In case of the death of the policyholder in a family floater plan, who would avail the benefit of the plan?
A family floater plan covers all members of the family under a single plan. The sum assured can be sued for the benefit of any member in the family. If a claim is made by one member of the family, the insurance coverage for the rest of the family members is reduced for that particular year. If the proposer, who pays the premium, dies, the policy can be transferred in the name of another member of the family, under the condition that he/she is a major.