One ₹10 lakh policy shared by the whole family, or separate covers for each member? The answer depends on your family's age mix. Here's the math that decides it.
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📅 Book a Free Call 💬 WhatsApp UsOne sum insured shared by all members — typically 2 adults + 2 kids. Anyone can claim up to the full sum in a year. It's 30–40% cheaper than buying equivalent individual policies for everyone, which is why most young families choose it.
| Option | Cover | Indicative premium | Catch |
|---|---|---|---|
| ₹10L floater | Shared ₹10L | ~₹18–22k/yr | One ₹8L claim leaves ₹2L for everyone else |
| 4 × ₹5L individual | ₹5L each | ~₹30–40k/yr | Costlier; each person capped at ₹5L |
The floater wins on price — but a single big claim can drain the shared pool. That's where the restoration benefit matters: many plans refill the sum insured after a claim (check whether it's unlimited or once-a-year).
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Yes — the sum insured is shared, so one large claim reduces what's left for others that year, unless the plan has a restoration benefit that refills it.
Usually not. Their higher claim probability drains the shared pool and raises everyone's premium. A separate individual or senior-citizen policy is the standard advice.
After a claim exhausts (or partly uses) the sum insured, the insurer restores it — once or unlimited times per year depending on the plan. Check the exact wording before buying.
Yes — typically 30–40% cheaper than buying equivalent individual covers for each member, which is its main attraction.
Yes, and it's often smart — e.g. a base floater plus a super top-up, or a floater plus a separate individual cover for a parent.