insurance launched its ‘Family Plus- The 5G Health Insurance Plan’’- a unique plan covering 19 family members with individual sum insured for each member and a floater sum insured that can be used by any of the family members. Family Plus has no restriction on the number of adults, child/ children’s age/ relationship restriction on adults as in other floater policies.
M.S. Sreedhar, Managing Director, Royal Sundaram General Insurance Co. Limited said, “With Family Plus, we are introducing a quality product with comprehensive benefits which covers the gamut of insurance needs of individuals, nuclear and extended families under a single cover.”
Nikhil Apte, Chief Product Officer, Product Factory said, “,Tthe unique feature of Family Plus is the two levels of sum insureds; one at individual level and another at the family level. So the customer will not have to worry about the adequacy of sum insured because it provides double layer protection for the customer. If one layer is consumed, another layer becomes active.
For e.g. Family consisting of husband, wife, two children and two parents, can buy Family Plus with 5 lakhs of individual sum insured and 15 lakhs of common floater sum insured at family level. They will actually have a cover of Rs 45 lakhs i.e. 6 * 5 lacs= 30 lakhs + 15 lakhs of common sum insured.
He added, “This product also has No Claim Bonus (NCB) benefit which increases the individual sum insured by 20% every year up to 100% of the sum insured. So in the above example after 5 years the family cumulative sum insured will become Rs 75 lakhs after applying NCB benefit i.e. Individual SI of Rs.5 lakhs will become 10 lakhs per member. So total sum insured as available with the family will be 6 members Rs 10 lacs= 60 lakhs + common sum insured of Rs 15 = 75 lakhs.
So at any given time the family will have a sufficient sum insured to cover the cost of treatment including inflation. In the extreme case, if the family exhausts the above sum insured the option of ‘reload’ will trigger in and will replenish the common sum insured for everyone. In fact, Family Plus has one of the lowest premiums per lac in the market today.”
Family Plus is one of the most cost effective family health insurance product that offers covers upto Rs 5 lakhs for Individual base and upto Rs50 lakhs for common floater.