With marriage comes a big responsibility and it is crucial that you consider all the ways that it will change your financial outlook. At the very basic level, you need to update your financial records with your new credentials, address etc. Diving a little deep, you will notice the need to revise your investments in accordance with what serves the needs of a married person better. One such aspect to look after is the health insurance policy you are enrolled in.
The task is simple: if you didn’t have an individual policy until now, this is the right time to get a family floater plan with your partner. If you already have a health insurance policy in hand, you need to port your partner on to your plan to convert it into one.
Porting health insurance after marriage is very crucial. If one of you already has a health insurance plan, all you need to do is add the other partner in the existing individual policy as the spouse. Whoever holds the policy can initiate this process by submitting relevant documents like the marriage certificate and KYC documents including identity proofs, age proofs along with photographs. The change comes into effect in the following policy renewal by just filling an additional form and furnishing the paperwork. The premium, in this case, is then calculated and pro-rated. This then becomes a family floater insurance policy. Family health insurance plan is a type of health insurance which covers all the members against various diseases and illnesses. Health insurance plan for family covers your family with the lowest premium depending on the age of the family members.
Benefits of a family floater plan:
- The biggest perk of a floater is that the policyholder gets to take care of himself and his entire family under one single policy. The deal of a single policy is that it is much easier to manage than managing multiple individual plans.
- Floater plans often come with add-on benefits like maternity benefits, newborn cover etc. These can prove to be especially effective for a young couple who is on their path to building a family. A word of caution: choose a family floater plan covering yourself and your spouse and buy it immediately after marriage so that you can wait out the waiting period in the initial years.
- The income tax benefits under this plan are the same as any other health insurance plan as per Section 80D.
- Some plans offer a feature called reinstatement which helps to reinstate full coverage once exhausted during the policy period. It is a useful feature, even though it is applicable only for unrelated claims.
On similar lines, you can consider taking a joint life insurance policy too. It works on the same rationale, and additionally, provides protection to your future kids in case something happens to both the parents. A key reason why couples could consider joint life insurance is to avail the premium waiver/premium reduction benefit. Under this feature, if one partner passes away, the surviving spouse is not only entitled to receive the full assured sum on the primary policyholder’s cover, but he/she is also absolved of the premium payment/has to pay reduced premiums only applicable for their own life cover for the rest of the duration of the joint life insurance policy.
At the end of the day, however, remember to sit down with your spouse, consult him or her and only then go ahead with major financial decisions. It will keep your matrimonial peace if you are assured of financial protection in times of crisis.
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The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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