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.
*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
Who would you like to insure?
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.
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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Bajaj Allianz Health Insurance | Family Floater Health-Guard |
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Bharti AXA Health Insurance | Smart Super Health Insurance Policy | 5 years to 65 years |
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Care Health Insurance (Formerly known as Religare Health Insurance) | Care Health Care | 91 days and above |
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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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Edelweiss Health Insurance | Family Floater | Children- 3 months to 21 years |
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Future Generali Health Insurance | FutureHealthSurakshaFamilyPlan |
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IFFCO Tokio Health Insurance | Iffco Tokio Family Health Protector Plan | Children: 3 months- 23 years |
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Kotak Mahindra Health Insurance | Family Health Insurance |
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Liberty Health Insurance | Secure Health Connect |
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Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance) | Heartbeat Family First Health Insurance Plan | Up to 65 years |
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Manipal Cigna Health Insurance | Family Floater - ProHealth Protect Plan | Adults: 18 years and above |
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National Insurance Company | National Insurance Mediclaim Policy |
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New India Assurance | Family Floater Mediclaim Policy |
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Oriental Insurance Company | Happy Family Floater Policy | 91 days up to 65 years. |
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Raheja QBE Health Insurance | Health QBE |
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Royal Sundaram Health Insurance | Royal Sundaram Lifeline Health Insurance | 18 years and above |
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Reliance Health Insurance | Reliance HealthWisePlan | 5 years and above |
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Star Health Insurance | star family health Optima Insurance | 5 months to 65 years |
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SBI General Insurance | Smart Health Insurance | N/A |
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Tata AIG Health Insurance | Wellsurance Family Policy | 6 months to 65 years |
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United India Health Insurance | Family Medicare Policy | 18 to 80 years |
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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.
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
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