*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
A family floater is a health insurance plan that extends the coverage to the entire family rather than just an individual. Simply put, a floater brings all the members of the family under an umbrella cover. Being covered under a floater, every family member gets benefits under a larger common pool.
From the perspective of a regular married guy with two kids, it seems only wiser to get a family floater with a sum insured of Rs 4,00,000 rather than taking 4 individual health plans for 4 family members separately.
Individual Health Plans | Family Floater Health Plans |
Cost per person | Cost per person |
Works well for families with aged individuals, more prone to health risks | Works well for families with younger individuals, less prone to health risks |
Mr. Sharma opts for a family floater with a sum insured of Rs 3 lakh. The plan covers him, his spouse and two children. He pays an annual premium of Rs 6,000 on the plan. Let’s consider two possible scenarios:
Scenario 1 – Mr. Sharma’s wife contracts an illness and had to be hospitalized. The total expenses incurred on her treatment turned out to be Rs 2,50,000. The amount gets reimbursed by the insurer.
Scenario 2 – The whole Sharma family contracted severe stomach infection caused by contaminated drinking water. All the four family members were hospitalized. The total expenses incurred on the treatment turned out to be Rs 4,50,000. The insurance company reimbursed the sum insured in full i.e Rs 3 lakh. Mr. Sharma end up paying the rest of the amount i.e Rs 1.5 lakh out of his own pocket.
Though chances of getting the entire sum insured exhausted within the policy term are thin. Because, the probability of the whole family getting hospitalised within a single term.
Those planning to get their often get confused whether to buy individual policies for each family member or a family floater.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
The biggest perk of a floater is that the policyholder gets to take care of himself and his entire family under one single policy which is quite obviously easier to manage than managing 4-5 individual plans.
When it comes to getting your parents insured, family floater stands out as a much cheaper option than getting a senior citizen health plan.
Floater is a more lucrative option when it comes to features maternity cover
What’s Not So Good
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Before opting for a family floater health insurance plan, one must get and compare quotes from an online insurance portal like Policy Bazaar. Online comparison helps you choose a plan according to specific features and benefits. Here are some family floater plans offering a gamut of coverage options.
Insurer | Product Name | Entry-Exit Age Cap ( in years) | Sum Assured Limit ( in Rs.) | |
Aditya Birla Health Insurance | Activ Health Platinum | 91 days- no upper age limit |
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View Plan |
Bajaj Allianz Health Insurance | Family Floater Health-Guard |
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View Plan |
Bharti AXA Health Insurance | Smart Super Health Insurance Policy | 5 years to 65 years |
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View Plan |
Care Health Insurance (Formerly known as Religare Health Insurance) | Care Health Care | 91 days and above |
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View Plan |
Cholamandalam Health Insurance | Chola MS Family Healthline Insurance |
|
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View Plan |
Digit Health Insurance | Digit Health Insurance Plan | 1 year to 60 years |
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View Plan |
Edelweiss Health Insurance | Family Floater | Children- 3 months to 21 years |
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View Plan |
Future Generali Health Insurance | FutureHealthSurakshaFamilyPlan |
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View Plan |
HDFC Ergo Health Insurance ( formerly known as Apollo Munich Health Insurance) | Optima Restore Family Health Plan |
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View Plan |
HDFC Ergo General Health Insurance | HDFC Ergo Health Suraksha Plan | No restriction |
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View Plan |
IFFCO Tokio Health Insurance | Iffco Tokio Family Health Protector Plan | Children: 3 months- 23 years |
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View Plan |
Kotak Mahindra Health Insurance | Family Health Insurance |
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View Plan |
Liberty Health Insurance | Secure Health Connect |
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View Plan |
Max Bupa Health Insurance | Heartbeat Family First Health Insurance Plan | Up to 65 years |
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View Plan |
Manipal Cigna Health Insurance | Family Floater - ProHealth Protect Plan | Adults: 18 years and above |
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View Plan |
National Insurance Company | National Insurance Mediclaim Policy |
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View Plan |
New India Assurance | Family Floater Mediclaim Policy |
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View Plan |
Oriental Insurance Company | Happy Family Floater Policy | 91 days up to 65 years. |
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View Plan |
Raheja QBE Health Insurance | Health QBE |
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View Plan |
Royal Sundaram Health Insurance | Royal Sundaram Lifeline Health Insurance | 18 years and above |
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View Plan |
Reliance Health Insurance | Reliance HealthWisePlan | 5 years and above |
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View Plan |
Star Health Insurance | star family health Optima Insurance | 5 months to 65 years |
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View Plan |
SBI General Insurance | Smart Health Insurance | N/A |
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View Plan |
Tata AIG Health Insurance | Wellsurance Family Policy | 6 months to 65 years |
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View Plan |
United India Health Insurance | Family Medicare Policy | 18 to 80 years |
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View Plan |
Universal Sompo Health Insurance | Complete Healthcare Insurance |
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View Plan |
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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