Family Floater Health Insurance Plans

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.

Best Family Floater Plans

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	2 lakh - 2 Crores	View Plan
Bajaj Allianz Health Insurance	Family Floater Health-Guard	Adult:18 years to 65 years Children: 3months- 30 years	2 - 10 lakh (entry age<55 years) 2- 5 lakhs (entry age>55 years)	View Plan
Bharti AXA Health Insurance	Smart Super Health Insurance Policy	5 years to 65 years	5 lakhs- 1 Crore	View Plan
Care Health Insurance (Formerly known as Religare Health Insurance)	Care Health Care	91 days and above	3- 6 Crores	View Plan
Cholamandalam Health Insurance	Chola MS Family Healthline Insurance	Self/Spouse:18 years to 65 years Children: 5- 65 years	2- 15 lakhs	View Plan
Digit Health Insurance	Digit Health Insurance Plan	1 year to 60 years	2-25 lakhs	View Plan
Edelweiss Health Insurance	Family Floater	Children- 3 months to 21 years	up to 1 Crore	View Plan
Future Generali Health Insurance	FutureHealthSurakshaFamilyPlan	Self/Spouse:18 years to 70 years Children: 5- 25 years	5- 10 lakhs	View Plan
IFFCO Tokio Health Insurance	Iffco Tokio Family Health Protector Plan	Children: 3 months- 23 years	1.5-30 lakhs	View Plan
Kotak Mahindra Health Insurance	Family Health Insurance	Adult: 18 years– 65 years Child: 91 days – 25 years	2-100 lakhs	View Plan
Liberty Health Insurance	Secure Health Connect	Adult: 18 years- 65 years Child: 91 days- 25 years	Secure Basic: 3, 4, 5L Secure Elite: 2, 3, 4, 5, 6, 7.5, 10 L Secure Supreme: 3, 4, 5, 6, 7.5, 10 L Secure Complete: 2, 3, 4, 5, 6, 7.5, 10, 15 L	View Plan
Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance)	Heartbeat Family First Health Insurance Plan	Up to 65 years	Silver: 3-15 lakhs Gold: 3-50 lakhs Platinum: 15-50 lakhs	View Plan
Manipal Cigna Health Insurance	Family Floater - ProHealth Protect Plan	Adults: 18 years and above	2.5- 50 lakhs	View Plan
National Insurance Company	National Insurance Mediclaim Policy	18 years to 65 years Children: 3 months- 18 years	50000- 5 lakhs	View Plan
New India Assurance	Family Floater Mediclaim Policy	18 years to 65 years Children: 3 months- 25 years	2- 5 lakhs	View Plan
Oriental Insurance Company	Happy Family Floater Policy	91 days up to 65 years.	1-20 lakhs	View Plan
Raheja QBE Health Insurance	Health QBE	Adults: 18 – 65 years Children: 90 days – 17 years	1-50 lakhs	View Plan
Royal Sundaram Health Insurance	Royal Sundaram Lifeline Health Insurance	18 years and above	Classic: 2,3,4 lakhs Supreme:5, 10, 15, 20, & 50 lakhs Elite: 25, 30, 50, 100, & 150 lakhs	View Plan
Reliance Health Insurance	Reliance HealthWisePlan	5 years and above	1-5 lakhs	View Plan
Star Health Insurance	star family health Optima Insurance	5 months to 65 years	1-15 lakhs	View Plan
SBI General Insurance	Smart Health Insurance	N/A	10-30 lakhs	View Plan
Tata AIG Health Insurance	Wellsurance Family Policy	6 months to 65 years	2-4 lakhs	View Plan
United India Health Insurance	Family Medicare Policy	18 to 80 years	1-10 lakhs	View Plan
Universal Sompo Health Insurance	Complete Healthcare Insurance	1 day to 65 years Children: female child up to 25 years or till she gets married Child below 3 months if either of the parents is insured	Basic: 1-2 lakh Essential: 3-5 lakhs Privilege: 6-10 lakhs	View Plan

See More Plans

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

How Family Floater Works?

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.

Benefits – Family Floater

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

Income tax benefits under section 80D
It is easier to get your immediate family members, spouse or new-borns, added in a floater
In case of younger families, chances of more than one claim are thin. So the member making the claim can avail of a greater sum insured at a lesser cost.

What’s Not So Good

The obvious turn-off in a floater is that in case of more than one claim within an year, the member making the subsequent claim has to do away with a thinned out cover (left out of the amount realized for the first claim)
Most of the floaters available in the market cover only you, your spouse and your children and exclude even your parents and siblings.
A family floater plan can only be renewed till the oldest member reaches the maximum renewability age.

Look Out

Maximum renewability age – A while ago, insurers had set the upper cap on entry age from 65 to 75. But now with the intervention of IRDA, most of the insurers offer lifelong renewability.
Check the sub-limits – Do not get deluded by the heavy sum insured offered in a health plan. Always check the sub-limits for sub-categories before opting for a plan. For instance, for a specific health cover, sum insured may be Rs 4 lakh, but there could a sub limit of Rs 40,000, say on medicines and Rs 50,000, say on pre and post hospitalization.
Policy term - Health plans used to be offered as annual policies. But now many insurers offer health plans with two year policy term.
Reinstatement benefit – This is one of the lesser known benefits of health insurance. Generally, the sum insured on a plan is fixed during a policy term. The insured finds himself in lose-lose proposition if the sum insured is exhausted before the policy term (the chances of which are thicker in family floaters). The reinstatement feature gets the sum insured refilled if it is exhausted before the end of the policy term.
Value added features – Look out for add-ons such as free healthy check-ups, concierge services, 24 X 7 free medical advice on telephone, discounts on medical stores, health clubs and fitness centers and lots more.

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