How a Family Floater Health Plan Can Be The Saviour of Your Family?

Are you the sole breadwinner in your family? We can only guess at the weight of the burden you bear on your shoulders, being the only earning member. We are living in an era where monetary inflation has touched every aspect of our lives and a single hospitalisation or hefty medical bills may put a big dent in your life’s savings. You are also aware of the term ‘health insurance’ and you want to protect your family as well owing to the benefits offered by them. However, with the day-to-day hustle and bustle, you tend to ignore it. We advise

Read More

Policybazaar exclusive benefits
30 minutes claim support##
(In 120+ cities)
Relationship manager
For every customer
24*7 claims assistance
In 30 mins. guaranteed*
Instant policy issuance
No medical tests~
People trust Policybazaar^
7.7 crore
Registered consumers
50
Insurance partners
4.2 crore
Policies sold
Policybazaar is one of India's leading digital insurance platform
0%
Find affordable plans with up to 25% Discount**

Select members you want to insure

  • More Members
  • Back
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Maximum child sum can be 4
    This will help us calculate the premium & discounts for your family
    Previous step
    Continue
    This will help us to find the network of Cashless Hospitals in your city

      Popular Cities

      Previous step
      Continue
      Get to plans directly next time you visit us
      Please provide your active international number
      Previous step
      Continue
      We will find you the plans that cover your condition.

      Do any member(s) have any existing illnesses for which they take regular medication?

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      that you wake up and seize the day by picking health insurance to secure your finances!

      You might question a single health policy that covers your entire family. If your requirement matches with this or you are looking for a more comprehensive health plan, Family Floater Health plan is what you can opt for. The best part is that you can buy a family health plan for parents as your entire family is covered in a single plan.

       

      Health insurance companies have been working for ages to introduce a health plan, which covers the entire family. By introducing this plan, complete family health-care arrangements are made and you can insure your dear ones within a single policy or with a single premium.

      The Salient Features of a Family Floater Plan:

      • As it states, this plan means to cover your entire family and there is a single sum assured for the entire family.
      • The family floater health insurance policy can be used by any family member up to the sum assured, for instance, if four members of a family come under family floater plan for the cover amount of 10 lakh, all members can claim up to the assured amount.
      • Usually, a floater plan covers prime insured, spouse and kids. However, some plans offer health coverage to the extended family too.

      Family Floater vs Individual Plan

      As compared to individual health plans, family floater policies are more beneficial. They provide health benefits to all family members, unlike an individual policy. With a single policy only, you can get separate coverage for each family member. Also, one can avail this plan at a reasonable cost. If you buy an individual plan and you want to cover your aged parent, you cannot as only your spouse and kids will be covered. But with floater plan, you can buy health cover for your old parents as well and there is no better option to get a family health plan for parents than this. Now you will not have to compromise the quality health care due to a financial crisis.

      Advantages of Family Floater Health Insurance

      Family floater plan has its own perks:

      • If you have a family floater health insurance plan you can cover your family with adequate health coverage for medical expenses, hospitalisation costs, doctor consultation fee, room charge, ambulance fee, surgeon fee, anaesthesia cost, medicine or drug cost or other medical dues arising out of illness, accidental hospitalisation. Some policies also offered free health-check-up facility for all the policy members.
      • Now you are not required to own multiple health policies for each member of your family, as a floater plan will cover your spouse, children, parents and/ or sometimes, in-laws as well. It is greatly affordable and offers flexible insurance services.
      • It is flexible in nature, which is missing in an individual health plan. Moreover, if one of the family members falls sick, you can use the entire family’s cover on one member for his/her treatment. In case of the demise of a family member, the rest can continue the plan with a defined sum assured. The cover provided is always an extensive one.
      • Buying a family floater plan and paying the premium for the same, you can avail the tax benefit under Section 80D of Indian Income Tax Act. You can also double the tax benefits by paying the premium for your old age parents.

      Coverage Limit

      When it comes to the coverage of members to a plan, spouse and children are covered by default. Some plans extend the coverage to dependent parents or in-law, siblings etc. You can select the premium based on the age of the eldest member of your family which is a member of this plan.

      Let’s See How Does the Plan Works

      To understand its functioning, what  it does and doesn’t  cover, let’s take an example.

      Mrs. Komal Sharma has covered her family with a family floater plan with Rs 10 lakh cover. The plan covers Komal, her husband and two children. During the policy tenure she diagnosed with Malaria and due to her severe condition, she was hospitalised. Her treatment cost around Rs. 2 lakh. She claimed the amount from her insurer against the floater plan and got reimbursed after submitting required documents and proof. Now, she is left with Rs. 8 lakh for the remainder of the year. The remaining amount can be used by all four members.

      In case, any member avails the claim that is equal to the total sum insured then the same amount would not be offered for the rest of the family members.

      Tips to Choose the Adequate Family Floater Policy

      While choosing the right family floater plan, you need to be attentive towards your family’s needs. Additionally, you should read some of pointers listed below that you should consider while selecting a floater plan.

      • Sum insured: Even at the initial stage, you should carefully select the sum insured so that if one member avails a large claim, there should be enough left for the other family members.
      • Risk factor: If you want to add your senior citizen parents, bear in mind that you will be paying a higher premium because of the risk factor associated with their age. However, chances are that an elderly person may benefit the most from the policy. So, it is advisable to take a separate policy if your parents enter their old age.

      Terms and Conditions to Adhere

      One should consider few conditions at the time purchasing family floater plan:

      • Co-payment Option: Check if your health insurer offers co-payment option. Co-payment is when a policyholder pays a certain amount of total claim.
      • Know the Deductibles: Deductible is the amount you pay voluntarily at the time of claim and the insurer pays the rest of the claim amount.
      • Know the Capping Amount: Capping amount is also referred as room limit. It is the amount up to which your health insurer pays for the room charges if the patient is hospitalised.

      Tangible Benefits:

      • One single policy covers entire family, you need not maintain a separate policy to cover the health of your family members and enjoy hassle-free claim and renewals.
      • In this policy, every member stays covered. In case there are unplanned high expenses, sufficient cover is available then as well.
      • You can add or remove family members according to your convenience. Let’s say, you can add your newly born baby or if someone wants to discontinue, he/she can leave easily.
      • Affordable: More or less, family floater plans are cheaper in terms of coverage and benefits as compared to a standalone health plan. However, in two scenarios, floater plan proves to be more expensive 1) If the age of the claimant is higher than the other family members’ or he/she has a poor medical history; 2) by accumulating no claim bonus for each claim free year, policyholders can make their individual policies cheaper.

      A Word of Caution

      In individual health insurance, if you don’t file a claim for the year, you are eligible for no claim bonus, either your sum assured will be increased with no extra premium or your renewal premium will be reduced. This bonus may range from 20% to 50%. Likewise, if four members of your family don’t make claim, they are eligible for separate bonus. But in a family floater plan, even if a single claim is made, the rest of the members are no longer eligible to obtain a bonus. However, that doesn’t restrain many policyholders to opt for this plan just because the overall premium is still comparatively less. Moreover, you aren’t required to maintain separate health policies for each We can imagine that it is quite annoying to remember the renewal dates for each policy. Isn’t it?

      It is always recommended to buy a family floater plan at a younger age of all family members. The logic behind is, the premium is decided as per the age of the eldest person. Premium would go high considering the higher risk of claim made by the oldest person of your family.

      Also, if you have a group insurance plan provided by the employer, don’t ignore having a separate health plan, as the offered coverage is not sufficient. In this case, you should compare cost of buying a new plan and if your pocket won’t allow it, a family floater plan may appear as a saviour by offering coverage at low cost. However, make sure it offers enough cover for your family and don’t cost much.

      In most of the cases, family floater plans cover your children up to a defined age, usually 18 or 21. So, there is no point covering them for a certain age and then buying another plan separately.

      This plan may not be  as helpful as you expected, if any of your family member has a serious medical illness. In this case, it is advisable to buy a separate health cover for them that meets all the requirements.

      Not all floater plans offer life-long renewability option. Many of them limit the policy tenure at the age of 65, while some at 60 and 80. Unlike, floater plans, almost all individual health plans are renewable lifelong.

      Conclusion

      We all love and care about our family; it is our greatest asset and blessing. That’s the reason we go the extra mile to keep them safe. Even at times, we choose  the comfort of our  at the cost of our priorities. And this is the reason we slog for hours daily in a office or factory, to feed the family, provide comfort and securing their health tops the list.

      When innumerable health insurers have introduced their plans online to make their products appealing, it becomes quite a tough job for you to find out the best deal which meets your requirements. Also, you can’t ignore your pocket and can’t go beyond the budget. So, the best option is to compare various family floater plans online by using insurance calculator. This way you’ll get options for various family health plans for parents as well. However, decision on whether to opt for an individual or family floater entirely depends on the minute study of the plan, benefits offered, price comparison and claim settlement process. And by blending them together, we can reach your desired health plan!

      Follow Us On: Facebook & Linkedin

      book-home-visit
      Search
      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

      Health insurance Articles

      • Recent Article
      • Popular Articles
      26 Sep 2024

      Can You Get Maternity Insurance If Already...

      Pregnancy is one of the most beautiful phases of a woman’s life

      Read more
      12 Aug 2024

      Moratorium Period in Health Insurance

      Getting a health insurance claim accepted for pre-existing

      Read more
      30 Jul 2024

      Is Dengue Covered by SBI Health Insurance?

      Dengue, a common vector-borne disease, causes high fever, severe

      Read more
      30 Jul 2024

      Is Dengue Covered by Reliance Health Insurance?

      Dengue fever can negatively impact you physically and financially

      Read more
      29 Jul 2024

      Modern Treatments in Health Insurance

      Modern treatments have transformed the healthcare industry with

      Read more

      Zero Waiting Period in Health Insurance Plans

      Every medical insurance plan comes with a few terms & conditions, and the waiting period is one of them. A

      Read more

      10 New IRDAI Health Insurance Guidelines in 2024

      Health insurance penetration in India is far lower than it should be. A significant chunk of the Indian population

      Read more

      List of Health Insurance Plans for Senior Citizens

      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance

      Read more

      How to Apply for Ayushman Bharat Pradhan Mantri...

      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal

      Read more

      Heart Surgery Cost in India

      Heart diseases are the leading cause of death across the globe. As per a survey by the World Health Organisation

      Read more

      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

      ##On ground claim assistance is available in 114 cities

      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

      © Copyright 2008-2024 policybazaar.com. All Rights Reserved.

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL